Trade 2,000 tokens on Dharma
Investors and crypto fanatics can now trade all Uniswap listed tokens on the Dharma app, the Coinbase-backed decentralized finance startup said Thursday.
The app is adding Uniswap, decentralized exchange (DEX), as part of its latest update. Now, users can trade any of the 2,000+ listed tokens on Dharma while earning interest on stablecoins – the app’s core offering.
Dharma users will now be able to trade any ERC-20 token for another, said co-founder Brendan Forster in an interview. He added the strategy of building Dharma as the “gateway to doing the important things in DeFi.”
Forster said that Dharma now supports the three core money services – referring to fiat, crypto, and DeFi markets. He explained:
“Savings and yield via Compound, investing, and trading via Uniswap and peer-to-peer payments.”
The app wants to be both consumer-friendly and non-custodial, in keeping with DeFi’s “trustless” ethos, he added.
CEO Nadav Hollander shared his thoughts in a press statement. He said Dharma’s goal is to build the “Robinhood” of crypto and 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.
Robinhood is a popular American financial services company headquartered in Menlo Park, California. The company offers a mobile app and website that offer people the ability to invest in stocks, ETFs, and options through Robinhood Financial and crypto trading through Robinhood Crypto.
Its massive fan following is something Dharma wants to eventually with its DeFi-centric product, states Hollander.
Benefits for new users
To celebrate the release of the new trading feature, Dharma is covering users’ gas costs through August 30, as per Coindesk. Lately, GAS fees on Ethereum have surged in recent weeks to two-year highs, driven largely by demand for DeFi services.
This is similar to the problems the network faced back in 2018 when ICOs were popular and Crypto Kitties – a blockchain-based card trading game – gained overnight popularity.
Although the DeFi market has just thousands of active users by most estimates – and is smaller in-network value than Dogecoin or XRP – the $3.8 billion DeFi market is still a small sector of the cryptocurrency market. Its total value is shy of 2%, with Bitcoin and Ethereum account for over 60% of the crypto market.
Dharma is trying to break the status quo. Its modeled after mainstream fintech applications – dispelling the myth of crypto apps being poor on UI – and has been focused on stablecoin savings accounts powered Compound since August 2019.