Building a bridge between fiat currency and DeFi! Smart contract wallet Dharma introduces bank binding and supports Uniswap trading functionality

Although users in Taiwan may not be very familiar with it, the smart contract wallet project Dharma recently launched a new feature. App users will be able to connect their bank accounts and trade directly on the decentralized exchange Uniswap, thereby bridging the gap between fiat currency and decentralized exchanges.

Eliminating Pain Points Between Fiat and Crypto Assets

According to an announcement released today by Dharma, the feature has been launched in 13 states in the United States. Users can choose to deposit funds into their wallets using "crypto assets" or by "linking a bank account," with a fee of 1.5%. This allows users to trade any tokens on Uniswap, with a weekly purchase limit of $25,000.

Nadav Hollander, CEO of Dharma, believes that investing in DeFi in this field has been a relatively high-tech process. Now, users can easily download the Dharma App, connect their bank accounts, and Dharma will interface with all assets on Uniswap for users to trade, while also covering the on-chain fees for users.

However, Hollander did not disclose the names of the cooperating banks, only stating that they are well-known large banks actively involved in the crypto industry.

In the announcement, Dharma emphasizes that investing in DeFi now is as complex as wanting to invest in Bitcoin in 2011. Dharma's goal is to compress this complicated process into three steps (download the app, connect a bank account, and click to trade).

Founded in May 2018, Dharma initially started as an Ethereum lending platform. After a significant drop in locked funds in 2019, it shifted to savings products based on stablecoins and launched trading features in 2020.

Uniswap's Second Anniversary

The day Dharma introduced the new feature happened to be the two-year anniversary of Uniswap's launch. Hayden Adams, the founder of Uniswap, shared his joy with the crypto community on Twitter, stating:

I can't believe it's only been two years, very grateful to everyone involved in the journey, this is just the beginning.

Happy Birthday @UniswapProtocol!!!

I can't believe it's been only two years. I'm so incredibly grateful for everyone who has been a part of this journey.

This is just the beginning 🦄 https://t.co/buOy9FU7AO pic.twitter.com/NQTtSAm0GY

— hayden.eth 🦄 (@haydenzadams) November 2, 2020

After experiencing the "SushiSwap" incident in late September, where its protocol code was copied, Uniswap's liquidity did not collapse. It subsequently launched its platform token UNI and initiated liquidity mining, still ranking first in locked funds among many DeFi projects.

According to DefiPulse data, Uniswap has $2.7 billion in locked assets, accounting for 25.03% in DeFi protocols. However, its token UNI is experiencing a decline in line with the general trend faced by DeFi projects. As of the deadline, the price was $2.1, continuing to explore new lows following a few days of price increase prior to the token's release.