MyEtherWallet Enters The DeFi Arena By Integrating Aave And Ren
MyEtherWallet enters the DeFi arena by expanding its integrations with decentralized finance adding Aave and Ren as we are reading more in our latest ETH news.
MyEtherwallet enters a new phase of its integrations plan through its dedicated wallet communication tool MEWConnect. The project announced an integration with Ren and AAve which marks the first time that third parties will use this technology. MEWconnect is a wallet linking system that is developed for myEtherWallet and it is similar to the ones found on other Dapp-enabled wallets like Metamask or more generalized framework such as WalletConnect.
MyEtherWallet’s CEO Kosala Hemachandra said that the system was originally designed to connect the MEW wallet securely with the app users to the web-based frontend. The system is not being used for more than just the MEW app allowing the users of other software and hardware wallets to connect with the ETH blockchain. The company said that this is a part of the commitment to not lock in users into a specific solution which is the common goal of the ETH ecosystem. For some DeFi protocols, MyEtherWallet provides two options supporting MakerDAO and Aave allowing the users to interface directly with the protocols and now MEW became an additional wallet choice:
“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.”
With the integration, MyEtherWallet users have a wider selection of lending options via Aave as well as access to tokens from some of the other blockchains such as Ren’s trustless bridges. Decentralized exchanges are still missing from the offering. MyEtherWallet is one of the oldest Ethereum wallets in existence while still surging in popularity since 2017 as the initial coin offering boom unfolded. Along with a few basic wallet features it supports the registration of crypto domains and decentralized hosting over IPFS.
As previously reported, MyEtherWallet crypto wallet partnered with the crypto finance company Bity to release a cryptocurrency converting platform to fiat currency without the Know Your Customer (KYC) requirements. According to the announcement, users of the MyEtherWallet are now able to exchange about 5,000 Swiss Francs worth of Ethereum and Bitcoin to euros without going through KYC requirements within the wallet. Users can make the exchanges no matter where in the world they are.