MyEtherWallet Integrates MakerDAO in a Bid to Embrace Decentralized Finance
MyEtherWallet (MEW) users can now generate Dai straight from the wallet interface. This development is a significant milestone in the platform’s mission to become a leading provider of decentralized financial services.
To guide you through the process, check out the KB article and video here:https://t.co/i8aD1B3rNr
— MyEtherWallet | MEW (@myetherwallet) June 20, 2019
MEW users can now create collateralized debt obligations (CDPs) using the MakerDAO portal. This trailblazing integration means that the wallet's users can, for the first time, create, monitor, and trade their Dai tokens. They can also exchange the tokens for Ethereum without leaving the wallet interface. As of now, MEW supports the trading and storage of all ERC20 tokens, including Dai.
Kosala Hemachandra, the CEO and founder of MEW, believes that the integration will simplify and make the creation of CDPs accessible to the masses. Kosala also asserted that improving usability is crucial if the industry wants to see more people adopting decentralized finance (DeFi) solutions. This is the reason why MEW emphasizes ease of use and security.
Users can either buy the Ethereum collateral from the MEW exchange platform or use the Ethereum they have in the wallets. After purchasing Dai, they can stake it, lend it out, or use it as a means of payment for other services offered on the MEW cryptocurrency ecosystem.
The MEW platform is already compatible with mobile devices, meaning that users can generate and redeem Dai tokens using their smartphones. Rune Christensen, the CEO, and co-founder of MakerDAO believes that the integration of the CDP portal into MEW has created a one-stop solution for people looking to use the Maker protocol to generate Dai. Rune also revealed that the ultimate objective is to increase the adoption of Dai across the world.
Decentralized Finance (DeFi) is a new term used to describe any area where distributed ledger technology can improve traditional finance systems.
The most significant advantage of Dai is that it allows users to profit from their digital asset holdings. Currently, the token exclusively supports Ethereum collaterals, with other cryptos expected to join in soon. This will allow the coin to be used in real-world purchases, which currently include mortgage repayments and capital expenditures.
The integration of Dai is the beginning of MEW’s mission to offer a comprehensive set of crypto-related services to its users. Earlier this year. The wallet added the Bity crypto-to-fiat withdrawal system, which doesn’t require users to undergo then KYC process.
Kosala Hemachandra stressed that blockchain technology offers financial freedom to users and that DeFi apps are critical in this aspect.