A new and natural description of the category of unstable modules over
the Steenrod algebra as a category of comodules over a bialgebra is given;
the theory extends and unifies the work of Carlsson, Kuhn, Lannes, Miller,
Schwartz, Zarati and others. Related categories of comodules are studied,
which shed light upon the structure of the category of unstable modules
at odd primes. In particular, a category of bigraded unstable modules is
introduced; this is related to the study of modules over the motivic Steenrod
algebra.