The user-friendly cryptocurrency wallet MyEtherWallet (MEW) is entering into the decentralized finance (DeFi) space as the open-source wallet has integrated with two DeFi protocols, the lending protocol Aave and the blockchain interoperability protocol Ren. MyEtherWallet is using its wallet communication tool known as MEWconnect for its integration with these two DeFi protocols. This tool allows the wallet users’ to connect themselves with dapps.
Aave and Ren enter into the MEW ecosystem
Through integration with MyEtherWallet, Aave and Ren are going to enter into the MEW ecosystem. This means that both of these protocols can utilize the MEWconnect technology of the cryptocurrency wallet. Also, it is the first time that any third party is going to utilize this technology of the wallet.
While talking about this integration with Aave and Ren, the Founder and CEO of MyEtherWallet Kosala Hemachandra said that they are happy to make integration with these protocols and welcome them to leverage the capabilities of the wallet. MEW CEO said:
“MEWconnect helps us continue to be a nexus point for Ethereum and support the community’s goals of a broad and widely accessible decentralized ecosystem. We’re excited to have Aave and Ren integrated as well as other Dapps to follow, letting users experience the enhanced capabilities MEW has to offer.”
The partnership is not only beneficial for Aave and Ren protocols but it will also be advantageous for the users of MEW as well. In the DeFi sector, Aave is considered as one of the major lending protocols. It is continuously listing new cryptocurrencies and it focuses on introducing new updates. Therefore, the integration between them will provide benefits to the users of both of these platforms.
Apart from this, the integration of Ren into the ecosystem of the MEW wallet is also beneficial for its users as they will be able to use digital assets other than Ethereum including the leading digital currency Bitcoin (BTC), Bitcoin Cash (BCH), as well as Zcash. Therefore, the partnership between them will offer advantages to all of them.