Dharma, a cryptocurrency lender, has stopped all lending and new deposits. The announcement was made via Twitter yesterday. The company announced a new phase of the platform as a reason for the temporary shutdown of service. Based on Twitter, Dharma will announce new platform in the coming days.
Dharma is the platform for borrowing and lending cryptocurrency. The platform has multiple tools to enable smart lending between users.
Twitter Users’ Response
The recent announcement was not well received on Twitter where many users called it a scam. However, the community is awaiting the news that is going to drop soon. Dharma has hinted at a new system that will change the way users lend and borrow cryptocurrencies.
They have increased their collection of tools that enable easy interactions between users. Since Dharma officially launched to the public, they’ve served thousands of users around the world, originated over $9 million USD in loans, and have had over $16m USD worth of collateral locked in smart contracts.
Dharma is a peer to peer lending marketplace. That means lenders only start earning interest when they match with a borrower. It may be a long time before someone matches. To solve this they have introduced a tool called Instant Matching. This makes it possible to match lenders and borrowers as easy as possible. Dharma will announce a new platform which makes this possible.
What is Dharma?
Dharma is a peer-to-peer lending marketplace that enables users to easily borrow and lend cryptocurrency from anywhere in the world, instantly and affordably, all the while retaining full control over their funds.
What loan types does Dharma support?
Dharma supports fixed-duration, fixed-interest loans. Currently, all loans in Dharma have 90-day durations, but we plan to give users more flexibility over loan durations in the future. Similarly, currently all loans in Dharma currently have a fixed rate of interest. This interest rate will not fluctuate over the course of the loan, it’s locked in. And regardless of whether the borrower repays their loan on Day 1 or Day 90, they will still pay that same interest rate.
We’d love your feedback! If you’re looking for a specific loan duration, feel free to let us know: support [at] dharma [dot] io.
What wallets does Dharma support?
Dharma supports any wallet that you have control over, not just MetaMask! Specifically you can use any Ethereum wallet that supports ETH and ERC20 tokens. We recommend using addresses that you have full ownership of, whether that is through browser extensions (e.g., MetaMask), specialized browsers (e.g., Coinbase Wallet), or Hardware Wallets (e.g., Ledger and Trezor).
While certain centralized exchanges earmark addresses on a per-user basis and may therefore work in Dharma, we do not recommend using these addresses at this time, as we have not tested Dharma with all exchanges and cannot verify that the systems are compatible.
What assets does Dharma support?
Dharma currently supports borrowing and lending for ETH and DAI, and we plan to add support for USDC and BTC soon. We’re actively looking to add more assets and we’re leaning on the community to let us know what they want us to support. If you’re looking to borrow or lend specific assets, feel free to let us know: support [at] dharma [dot] io.
What is Dharma Key and how does it work?
Dharma Key is a brand new way for users to cryptographically sign their transactions. Rather than having users manage their own private keys, they can authenticate their transactions with a 4 digit pin. With Dharma key, you can be your own bank.
Dharma to announce new platform for lending and borrowing cryptocurrencies.