Dharma, an Ethereum-based Decentralized Financial service provider has announced the opening of its platform for public use through a Medium post. The announcement was made after the successful completion of the beta program which ran for two months. The firm made a slew of announcements regarding different investment options on the platform, and how users can stake their coins to earn interest on them.
The platform has already accumulated over $1.5 million in user deposits and promises a 7.5% APR interest to Dharma account holders. There will be no transaction fee and the firm has promised a one-click signup for Coinbase account holders.
Custodial and Non-Custodial services
The firm listed both custodial and non-custodial services through which Dharma account holders can earn interest on their deposits. Account holders can directly send DAI and USDC to their smart Dharma wallet addresses to start earning interest. The Dharma account is always available where users can add their Dharma wallet to their favorite exchange and send money to it from any other wallet.
Apart from that, there are several custodial services available as well, wherein users can lock in their funds using smart contracts for a certain period of time to earn interest on their money. The firm uses Compound Protocol, which is a chain of lenders and borrowers where every loan is secured by smart contracts.
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The firm also claims to offer great security features with its smart wallets, wherein it claimed that the key to the wallet will be saved on the hardware of the user’s device and thus, even if the platform is under attack, users’ funds will remain safe.