The new version of decentralized lending platform, Dharma, has officially released after a 2 month open beta. Originally, the site was a peer to peer lending and borrowing platform, but they have transitioned to using a lending pool protocol for ease of use.

Dharma v2 works similarly to DyDx, but with an easy to use interface. Users simply sign up with by linking a Coinbase account, deposit USDC or DAI and then begin earning interest.

Right now the interest rates are 7.14% APR for DAI and 5.12% for USDC. The interest earned for DAI is similar to other decentralized lending platforms and the USDC interest is significantly higher than what Coinbase offers.

“We believe Dharma will be the product that introduces DeFi — and crypto more broadly — to millions of new users not as a vehicle for speculation”

When the beta was originally announced, Dharma had plans to allow users to borrow along with lend. Currently the site has no borrowing features and there was no mention of plans for it in the new press release.

Dharma was included in our top three list of easy ways to earn interest with DAI and USDC, along with our analysis of risks on decentralized lending platforms.