InstaDApp, a startup that aims to build what it calls the “middleware” layer of the DeFi space, has raised $10 million in a new funding round.

During this round, InstaDApp raised $10 million, which included the sale of INST digital tokens.

The funding round was led by Standard Crypto.

The group of investors included the DeFi Alliance and Longhash Ventures, as well as the investor, developer and founder of the “Yearn” venture Andre Krung.

The news of the funding comes more than a year and a half after InstaDApp raised $2.4 million from an initial round involving Coinbase Ventures, Naval Ravikant and Pantera Capital.

Somai Jain, co-founder of InstaDApp, told InstaDApp that the new funding will be used to complete the transition to the middleware layer of decentralized finance and support building the ecosystem project on top of the Instadapp protocol.

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InstaDApp is also preparing to launch its own internal governance token “INST” which is detailed in a blog published last April.

As the blog noted, at the time:

At launch, the core team will hand over protocol management to the DAO.

We believe it is critical that we allow the community to self-govern, and the team will focus on building core extensions and growing the protocol ecosystem.

The InstaDApp team has told that it is targeting the end of June to launch the governance code.

InstaDApp effectively acts as a layer that acts as a gateway between users and different DeFi protocols, allowing these users to interact with different elements of the crypto market ecosystem.

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