Dharma, one of the most popular decentralized finances instruments, has introduced a trading application focused on DeFi assets. It eliminates the necessity of using Metamask while exchanging Ether-based coins.
DeFi trading simplified on Dharma
According to the official announcement by the Dharma team, the brand-new trading application for iOS-based smartphones is up and running. The product attempts to build "Robinhood for DeFi," emphasizing the intuitive user experience and low latency of trading as its "killer features."
1/ Calling all DeFi traders — Dharma is proud to introduce *the most powerful way to trade assets in DeFi, right from your pocket.*— Dharma (@Dharma_HQ) July 30, 2020
🔁 Trade all 2000+ tokens in @UniswapProtocol
⛽️ Pay Zero Gas Fees
🤑And for a limited time, we’re waiving our trading fee as well! pic.twitter.com/3sklUMTIqJ
With this application, DeFi users do not need to install additional extensions, since the app browses Ethereum-based tokens natively. At press time, the Dharma app supports 2,000+ assets, including all DeFi assets that skyrocketed in recent weeks.
Nadav Hollander, CEO and co-founder of Dharma, stressed that the user experience of the new application should not be more sophisticated than that of retail stock trading vehicles like Robinhood:
So we set out to build an experience that marries the breadth of Uniswap with the fixtures of a trading app like Robinhood.
The Dharma team has also proudly introduced intelligent price alerts. In-app mechanisms track the price of assets and immediately inform traders about important moves.
The design of the application allows users to avoid paying gas prices. To celebrate this release, Dharma also cancelled trading fees for a limited period of time.
Last barrier to DeFi adoption
Release of this Dharma app is accompanied by the rollout of a new protocol website. The Dharma application can be used as a payment tool as well, since it allows users to send Ether-based tokens between addresses.
According to the product team, with the new release, trades will be executed with 10-second latency only, which is significantly faster than Dharma's competitors.
Brendan Forster, Dharma COO, assured traders that due to the patented system of key management, the application maintains its noncustodial nature.
That said, Dharma tries to solve one of the thorniest issues of the DeFi realm, i.e., the cumbersome interfaces of its instrument. As covered by CryptoComes recently, analyst and investor Qiao Wang claimed that the simplification of the user interface may facilitate the adoption of DeFi.