In this review, I take you through Dharma Smart Wallet app. Dharma is an open-source and non-custodial wallet built on Compound and allows users to deposit and earn interest, trade and send funds easily. You will start to earn interest on your crypto assets, as soon as you make a deposit into your Dharma account, or if you live in a supported region (like the US) you can deposit FIAT from a debit card. Interest is withdrawable at any time with no minimum or maximum deposits, withdrawals, and no lock-ins.
Dharma is also the first mobile wallet with native support for Uniswap V2. So if you ever want to make a trade on the go, use Dharma where you can trade and seamlessly swap 2000+ DEFI assets on your mobile device. Plus one of the greatest benefits of using Dharma is that there are currently ZERO gas fees. So, instead of using a web 3 wallet such as Metamask and paying for gas twice (to interact and confirm a transaction), you won’t have to pay a thing when exchanging with UniSwap direct from within your Dharma wallet.
Dharma Zero ETH Gas Fees
One of Dharma’s biggest selling points is the fact that they don’t charge any GAS fees. At the time of writing this, Gas fees are continually over 100 GWEI and increasing. Therefore, the advantage of not paying these GAS fees could potentially be a huge saving.
However, some may feel that one of the downfalls to the Dharma wallet is slippage. In a recent post on Twitter they address this by saying ¨If we don’t set our slippage buffer high enough, not only do our customers have an unsatisfactory experience with our product, but we also have to pay for the failed transaction.¨ Dharma has also released “Intelligent Slippage Fees”, and sees this as a major step forward in tackling the problem.
Dharma vs Argent Wallet
Another wallet similar to Dharma is the Argent wallet. Argent is an Ethereum based mobile wallet where you can store, send, and save; borrow, earn interest, and invest. With the ability to enjoy decentralized apps in just a few taps including the likes of Aave, PoolTogether, Compound Finance,and Uniswap.
Argent initially launched their wallet providing fee-free transactions, however, due to the increase in gas fees it no longer became feasible for them to do so. There are still a few free features available, and if you’re interested in checking out the Argent wallet check out my review here.