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Dharma — The easiest place to borrow and lend cryptocurrency
Dharma is the easiest place to borrow and lend cryptocurrency. With Dharma, anyone can earn interest on their crypto or take out a line of credit from anywhere in the world. No bank account required.
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Where can I read the terms and conditions for the interest rates paid back by borrowers - without having to sign up? What is the maximum annualized interest rate that can possibly be charged?
@paul__walsh Sorry for the late response. For more details on the terms and conditions of the loan, please refer to our FAQ: https://www.notion.so/teamdharma...
As for the maximum APR you can possibly be charged, note that the rate is fixed for the entirety of the loan — i.e. if the advertised rate is 4% APR at the loan's outset and the loan duration is 1 year, you will get charged 4%. Though the offered rate can fluctuate on the basis of supply and demand, the rate for an individual loan is locked in once the loan term begins.
@nadavahollander Thanks so much for taking the time to reply - appreciated. May I ask what happens when someone doesn't repay the loan within the agreed timeframe? That's the most important aspect of a loan for me. I'm trying to get to the worst case scenario for borrowers.
@paul__walsh We've updated the FAQ to make this clearer, see for yourself: https://www.notion.so/teamdharma...
How does it work? how do you protect the lender against default if the borrower doesn't have any crypto asset being used as collateral?
@md5sha1 Roby — currently, we only support over-collateralized loans. For more information, I'd encourage you to read through our FAQ: https://www.notion.so/teamdharma...
Best in class design from @Dharma_HQ -- flexing on how to make *using* crypto easier. Tons of complexity behind the scenes being abstracted away into an incredibly smooth flow to let anyone on earth borrow or lend out their cryptocurrency.
The Dharma team just unveiled their new product and brand. They're now building one of the most usable and important products in crypto today. If you're holding any Ether, you can use Dharma to effortlessly lend it out and earn interest.
@rrhoover Yep! We launched to a closed group of early partners in February. In March, lenders on Dharma lent over 1M USD worth of cryptocurrency (Ether and MakerDAO's stablecoin Dai), of which over 600k was borrowed.
@rrhoover Over $1m in crypto-assets have been borrowed and $1.5m+ lent on Dharma during the past 3 months :)
Dharma has one of the easiest interfaces to earn interest on your crypto. They've implemented a 4 digit pin system to make Ethereum easy! The team is incredibly helpful and they have a huge vision. I can't wait to see savings accounts for developing countries! One of the best user facing products in the Ethereum ecosystem. Immediately earn interest with no term, no forms, no identity ---- pretty cool!
Pros:Easiest way to earn interest on your crypto. Absolutely no reason not to use Dharma if you hold ETH.
Cons:I dont hold enough ETH... :(
Hey PH —
My name's Nadav, and I'm the CEO & Co-Founder of Dharma.
Cryptocurrencies have long been heralded as way to "bank the unbanked" — but, in reality, most cryptocurrencies sit idle and unused in wallets like Coinbase. We were promised magical internet money, but instead we got boom-bust lottery tickets.
We want to remind the world of what got us excited about cryptocurrencies in the first place: the ability to deliver financial services to anyone in the world with an Internet connection.
That's why we built Dharma.
Dharma is the easiest place to borrow and lend cryptocurrencies — instantly & securely, anywhere in the world. Today, any internet-connected individual in the world can use Dharma to earn dollar-denominated interest or leverage their existing crypto holdings by taking out a crypto-backed loan. There's a lot that gets us excited about that:
- Dharma is accessible to anyone, anywhere in the world
- Dharma is leverages a system of smart contracts on the Ethereum blockchain in order to secure loans in the system — we *never* touch your crypto or have the ability to misappropriate or steal your crypto. You don't have to trust us — you just have to trust math, cryptography, and code.
- Dharma doesn't require specialized wallets or chrome extensions — you can access it using any wallet, even Coinbase. And it's *extremely* easy for anyone to use — no fancy buzzwords, no worrying about the underlying tech.
- We've been operating a private release of Dharma for several months now, and have already had users borrow >$1m and lend >$1.5m in cryptocurrencies
Now that we're unveiling Dharma to the broader public, we're excited to hear what the PH community thinks. We think we've made magical internet money a bit more magical today, and we think you'll agree.
Nadav
@nadavahollander Where can I read the terms and conditions for the interest rates paid back by borrowers - without having to sign up? What is the maximum annualized interest rate that can possibly be charged?
I left the question below but didn't get a response - so thought tagging might help.
Dharma tries to overcome current Ethereum technical obstacles to drive the adoption of open finances.
Pros:Great onboarding and amazing UI
Cons:Lack of support for third-party wallets and QR codes for addresses
Dharma has raised bar for DeFi products
Pros:Incredible UX, very intuitive, great rates, can access from any account
Cons:None
Hey, looks great!
I’ve tried to use it from my phone but mobile version isn’t working yet I guess
@cesar_harrosch Hey Cesar — we're aware of the issue and are actively working on remediating the lack of mobile responsiveness in the product. Stay tuned!
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