Global Indianstory FintechSamyak and Sowmay Jain: Disrupting decentralised finance through InstadApp

Samyak and Sowmay Jain: Disrupting decentralised finance through InstadApp

Compiled by: Team GI Youth

(September 23, 2023) Samyak and Sowmay are still on the right side of 20, but are at the helm of the fifth largest company in the decentralised finance space globally. As it is with every great success, this story begins with a big idea, and a big risk. Much to the alarm of their parents in Kota, Rajasthan, the young baadshahs of blockchain dropped out of college – Samyak was doing engineering and his older brother, Sowmay, was on his way to being a Chartered Accountant – to follow their interest in cryptocurrency and found Instadapp, which has already become a major disruptor in the global DeFi space.Their parents wished they would find ‘real jobs’ but the brothers weren’t just goofing around – they had found their purpose and wanted to give it everything they had. In their case, the risk paid off.

As of 2022, the company had raised two rounds of funding, and got the attention of top investors like Naval Ravikanth and Pantera Capital in the first round, raising $12.4 million. “The funding gave us a lot of boost, especially in convincing our parents who used to insist on us getting a real job,” Sowmay, who is now 25 (his brother is 23) told Forbes, shortly after the brothers made it to the magazine’s coveted Gamechangers list in 2022. The company has assets worth $10.6 billion circulating in smart contracts, says Forbes.

Samyak and Sowmay Jain | DeFi | InstadApp | The Global Indian Youth

Sowmay and Samyak Jain. Photo: Forbes

How it began

The first turning point for the dynamic Global Indians came in August 2018. They participated – and won – the ETHIndia hackathon in Bengaluru, one of India’s biggest Ethereum events. Ethereum is a decentralised, open-source blockhain system where people can write smart contracts (programs that follow rules automatically without the need for a middleman).

United by their interest in blockchain and decentralised finance, it was at this hackathon that Samyak and Sowmay Jain first created the Instadapp platform. “It started as a passion for us but we pursued it and came out on top in the hackathon,” Sowmay said an in interview. “We kept on expanding Instadapp, adding new features and addressing additional difficulties in decentralised financing.”

In September 2019, they went in for their first round of funding and came out shining, with big ticket names flocking to be part of Instadapp.

Defining DeFi

This story begins with Decentralised Finance, or DeFi, as it is known in tech circles. It’s a gamechanger in the financial landscape, using blockchain technology to reimaine and rebuild traditional financial instruments like loans, insurance and trading. The main platform for facilitating this is the Ethereum blockchain.

Conventional finance operations work through banks, brokerages and exchanges, all of which act as middlemen to facilitate transactions, grant loans and manage assets. These are the gatekeepers and each have their own terms and conditions and methods for verifying transactions. DeFi on the other hand, has an open approach. A team of developers create a generic smart contract which will autonomously execute, allowing users to interact directly with each other and to input specific terms, like the amount to lend, the interest rate and duration, inc ase of a loan.

How does InstadApp work?

Obviously, it’s a complex world. That’s where InstadApp comes in – it provides a user-friendly interface to simplify interaction with these otherwise complicated DeFi protocols. So instead of users having to directly interact with the complex world of smart contracts and decentralised platforms, InstadApp works as a bridge, and makes it easier for users to tweak and use these smart contracts.

Instadapp is like an app store, but for all things crypto. It acts as a bridge between the traditional cash economy and the newer blockchain-based decentralised currencies. Basically, it helps convert transactions done with regular money into cryptocurrency, based on how individuals interact within the online space.

The concept is in big demand, indicated by the fact that InstadApp manages over $10 billion in assets. Instadapp stands out in this space by offering itself as a platform for developers to craft and refine trading tools and protocols. Developers can create interfaces on InstadApp that are tailored to the evolving needs of the market.

“Instadapp’s revenue strategy will be to deduct fees on financial volumes and lending / borrowing going through the platform,” Sowmay explains. That’s in the future, though. Right now, it’s all free. “We intend to establish our tokens / DAO and determine the fees.” A DAO (Decentralized Autonomous Organization) is a digital organization that operates based on pre-set rules encoded as computer programs, known as smart contracts, without centralized control. Operating on blockchain technology, it allows multiple participants to make decisions collaboratively. Tokens, in this context, are digital assets or units of value issued by projects or organizations on the blockchain. They can represent various utilities within a specific ecosystem, such as granting access to services, providing voting rights in a DAO, or acting as a medium of exchange.

Why it’s a gamechanger

InstadApp is not the first payment gateway of its sort. However, as Samyak explains, “We cover the whole DeFi space – borrowing and lending, investments. There are lots of opportunities for frontend developers to build different apps. It can evolve further in the future and maybe replace bank accounts,” he smiles.

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Published on 23, Sep 2023

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Meet Meghana Gaddam, New Zealand’s Indian origin Youth Parliament member

(January 5, 2023) Meghana Gaddam stood before the New Zealand parliament, greeting the speaker with a 'Namaskaram' before turning to the minister of health to ask, “How do health system reforms address the existing nationwide resource constraint in the health sector particularly labour shortages.” By her side stood MP Tim van de Molen, whom she was assisting. Meghana is a member of the Youth Parliament, part of a novel method of functioning in the New Zealand government. Citizens elect close to 120 MPs, each one of whom works in close association with a nominated Youth Parliament member. In 2022, when Meghana was nominated for the role, her responsibilities included helping the MP deal with issues related to the youth and to act as their voice within the parliament.She has been working with Waikato's MP Tim van de Molen with a focus on shelter for every person, especially in the wake of Covid-19 induced poverty and homelessness. [caption id="attachment_26141" align="aligncenter" width="738"] Meghana Gaddam in the New Zealand Parliament[/caption] "Nothing is impossible for a strong-willed person, if one is determined to do best to achieve their goals in life," she remarked while interacting with media after getting selected for the coveted role. Inclination

iament[/caption]

"Nothing is impossible for a strong-willed person, if one is determined to do best to achieve their goals in life," she remarked while interacting with media after getting selected for the coveted role.

Inclination towards social work

The Youth Parliament is held every three years, providing young New Zealanders the chance to learn first-hand about the country's democracy, influence decision-making and have their voices heard. As the government made its selection, it recognized Meghana's exposure to social service and efforts to raise funds for orphans in Waikato.

“With my friends, I had taken up activities to support orphans and kids from refugee camps who had migrated from Turkey, Syria, Iran, and Iraq,” she revealed in an interview.

[caption id="attachment_26142" align="aligncenter" width="672"] Meghana Gaddam with MP Tim van de Molen in New Zealand Parliament[/caption]

Tim Van de Molen, the MP whom Meghana is currently ,assisting remarked in an interview that the four-minute video, where she gave her opinion on issues facing youth in the Waikato, was excellent and seemed as if it came straight from the Parliament’s general debate.

From India to New Zealand

Meghana's father, Gaddam Ravikumar immigrated to New Zealand twenty-two years ago with his newly wedded wife, and settled in Waikato as a real estate businessman. Meghana was born there, and the family has been staying in St Kilda.

[caption id="attachment_26143" align="aligncenter" width="624"] Meghana Gaddam with her parents[/caption]

Always a bright student, she completed her International Baccalaureate Diploma Programme' (IBDP) from St Peter's, Cambridge, graduating as head girl.

Meghana excelled academically and also participated in various social service initiatives in school. She did a two-year stint at the Refugee Orientation Centre Trust in Hamilton and was an active Model United Nations participant.

This laid the foundation of the people’s person that the nineteen-year-old Global Indian eventually became.

The Indian roots

Though born and brought up in New Zealand, the youth icon of the island country hasn’t forgotten her Indian roots. Visiting her native place, Tanguturu in Prakasam district of Andhra Pradesh with her parents has been an annual affair.

https://www.youtube.com/watch?v=foGWHQYDvkg

The youngster fluently converses in Telugu and clued in to Indian culture. She is also always in the thick of traditions followed by the diaspora.

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Young innovators: Solving voter ID, mental, elder care, research and eco issues

(April 7, 2022) When today's youth chance upon a problem, they are pretty proactive. So when the then 10-year-old Madhvi Chitoor saw the menace of styrofoam cups, she decided to tackle plastic pollution. That became a huge movement that even saw Potus, American President Joe Biden write to the young Indian changemaker about her stellar achievements. Of course, there is Time Kid of the Year Gitanjali Rao who sought to address lead pollution in the water. Others relentlessly work towards spreading awareness about mental health, or crusade against single plastic use. The youth of India or of Indian origin, across the world, have taken it upon themselves to carve a beautiful present and future, and save the planet, or give society progress that creates a better world. Global Indian turns the spotlight on such youngsters who are not leaving any stone unturned to bettering society. Chaitanya Prabhu, activist [caption id="attachment_13871" align="aligncenter" width="356"] Chaitanya Prabhu[/caption] Determined to help his friends, Mumbai-based lawyer-activist Chaitanya Prabhu started getting their voter ids done. "What started as a small action slowly took the shape of the Mark Your Presence campaign. Information about the initiative spread through word of mouth, and many people started approaching me

1" align="aligncenter" width="356"] Chaitanya Prabhu[/caption]

Determined to help his friends, Mumbai-based lawyer-activist Chaitanya Prabhu started getting their voter ids done. "What started as a small action slowly took the shape of the Mark Your Presence campaign. Information about the initiative spread through word of mouth, and many people started approaching me for getting their voter ids done too,” says Chaitanya. The campaign evolved as a result of huge demand from people and reaped such a massive impact on the democracy of the society that the 23-year-old advocate at the Bombay High Court was awarded the UN India Award and Diana Award 2021 for his humanitarian efforts.

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Kavin Vendhan, founder, Smiley India

[caption id="attachment_13948" align="aligncenter" width="546"] Kavin Vendhan with his Diana Award 2021[/caption]

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[caption id="attachment_13342" align="aligncenter" width="330"] Aditya Dubey[/caption]

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Karthik Ramu, co-founder AmityConnect

[caption id="attachment_12886" align="aligncenter" width="356"] Karthik Ramu, co-founder, AmityConnect[/caption]

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Karthik Ramu solved the hugely ignored elder care problem in the US. The University of Virginia student saw his grandfather in Coimbatore fall seriously ill, he researched on elder care, got data, and he and his classmate Krishi Nayar launched AmityConnect. The mobile platform helps families monitor elders’ health by aggregating real-time health data from smart medical devices (smartwatches, etc). Honoured as a global teen leader by We Are Family Foundation (2021), Ramu is growing this and is in talks for more funding, to help families and nursing homes take care of the elderly.

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Snehadeep Kumar, president, The Aurora Academic Journal

[caption id="attachment_12393" align="aligncenter" width="361"] Snehadeep Kumar[/caption]

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A post shared by Vish (@vish.music)

Last year, around this time too, his video of patriotic songs on the streets of the United Kingdom in honour of the 77th Indian Independence Day had captured the attention of social media users worldwide. The mesmerising performance was widely shared and praised, earning the artist immense love, admiration, and popularity.

Melody on streets and stage

Popular for his engaging performances, the UK-based singer has earned appreciation from artists like rapper Badshah, playback singers Ash King and Diljit Dosanjh, and anchor/actor Maniesh Paul, who have sung alongside him during his street performances in the UK.

Vish's social media following boasts of his widespread appeal, with over 523,000 followers on Instagram and 351,000 followers on YouTube.

Apart from busking, the singer has also performed at the opening of Vishal & Shekhar concert at Wembley Arena in London and has appeared at Javed Ali's show at Indigo at The O2.

The busker whose street performances have taken him all over the UK wishes to make a mark in Bollywood as a playback singer someday. "It does not matter how slowly you go as long as you do not stop," believes the Arijit Singh fan.

[caption id="attachment_38829" align="aligncenter" width="458"] Vish with Aamir Khan who was part of the audience at one of his shows[/caption]

Punjabi boy in the UK

Vishal Mattu hails from Punjab and took up singing on the streets (busking), a common practice in the United Kingdom, after being encouraged by his girlfriend. From singing along to English songs by popular artists like Justin Bieber and Drake, back home in India to busking with Bollywood classics and chart-toppers in the UK, Vish has come a long way with his guitar and stereo.

“I always wanted to be an English language singer,” he shared, naming Harry Styles among his many inspirations.

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A post shared by Vish (@vish.music)

UK's first Bollywood busker

Since 2022, Vish has been gaining recognition and has branded himself as the UK’s first Bollywood busker. He cherishes the precious moments of passers-by singing and dancing along to his melodies, often playing late-night, kicking off at 11 pm and going on until 3 am over the weekends.

Even though the English people don’t understand the wordings of Hindi songs, they still enjoy the melodies, and a lot of them recognise songs from Shah Rukh Khan movies, he shared. Their spontaneous gestures are something that the singer cherishes the most.

However not all performing endeavours end on happy notes. Like other street performers, he has had some nasty encounters too. “Well, there will always be those who dislike you and can be harsh, but you must remain strong. You must understand how to handle the circumstances without engaging in conflict. I have had a lot of unpleasant situations in these two years, but I never got into a fight.”

https://www.youtube.com/watch?v=28cxg7_GkO8

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Finding his tempo: The rise and rise of tabla maestro Truptraj

(March 5, 2022) A tabla gifted to his father by a friend caught Truptraj Pandya's eye even before he had learned to walk. The instrument lay unused in a corner of the house. By the time he was 15 months old, he was already playing it, showing, even then, a prodigious talent for music which his parents noticed and encouraged. Today, at the age of 15, the young tabla maestro is well on his way to becoming the face of India's tabla landscape and has given over 200 public performances. He has been a guest of honour at major events and seminars and created a buzz in the media - local, national and international. In 2019, dressed in maroon attire, he stood proudly before Prime Minister Narendra Modi to receive his Bal Shakti Puraskar. Truptraj Atul Pandya is a master percussionist He is an established radio and TV artist as well, who has given more than several live performances. Proud that he has been conferred the Bal Shakti Puraskar. pic.twitter.com/iZu8ThvxH0 — Narendra Modi (@narendramodi) January 24, 2019 Fame and accolades have not robbed the young tabla maestro of his humility - he is modest and friendly during his interview with Global Indian.

Finding a guru

When Truptraj was about two years old, his father took him to attend Ustad Zakir Hussain's concert. The maestro took notice of the young prodigy and helped him out, connecting him to his disciple, Dhyaneshwar Popalghat, from the Ustad Allarakha Institute of Music for proper guidance. "My taalim started when I was about three and my association with my Guru still continues, even after 12 years," Truptraj smiles. He is now undergoing advanced training under Pandit Nayan Ghosh and has also been blessed by legends like Pandit Hari Prasad Chaurasiya and Ustad Iqbal Ahmad Khan.

[caption id="attachment_11917" align="aligncenter" width="519"] Little Truptraj with Guinness Book of World Records certificate[/caption]

Encouraged by his parents and his Guru, Truptraj made his bid for the Guinness World Records when he was six years old. Even that, he believes, could have happened earlier. "My father applied for it a little late because he wanted to be sure that it was more than just a short-lived interest to me." His father's fears were unfounded, for Truptraj's love for the tabla has only grown stronger with time. The young tabla maestro devotes himself to perfecting his craft, leaving the details of managing his schedule to his father.

[caption id="attachment_11934" align="aligncenter" width="620"] Truptraj Pandya[/caption]

A student and a star

Truptraj is in the middle of the all-important Class X and exams are around the corner. Nothing holds him back from his riyaaz, however. "I might cut short the duration of my practice if I have exams but I never skip it," he says. The Covid-19 lockdown left him with ample time on his hands, with classes taking place from home. And the ace performer doesn't just juggle school and music, he also loves sports, serving as his school's basketball team captain for four years until 2019.

"My teachers and friends are very supportive," he says. "I have always taken proper permission from school before traveling for live performances. They make sure I don't miss out on notes and important assignments," adds the young maestro.

[caption id="attachment_11944" align="aligncenter" width="574"] Truptraj with President, Ram Nath Kovind[/caption]

In fact, no school event is complete without the musical stylings of Truptraj Pandya. "My teachers give equal opportunity and support to every pupil and my friends aren't my friends because of the tabla, our friendship comes from the heart," he says. The young maestro remains unconcerned by the looming exam season - he knows he has studied enough to do well. "My last performance was in December but if something comes up, I will take the opportunity," he says, now seasoned at juggling his many priorities. His favourite subject, he says, is history and he prefers documentaries to reading a textbook.

[caption id="attachment_11930" align="aligncenter" width="649"] Truptraj's family[/caption]

Follow your heart, he tells teens

Being on stage across India, with lakhs of people watching him, gives Truptraj a thrill like no other. "This is just the beginning, I have a long way to go," he says, modestly. "I love stage performances, though. I feel a little nervous just before I begin but once I begin playing my tabla, my fears vanish. The music takes over me and I'm confident that I won't let the audience and myself down," he says.

[embed]https://www.youtube.com/watch?v=U4X_cIb18K8[/embed]

"Do what you love" is his advice to other teenagers. "Don't give into pressure at home or from family, if you do, you will only get tired and quit someday. But if you do things that you love, you will not get tired of it, you will always be hungry for more. You will remain motivated and passionate. Practice more and be patient," he signs off.

Follow Truptraj Pandya on Facebook, Twitter and Instagram

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Laalitya Acharya: The Indian American raising awareness on global water crisis

(October 16, 2022) A family trip to India was nothing short of an eye-opener for the Ohio girl Laalitya Acharya, who was a witness to the glaring water gap and the lack of access to clean drinking water and its implications. Seeing the damaging impact of contaminated water on health - leading to stomach flu and other ailments - made her dig deep into the statistics. In 2017, nearly 75 million people in India had no access to safe water. The startling numbers made her think hard, but after she fell ill from consuming contaminated water despite taking precautions, Laalitya knew it was time to make a change. "When I returned home, I found that this is a global crisis that affects billions all across the world. I decided that I wanted to find a solution to this problem and thus the foundations for The Nereid Project were born," the changemaker tells Global Indian. Nereid - a low-cost device that can detect water contamination within seconds using Artificial Intelligence - made Laalitya bag the Gloria Barron Prize for Young Heroes recently, for making a positive impact in people's lives and communities. In the last few years, the Nereid Project has

aking a positive impact in people's lives and communities. In the last few years, the Nereid Project has grown by leaps and bounds, and Laalitya calls it an organisation that "aims to raise awareness for the water crisis through research, advocacy, and policy." They are now working on implementing Nereid in Ohio, India, and Morocco.

[caption id="attachment_23046" align="aligncenter" width="415"] Laalitya Acharya developed Nereid[/caption]

Foundation laid by curiosity

While Nereid has put this Indian-American teen on the global map, Laalitya's interest in technology and science began at a tender age. The Bengaluru-born grew up in a suburb of Ohio after her parents moved to the US in search of better opportunities. Being a first-generation Indian American, "the importance of education was constantly emphasised," and she naturally gravitated toward scientific experimentation. It was in high school that her passion flourished as she found herself participating in scientific research and science fairs. "My high school did not have a traditional research program, so I decided to do 'at-home' independent research instead. This was where the basis of my research, Nereid, began," the changemaker reveals.

It was creative thinking that led her to explore scientific research, something she calls "crucial" to her journey. While most think science and creativity are separate entities, Laalitya begs to differ. "People tend to believe that science is not for the creative but I could not think that falser. All of the research and novel developments that we have, are born out of creativity, not in spite. The Nereid device, for example, utilises an intersection of biology, computational science, and artificial intelligence - it required unique thinking to create a unique solution," she elucidates.

[caption id="attachment_23047" align="aligncenter" width="501"] Laalitya Acharya recently won the Gloria Barron Award for Young Heroes[/caption]

Making an impact with Nereid

So, what exactly is Nereid? It's a portable device that works as a microscopic camera that takes images of a water sample which are then analysed using AI technology to determine if it's safe or contaminated, thus helping to alleviate the global water crisis. Such is the feasibility of the device that it can be easily integrated into a water system. "The coming months will help me to gather real-world data to hopefully implement Nereid globally," adds the changemaker. Not just this, the Nereid Project also expands to hosting STEM education programs and water summits which "are conferences centred around ways each of us can mitigate the global water gap." Along with it, they are working to use the legislative arm of policy to ensure access to this global necessity for all.

A STEM champion

Laalitya, who is currently majoring in biomedical engineering at Columbia University, is keen to work at the "intersection of STEM and public policy" to create legislative changes that incorporate science-based solutions. A STEM champion, she calls it the need of the hour to solve issues such as climate change or reform US healthcare. The 19-year-old is happy to see girls "crushing the game" in STEM. "The growth that I have seen even in my career of the science fair, and research has truly shown the power of women in science. I've also worked to create educational programs for young girls interested in science through The Nereid Project. Seeing their excitement and being able to support them on their STEM journeys has always been immensely gratifying for me," adds Regeneron Science Talent Search 2021 finalist.

The young changemaker is taking baby steps to cause a tectonic shift in the world through her work, and is keen to see "a world where people have access to their basic human rights and necessities." Knowing that the world is in crisis right now, she says, "it is our job to fix it."

[caption id="attachment_23048" align="aligncenter" width="625"] Laalitya Acharya with US Senator Chuck Schumer of New York[/caption]

"The United Nations defined their Sustainable Goals (SDG)s as due in 2030. We are less than 8 years away from this and I truly hope that we can continue our exponential growth in solving these global crises. I am doing my part to close the water gap and I aim to help the UN reach SDG #6 (which regards clean water access)," adds the changemaker, who was a Casework Intern for Senate Majority Leader Chuck Schumer in May where she worked with the constituents of New York to resolve any issues they were facing.

Challenges and learnings

However, this journey came with its share of challenges, and COVID was especially a tough time. But Laalitya was able to see a silver lining in each of her difficulties. "A lot of what The Nereid Project did was dependent on in-person camps/summits. Overnight, this changed and we were forced to move to a virtual format instead. But this shift led us to engage with more people outside of my local area. We worked with students from across the world and helped them kickstart their scientific journeys. Today, in a post-pandemic world, we have decided to keep our online format and return to in-person events - thus allowing us to expand our reach," the changemaker says.

A voracious reader, she loves to devour historical fiction and memoirs. "I also play the violin and run as I find both activities to be very soothing. It helps me to take care of my body and mind which is crucial in this line of work," says the changemaker.

[caption id="attachment_23049" align="aligncenter" width="600"] Laalitya Acharya encourages kids in the space of STEM[/caption]

The last few years have been a learning curve for Laalitya as she extends some pieces of advice to youngsters looking to make an impact. "It's okay to be a one-person-show," she suggests, adding, "It can be super scary to put yourself out there as an 'organisation' when it's just you wearing 5 different hats at the same time. But in reality, we all start small, and even the smallest changes can cause a ripple effect." However, she emphasises the importance of finding one's niche. "Go narrow and deep. Delve into a few sectors that you are particularly fond of and then you can expand as you grow," adds Laalitya, who believes in building a network and finding a community - in terms of family, mentors, friends, advocates, and or organisations. But her biggest learning was understanding that the way to a 'yes' is through many 'no'. "You will face negative comments, criticism, and other not-so-fun conversations on your journey. But the best way to think about it is that every 'no' gets you closer to a 'yes'," signs off Laalitya.

Follow Laalitya Acharya on Linkedin and her website

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