Decentralized finance (DeFi) is growing stronger and popular globally, and this has resulted in emerging new projects. The partnership between Aave and MYKEY is one of such projects.
Aave is a decentralized, non-custodial money market protocol while MYKEY is a multiple-chain smart wallet. The reason for this partnership is to make DeFi interactions easier for users.
DeFi enables users to earn passively when they deposit their crypto assets into liquidity pools. As borrowers get these assets loaned to them, it ones up the option of interest-earning on these assets by depositors.
This is a profitable means for users to earn more because DeFi offers higher interest rates than traditional banks. To further advance user experience on DeFi, MYKEY has partnered with Aave, according to a Medium blog post.
MYKEY adds Aave to investment section
MYKEY is a decentralized multi-chain smart wallet, which is becoming an independent identity portal in the Web 3.0 era. It is recognized for its commitment towards promoting the large-scale landing of mainstream decentralized applications (DApps).
To get a better DeFi experience, MYKEY has launched the financial management function in the wallet. Furthermore, it has made a lot of optimizations on the use speed and user interface of the Defi project. And all of this has resulted in making it simple and intuitive to manage wallet assets and interact with the DeFi application.
MYKEY also allows access to different DeFi products on the same interface to give users a more suitable experience. That is why MYKEY has now added Aave’s open-source DeFi protocol to the application and financial management sections.
The addition of Aave makes it easier for users to interact with DeFi. This is because it simplifies the process of comparing interest rates, deposits, and earning interest in the DeFi agreement.
As a decentralized smart wallet, MYKEY enables blockchain developers to build and operate applications. These applications are based on the storage of digital assets, trading, gaming, and wealth management. One outstanding feature of MYKEY is the option for users to easily freeze or restore their lost accounts.
Aave is a decentralized and open-source money market on the Ethereum blockchain. With the choice to borrow from a range of 17 different assets, Aave proves to be the most diverse loan pool in the Ethereum ecosystem. And recently, Aave upgraded its borrowing rates.
The blog post also gives users a step-by-step guide on how to use MYKEY to deposit in Aave.
Previously, Aave announced integrating the USDT stablecoin. Also, earlier this year, the Aave protocol had gone live on the Ethereum mainnet. In other related stories, tBTC had revealed plans for its public launch with the support of over 40 leading DeFi partners. Some of the top projects supporting the launch include MakerDAO, Compound, and Uniswap.