MyEtherWallet, a very popular Ethereum wallet, has integrated with MakerDAO, now allowing user to stake, lent out or use DAI as a means of payment in other crypto-based services.
MyEtherWallet, also known under the abbreviation ‘MEW’, is a free, open source tool for creating wallets that work with the Ethereum platform. MEW supports hundreds of ERC20 tokens while offering a lot of flexibility to its users.
Now, MyEtherWallet has integrated with MakerDAO to allow user to generate Dai straight from the interface, without even having to leave the interface of MyEtherWallet. With the MakerDAO integration, MEW is marking another important step as it starts expanding its services into decentralized finance (DeFi).
Founder and CEO of MEW, Kosala Hemachandra, said about the integration:
“Improving usability is essential if we want to see the mass adoption of DeFi and with MEW, interacting with these dApps is just as secure, but a lot easier.”
The integration allows MEW users to create Collateralized Debt Obligations (CDPs) through the MakerDAO portal. To simplify, users can create, monitor and trade their Dai tokens, as well as redeem them for the underlying ETH.
Rune Christensen, CEO and Co-Founder of MakerDAO, commented:
“By integrating the CDP Portal into the MEW platform, the MEW team has created an innovative “one-stop shop” for people looking to leverage the Maker protocol to generate Dai. Our hope is that this makes Dai even more accessible to people and organizations around the world.”
The term Decentralized Finance (DeFi) is relatively new and describes any area where blockchain technology can improve traditional financial instruments.