1/ Calling all DeFi traders — Dharma is proud to introduce *the most powerful way to trade assets in DeFi, right from your pocket.*
— Dharma (@Dharma_HQ) July 30, 2020
Boasting a mobile-first approach to crypto savings and trading, Dharma introduced it’s latest feature in tandem with a branding overhaul – reminiscent of Kanye West and the Silicon Valley flash the project has come to own.
For those who have tried trading on DEXs like Uniswap in the past few weeks, it’s no surprise that free transactions with zero gas come at an absolutely unprecedented time in the midst of a DeFi token bull market.
To paint some context, swaps on DEXs have averaged anywhere from $2-5 per transaction, a figure that can quickly add up or limit smaller users from participating at all. Now, Dharma will look to subsidize transactions in an attempt to migrate DeFi traders to a mobile-first approach.
Well done @Dharma_HQ.
So much latent demand unable to access DeFi because of the metamask problem, and much of that demand is within crypto itself!
This is the first real attempt to bring noncustodial DeFi protocols to users with CeFi usability. Can't wait to use it! https://t.co/3Gm60KBLbo
— James Simpson (@jronsim) July 31, 2020
In tandem with the free-transaction period, Dharma also rolled out aesthetically appealing charts to track price, backed by machine-learned notification systems to give users a heads up when a token of interest is on the move.
What’s interesting about this new feature rollout is that Dharma is quickly shaping up to be a leading fiat onramp for US-based customers, with its automatic savings design offering 7% APY on all deposits at the time of writing.
The rise of mobile-first wallets comes at an interesting time for the industry at large. With Argent recently rolling out a suite of DeFi integrations and Coinbase Wallet integrating lending support, the barriers to entry for new consumers have never been lower.
To this point, there’s still a large degree of required learning necessary to get started, however, products like Dharma are doing a great job of letting users dip their toes in without being overwhelmed with 10 different DeFi products.
Centralized exchanges are basically just fiat on ramps now.
— eric.eth (@econoar) July 31, 2020
Looking at Uniswap in particular, the parabolic growth the leading DEX is enjoying today is a major testament to why new users may benefit from it’s integration – primarily given the primary market-like nature of being able to access new DeFi tokens like YFI, MTA and BZRX almost immediately after launch.
Uniswap did $126M volume last 24 hours. This is 1/3 of Coinbase. 1/2 of Kraken. More than Gemini, Polo, and Binance US combined.
Pretty incredible TBH.
— Qiao Wang (@QWQiao) July 31, 2020
In the meantime, we’ll be keeping a close eye on Dharma. If any of your friends are looking to get started with DeFi in an intuitive fashion, be sure to point them to Dharma’s newly revamped website!
Cooper is the Editor of DeFi Rate and an active contributor to leading DeFi media outlets like The Defiant, DeFi Pulse, and Bankless. He works with early-stage teams through Fire Eyes DAO to incubate governance models and grassroots community development. He is an ambassador to Set Protocol and an author of a weekly publication called Token Tuesdays. To stay up with Cooper, follow him on Twitter.