Visit: Dharma and get $50 Free

Dharma is a user-friendly app designed to onboard regular people onto DeFi, by connecting them straight from their fiat bank accounts.

While Dharma doesn’t have its own protocol, it functions as a “bridge” to popular DeFi protocols such as Uniswap, Compound, Yearn, and more.

Getting involved in the DeFi ecosystem often requires specialized knowledge and a deep understanding of cryptocurrency exchanges, wallets, and more. Dharma aims to enable non-technical users very new to crypto to earn interest on stablecoins like USDC without any complexity.

Dharma has pivoted its direction a few times, however it has always been focused on improving the ease-of-use of DeFi products.

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Dharma Referral CodeYHLZEZ
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Last VerifiedMay 2021

Background

Dharma was founded by Brendan Forster and Nadav Hollander, a software engineer who has interned at both Coinbase and Google. The first whitepaper for the project was published in November 2017.

In contrast to many projects in 2017, Dharma did not hold an ICO. The project instead opted for a traditional seed funding round, raising a modest US$120,000.

The first Dharma product – a margin product called Dharma Lever – began development in late 2018. The product was launched to support the lending and borrowing of ETH and USDC exclusively, focusing on providing a simple user experience.

Dharma Lever differentiated itself from other platforms by offering fixed interest rates and fixed-term loans, in contrast to typical floating rates and durations. Lever saw strong initial growth, passing $1 million in liquidity within its first 24 hours.

Whereas Dharma and Compound Finance initially began as competitors, Dharma decided to settle on becoming a layer on top of the Compound protocol in 2019.

Most recently, Dharma has expanded this layer to also interact with other popular DeFi protocols, as well as allow users to connect their fiat bank accounts.

Why Dharma?

Dharma is a platform which caters directly to those with little knowledge of cryptocurrency, but still want to take advantage of promising DeFi markets and interest rates.

As a user-friendly bridge between users’ fiat bank accounts and DeFi protocols, Dharma adds value to the DeFi experience through a few key factors:

Easy Access

Using Dharma is just as easy as creating an email account. All that one needs to get started is their email address, country and a regular bank account.

Unlike most DeFi platforms, it requires no existing wallet, browser extensions, or other additional tools. Log-in is done via a simple email address and password.

Fiat Gateway

Dharma takes things one step further than most other fiat-friendly platforms by actually connecting your bank account to your wallet via the Dharma app. This enables users to make quick and easy deposits into DeFi lending protocols such as Aave or Compound – all in a few steps within a single app.

Simple Wallet, High Security

Dharma provides users with their very own non-custodial cryptocurrency wallet. This wallet has the ability to interact with smart contracts, which is crucial for anything to do with DeFi protocols.

It’s also much more streamlined and simple than using other smart contract-compatible wallets, making it more user-friendly for the average person.

The Dharma team also offers assistance in recovering lost accounts, for those who lose their device or passwords.

How Does Dharma Work?

  1. To get started, visit https://www.dharma.io/ and download the Dharma app on your iOS or Android device.
  2. Open the app and create a wallet using your email address.
  3. Navigate to the “Settings” tab and link your bank account.
  4. Tap the center “actions” icon.
  5. Tap “DeFi with Your Bank Account”.
  6. Select the protocol you wish to supply funds to.
  7. Select the token you wish to supply. Once you confirm, this will use your bank account to purchase the token you selected and supply it to the protocol.

Which tokens does Dharma support?

The Dharma app currently supports ETH and all ERC20 tokens, however, you may only purchase USDC when using your linked bank account.

Although this may seem restrictive for purchases, USDC can easily be swapped for Ethereum-based tokens of your choice within the app via Uniswap or another decentralized exchange.

How to get involved?

To keep up with all the latest Dharma news and releases, follow them on Twitter, or join their Discord.

For in-depth articles and more, follow the official Dharma blog.