Dharma wishes to perform for DeFi exactly what Robinhood did for stock trading: create it dumb easy.
The Coinbase-backed decentralized fund startup is incorporating nominal -exchange protocol Uniswap because its newest in-app offering. Along with making “interest” on Ethereum stablecoins, Dharma consumers will then have the ability to exchange any ERC-20 token for another.
“This continues our strategy of building Dharma as the gateway to doing the important things in DeFi,” co-founder Brendan Forster stated in a meeting.
With just tens of thousands of users by many estimates, the $3.8 billion DeFi marketplace is still market. For the business to understand its own potential of unseating heritage lending systems (believe pupil loans instead of crypto “arb opps”) a user friendly gateway is needed.
Dharma is attempting to be that gateway. A crypto program with all the appearances of a mainstream fintech, the startup was centered on stablecoin savings account, driven by lending process Compound, because August 2019. Dharma’s strategy is noteworthy since it sets DeFi’s oft-touted “money Lego” meme in to clinic.
“Dharma now supports the three core money services,” clarified Forster. “Savings and yield via Compound, investing and trading via Uniswap and peer-to-peer payments.”
The program would like to be equally consumer-friendly and non-custodial, in keeping with DeFi’s “trustless” ethos, he added.
“Our goal in building ‘the Robinhood of crypto’ is to bridge the final gap between these blossoming markets and the millions of individuals who will want to tap into them as they gain popularity and mindshare,” CEO Nadav Hollander said in a statement.
Timed to the launch of the new trading attribute, Dharma is covering users’ gas prices through Aug. 30. Gas prices on Ethereum have soared lately to two-year highs, driven mostly by demand for DeFi services.
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