DeFi Dharma Exchange Launches Direct Bank Purchases on Uniswap

Dharma authorizes bank purchases of Uniswap tokens.

His second governance proposal for another airdrop was rejected.

Uniswap turns two as its TVL hits a record $ 2.74 billion

The Trust Project is an international consortium of news organizations based on transparency standards.

Cryptocurrency trading platform Dharma has announced that it will allow bank and fiat payments for tokens on Uniswap after its second governance proposal was rejected.

The announcement stated that it would allow Dharma users to purchase tokens on Uniswap directly from their bank accounts. However, the offer was very limited as it only applies to thirteen US states and has a limit of $ 25,000 per week.

The exchange said that due to the convoluted process of buying ETH from the exchanges, new Uniswap users will struggle between waiting for the purchase to clear, moving it to Metamask, and then dealing with gas charges.

1 / Today, we are delighted to give Dharma users the ability to purchase tokens in Uniswap directly from a bank account!

Up to $ 25,000 per week

Any token on @UniswapProtocol

Currently limited to 13 states in the United States

Dharma added that it was akin to buying Bitcoin in 2011, in that it was „certainly possible for the technically savvy on exchanges like Mt. Gox, but time consuming and intimidating for the average investor.“ “

This essentially compressed the DeFi investment experience into three steps, just like Coinbase did in 2012. Users (in limited locations) can download the app, connect their bank account, and click to buy.

He didn’t mention how the fees would be structured.

Second rejection

This move comes in the wake of Dharma’s latest governance proposal, which was rejected. For the second time, Dharma attempted to influence the outcome of the governance proposals on Uniswap DEX, and for the second time, it was rejected for failing to achieve a quorum despite controlling the majority of votes.

As reported by BeInCrypto , the proposal would have extended September’s huge UNI token aidrop to proxy users, especially Dharma clients. Several members of the community were happy with the result as another airdrop would have diluted the token supply.

Dharma is one of the few whales of UNI that can dominate the voting process but, like the first proposal that would have given it even more power, it failed to reach the 40 million votes to be adopted.

Uniswap celebrates its two years

On a related note, Uniswap founder Hayden Adams recently celebrated the second ‚anniversary‘ of the decentralized exchange with a retweet of the original launch announcement made on November 2, 2018:

Happy birthday @UniswapProtocol !!!

I can’t believe it’s only been two years. I am extremely grateful to everyone who took part in this trip.

This is just the beginning 🦄

Over the past two years, DEX has grown into the industry’s largest DeFi protocol with a total current blocked value of $ 2.74 billion according to DeFi Pulse.

This TVL record gave Uniswap a market share of just under 25%, ahead of Maker, which currently has a TVL of $ 2 billion.

Uniswap’s native UNI token is down nearly 6% on the day, trading for $ 2.13.