Introduction
Yesterday, I was waiting at the hospital for a blood test and spent a long time in the waiting room. I browsed some finance DAPP in the Enjin wallet that I installed recently.
I always love to discover new things and potential DAPPS. Especially in the financial sector, even if it is not the most appealing section.
I found one that picked my curiosity; the core of the DAPP is to receive interest with your stablecoins.
Dharma on Compound finance
I heard a little about Compound in the DeFi niche that recently increases rapidly. I have not read the white paper and intend doing so probably this week.
What you need to remember is that Compound is an interface where you can develop finance DAPPS over it. It simplifies the process and you can focus on bringing something useful who works out of the box.
Dharma DAPP
This one brought my interest because it is something useful that everyone is doing with a traditional bank account. We all need to save money in case of an emergency or to plan our next travel.
The main purpose of this DAPP is to save money with stablecoins while you receive interest. The interest rate is higher than a traditional saving bank account.
You can clearly see the platform presently support SAI and USD Coin. It is a no brainer to buy USD Coin that today offers a 4.71% interest!
How to access Dharma?
You have two ways of accessing Dharma. The first one is with a login and password that needs to be verified before you can use it.
The second method is with a verified Coinbase account. This method is the most convenient and is much faster before you can use the DAPP instantly.
You only need to accept the level of privileges requested by Dharma, and voilà! you are logged in. Pretty simple, isn't it?
This is the method and path I have taken.
The difficulties I faced
You might have heard of Coinbase earn where you can get crypto while you learn from cool crypto projects. Recently, I completed the latest crypto education from the platform and I got a small amount.
What I find weird is that it is impossible to swap this crypto directly in SAI or USD Coin and I believe it is not very cool from Coinbase. I tried with their wallet and their web interface and unfortunately, it is impossible.
The only method is to buy some stablecoins with a method of payment you define on Coinbase. I think that the best method is to use another interface and swap another crypto for SAI or USD Coin.
What I like about Dharma
It is the type of application that everyone can profit in the crypto sphere. Something easy to use and that provides more interest than a traditional bank.
It is not the solution that provides the best interest rate but I believe it is something interesting for the majority of users. It is simple, focuses on one thing and provides interest easily with 2 stablecoins.
Conclusion
Dharma is a cool DAPP that runs over the Compound ecosystem and offers people a way to make interest with 2 stablecoins. It is something to try even if I have not been able to test it myself.
We start to see what is taking place in the crypto space and the future of DeFi will be great.
Start to make your savings work for you and go check the Dharma website.
Chesatochi.com – For the love of crypto and coffee
PS: I am not a financial adviser, and this is only my own opinion. Always do your own research before to embrace any type of investment in the crypto space
