How-to: use Dharma to earn compounding interest! Tutorial, step by step and background (DAI)

How-to: use Dharma to earn compounding interest! Tutorial, step by step and background (DAI)

By Steist0r | cryptogenius | 19 Feb 2020


Hello and welcome to the first of my blog pieces on publish0x, thanks so much for reading and if you have any comments please leave them below for me, I'm always looking to improve. In this article, I'm going to cover the setup process for and how you can start scoring interest immediately on the stablecoin. I'll also cover briefly some background about the coin, what dharma is and how it works, but I won't go very deeply into those subjects in this article, instead, I'll save that for other posts. 


Brief background (you can skip these if you just want the tutorial)

1. What is DAI?

Dai (DAI) are decentralised stablecoin that run on Ethereum (ETH) that attempt to maintain a value of USD 1.00. Unlike centralized stablecoins, DAI isn't backed by USD in a bank account and is instead backed by collateral on the Maker platform. More information on the Maker platform and DAI can be found at

DAI historically correlates closely with Tether (USDT), USD Coin (USDC) and Paxos Standard (PAX) coins. 


2. What is DHARMA.IO? 

Dharma is the worlds first Cryptobank, under the hood its a crypto wallet that lets you store stablecoins in the compound network ( where they score interest. It's been backed by YCombinator, Coinbase and Polychain capital. The service can be accessed via their website or their new app. Currently, it only supports DAI deposits and you can pay into it or withdraw from it 24/7 directly to your bank account with 0 fees. Dharma makes its money by collecting one-tenth of the interest generated on user deposits. 


3. How much interest will I get?

The interest rate provided is variable I saw it up at 10% the other week, currently, it's at 7.3%. Interest starts being accrued immediately as soon as funds are in your account. 


4. How do I pay into

We will cover this later as one of the steps, but you can make a payment into the wallet in the app with 0% fee, or in the US via your debit card for a 2% fee


The tutorial. How-to set up Dharma and earn interest on your DAI. 


1. Head over to the Dharma website, or download the Dharma app

a screenshot of the webiste


2. Open the app or on the website tap on "Get Started on Web". 

a screenshot of the website sign up flow

3. Fill in your details, you should use your legal name and info here as they may use them for KYC processes in future. Note: create a very strong password here as it's the only thing that will protect your account. You can change it in future from your profile. 


4. Verify your email address. This is a security step to be sure you're real. Just go to your email inbox and click the link, if you have trouble at this point you can email support at

a screenshot of the website asking to verify account email


5. Once your email is verified you should log in on the website or app and see a page with $0.0000 balance. 

an empty dharma account


Whichever device you first sign-in on becomes a verified browser, which means it is the only browser you can currently make withdrawals on. I recommend (to ensure you always have access to your funds) before making a deposit setting up another browser to make withdrawals. 




--------- optional step to setup another bowser ----------


6. To set up withdrawals on another browser, log in on another browser, e.g. the brave browser.

7. Click on your name in the top right of the screen to open the menu. Notice that it says "This browser is not set up to make withdrawals" 

the dharma site with the menu open


8. Click on "This browser is not set up to make withdrawals" to open the window for setting up another browser.

modal on the website about it not being set up for withdrawls


9. Click the "get started" button and the website will start "contacting your other browsers" this will push a notification to the other browser where you're already logged in. 

notification of contacting other browsers on


10. Go to the other browser and wait for the notification, when it appears click or tap on the "approve" button. 

screenshot of the app


11. wait a few moments (up to a minute) and once the connection is made you'll see a lovely animation of confetti and the confirmation screen.

a screenshot of the app


---------- end of optional step to setup another bowser ----------


12. Make a deposit. To make a deposit click or tap on the "make a deposit" button. It's pretty prominent and in the middle at the bottom

a screenshot of the website


13. After you click or tap you will be shown the available options for making a deposit, in the US you can transfer funds straight from a debit card, but for ease of use I will tap on "cryptocurrency". This will present the familiar cx of a QR code and a copyable address. 

a wallet address image


14. Make a deposit by sending DAI as you typically do from your favourite broker (mine's Coinbase). 


15. Wait for the email confirmation (it should be pretty much instantaneous) and after that check back in on your account on the Dharma website or app. Notice that the numbers on the right are flying up... that's because you're already scoring interest! 

a gif of interest being made


Thanks so much for reading, if you have any questions or feedback for me please do get in touch via the comments below. Have a lovely crypto journey! 



***Please note the information given here is for educational purposes only, it does not constitute financial advice in any way shape or form and should not be interpreted or used as financial advice. I am not qualified as a financial advisor and content provided by me anywhere is informational purposes only. Information given here should not be considered financial or investment advice of any kind. It is highly recommended that you seek the advice of a professional before making any financial decisions. You are in full control and ownership of any decisions made based upon the information I provide and I accept no liability for any decisions made based upon information I provide.***




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