MyEtherWallet Joins DeFi Bandwagon in Sync with Aave & Ren
MyEtherWallet is increasing the scope of operations by stepping into decentralized finance via its custom built wallet interaction tool, MEWconnect.
In this regard, the venture has revealed a tie-up with Aave and Ren, signaling the first instance of MEWconnect technology usage by third-parties.
Wallet linking tool MEWconnect was created primarily for MyEtherWallet and it is comparable to those offered by other DApp-compatible wallets such as Coinbase Wallet and Metamask, or more generic platforms such as WalletConnect.
Kosala Hemachandra, CEO of MyEtherWallet, stated that the tool was initially developed to safely link MEW wallet app users to its front-end, which is web based.
However, the tool is not utilized by even non-MEW app users for connecting other hardware and software wallets to Ethereum blockchain via its web interface.
The company states that it does not wish to lock Ether investors forcefully in a particular solution, and that is in line with objective of Ethereum core team. In case of certain DeFi covenants, MyEtherWallet offers two options.
As of date, the Web interface is compatible only with Aave and MakerDAO, permitting users to interact with the covenants in a straightforward manner.
Currently, MEW has turned out to be an supplement wallet of interest on Ren and Aave’s frontends.
Hemachandra was hopeful that more projects will follow:
“The MEWconnect API is very developer-friendly and we have every reason to hope that many more DApps will be able to integrate the protocol in the near future.”
Following the integration, users of MyEtherWallet will have a range of lending choices available via Aave and also access to crypto tokens native to other blockchains through Ren’s trustless bridges.
So far decentralized exchanges are not part of the offering. MyEtherWallet has been around for a long time, with popularity rising in 2017 due to exponential growth of ICO. In addition to fundamental wallet features, it facilitates the enrolment of crypto domains and decentralized hosting via IPFS.