MyEtherWallet (MEW), a free, open-source, client-side interface for creating Ethereum wallets, has opened the gate to decentralized applications through the introduction of a “DApps Browser” feature in its mobile app named MEW. The app currently boasts of over 1.30 million monthly users.
The aforesaid feature was introduced by MEW through a partnership with DApp analytics site DappRadar. Users of MEW will be able to access over 2,000 Ethereum blockchain based decentralized apps, including NFT and DeFi protocols straightaway using their smartphone.
Using the DApps Browser, users will be able to browse, search specifically and even interact with DApps such as SushiSwap, UniSwap and Balancer to gain access to financial services like asset swaps, loans and even staking. Users can also monitor the performance of the DeFi portfolios comprising of deposits and loans.
The wallet also facilitates safe access as the private key stays within the safe encrypted storage facility, without sharing with the DApp. Users will be able to gain access to several decentralized wallet applications, for example, Trust and Status.
Interestingly, put together, the aforesaid apps have recorded six million downloads. A report from DAppRadar indicates that MEW had 72,000 daily active users in January, implying that there is a huge room for an increase in client base.
There is an expectation that in the months ahead iOS users will be provided with additional data such as rankings and other measures for 2000 DApps. Even daily, weekly and monthly active users, trading volumes and TVL (total value locked) details will be provided under other metrics. Regarding the initiatives, MEW’s Founder and CEO Kosala Hemachandra stated:
“Our dedication to bringing DApps to all of our users, no matter how they choose to access them, reflects our belief that wallets can, and should, become the hub where the entire Ethereum DApp ecosystem comes together.”
The latest features also pave way for users to gain access to the budding non-fungible token (NFT) domain. Even though, NFT domain is in its nascent stage, the domain recorded growth of 10x in January to over $33 million in value with the figure anticipated to increase considerably this year. Some NFT artworks are currently traded for close to a million dollars.
DeFi covenants represented 95% of the $270 billion DApp transaction volume last year. A few days before, DAppradar found out that even though Ethereum remains the most favorite with respect to active users, increasing transaction charges and scalability problems are rising the appeal of blockchains which position itself as substitute to Ethereum. Fees linked with certain cumbersome DeFi covenants breached $1,000 at the height of activity.
Nevertheless, with venture capital company Outlier Ventures reporting that developer activity is losing sheen on the so called “Ethereum killer” networks that were existing for a while, and throng to Ethereum-blockchain based DeFi covenants such as Balancer and Aave.
