CMCGlossary: Dharma Protocol ✨ An open-source stack for building debt markets on Ethereum. Details:
Debt markets have historically been one of the most important financial platforms in the world. From mortgages to corporate bonds, they are the backbone of any financial system.
But today, most debt markets are dominated by established financial institutions with high fees and inefficient systems. That's where Dharma Protocol comes in: it is a decentralized blockchain-based protocol that allows anyone to easily create their own digital lending products by tokenizing debt. A debt market is simply a place where borrowers and lenders come together to lend money at some agreed-upon interest rate. A mortgage is an example of a lending product: when you take out a mortgage from your bank, both you and your bank agree to certain terms of repayment, including how much you pay back each month, how long your loan term will be, and what interest rate you'll pay for borrowing the money.
The protocol enables a variety of different types of debt products, including order-book style exchangeable bonds, margin lending products, over-collateralized loans, and interest-bearingThe Dharma protocol is structured in such a way so as to facilitate maximum composability between different classes of financial products and across other protocols in the decentralized finance ecosystem.
In order to facilitate this movement of capital, there needs to be a robust set of primitives that can be combined together to build more complex financial instruments. This is precisely what the Dharma protocol aims to provide.
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