MyEtherWallet (MEW) has launched new integrations with DeFi platforms Ren and Aave. The integrations use MEWconnect, a connection protocol designed to let Dapp developers make their Dapps available to MEW users.
MyEtherWallet was founded by developer Kosala Hemachandra in 2015. It was one of the first client-side interfaces for the Ethereum blockchain. The wallet was launched just ten days after the launch of Ethereum after Hemachandra saw a need for a simple wallet interface that did not require command-line knowledge. MyEtherWallet’s first-mover advantage and simple user interface helped it become the default wallet for the early Ethereum community.
During the ICO bubble of 2017, MyEtherWallet became an integral part of the ICO process. As one of the most popular and easiest to use wallets, MEW was the wallet of choice for both ICO investors and ICO projects themselves. MyEtherWallet’s support for ERC-20 tokens - crucial for sending and receiving ICO tokens, meant that ICO projects began to publish their own tutorials on how to use the wallet interface.
Now in 2020, there are some similarities between the new boom in DeFi tokens and the ICO boom of 2017. Both markets attracted speculators and just as ETH and the ICO bubble led the 2017 bull market, ETH and DeFi appear to be leading the emergence of a new crypto bull market. One key difference that shows the progress made in the bear cycle in-between, is that DeFi tokens, for the most part, are linked to working blockchain protocols designed to sustain value.
The new MyEtherWallet DeFi integrations use MEWconnect, a connection protocol designed to let Dapp developers make their Dapps available to MEW users. Dapp developers can make their products available to a large user base while MEW users can access the growing suite of decentralized tools and apps designed to navigate the Ethereum ecosystem.
“MEWconnect helps us continue to be a nexus point for Ethereum and supports the community’s goals of a broad and accessible decentralized ecosystem,” said Kosala Hemachandra, MEW’s Founder and CEO. “We’re excited to have Aave and Ren integrated as well as other Dapps to follow, letting users experience the capabilities MEW has to offer.”
Aave protocol is a decentralized, open-source, non-custodial money market protocol. Depositors can earn interest by providing liquidity to lending pools, while borrowers can obtain loans by tapping into these pools. Borrowers can use an overcollateralized or undercollateralized position. The Aave protocol has a flash loan feature, that lets developers borrow instantly with no collateral needed. Marc Zeller, Integration Lead at Aave said, "MEWconnect is a brand new synergy bridge between the MEW and Aave communities, allowing safe and seamless access to Aave services for MEW users."
Michael Burgess, COO of Ren said, “Incorporating MEW Connect into the Ren ecosystem expands our reach, and provides MEW Connect users access to interoperability for DeFi. So naturally, it's a win-win, and we couldn't be more excited for this and future collaborations.”