Dharma Launches Closed Beta for Revamped Crypto Lending Platform

What’s New with Dharma V2?

Dharma has taken a bold step forward by launching a closed beta for its second version, or V2, of the lending and borrowing platform. As of August 29, users got a sneak peek into what’s brewing behind the scenes. The revamped version promises fresh features and a more user-friendly experience, all facilitated by a partnership with the Ethereum-based money market, Compound.

Exciting Features on the Horizon

Dharma’s new platform iteration isn’t just about a facelift; it’s bringing functional enhancements to the table:

• Non-Custodial Smart Wallet: Users will now have control over their funds without handing over the keys.
• Multisig Wallets: Because sharing is caring, but only if everyone can agree!
• Dedicated Deposit Addresses: Simplifying how users send and receive funds is a top priority.
• Fiat On-Ramps and Off-Ramps: Finally, making life easier for those who want to go from crypto to cash without losing their minds.

Why Go Back to the Drawing Board?

With great ambition comes great responsibility—or at least that’s what they say. Dharma’s previous platform faced significant challenges that led them to hit the reset button. They admitted to “reliability issues” that compromised their confidence in security, but, fear not, user funds were safe throughout the chaos.

A Message to Current Users

If you are one of Dharma’s existing users, your experience isn’t being forgotten while they iron out the kinks. Although new deposits and loans were put on hold at the beginning of August, the door is still open to manage your existing accounts. You can withdraw funds that aren’t currently locked up, and there’s light at the end of the tunnel for a fully functional platform.

What’s Next?

The beta is currently restricted to existing users but stay tuned! Dharma plans to widen access soon for additional testing. They’re aiming for a fully operational platform that’s not just reliable but operates with the cutting-edge tech of decentralization. It looks like Dharma may very well be on the brink of a monumental comeback in the crypto lending world.