MyEtherWallet (MEW) Partners With Staked To Bring Ethereum 2.0 Staking On Its Wallet
- MEW partners with Staked to introduce Ethereum 2.0 staking on their wallet.
- A minimum of 32 ETH is required to become a validator, pooled staking to follow soon.
In a press release shared to BEG, MyEtherWallet, a leading Ethereum, and ERC-20 standard wallet interface, is partnering with Staked, a blockchain staking platform, to introduce Ethereum 2.0 staking on its platform. The partnership will allow users and ETH holders to stake their tokens and receive rewards once the ETH 2.0 Phase 1 launch.
The announcement follows the recent ETH 2.0 Phase 0, or Beacon Chain launch, earlier this month – the first stage of a long transitioning process from the proof of work (PoW) consensus to a proof of stake (PoS) mechanism. The partnership will allow MEW web users and MEW Android wallet app users to start staking directly on their wallets. The iOS app staking will launch in the future.
“Staking with MEW means that users stay in control of their funds, and allows them to become a validator and start earning rewards,” The statement further reads. “Validators are run and maintained through Staked, and no further action is required on the part of the user.”
The minimum amount of ETH to stake for one validator is 32 ETH, but you can also stake in multiples of 32 ETH, an email sent to BEG confirmed. There is currently no option to pool ETH in a validators node. Still, MEW developers are looking to introduce this in the future, “but there’s no definite date for that yet,” a spokesperson from the company confirmed.
Kosala Hemachandra, MEW's Founder and CEO, praised the latest move to partner with Staked, stating “it will help in Ethereum transitioning to a PoS consensus.” He further states,
“Partnering with Staked is about accessibility. Accessibility for MEW users and accessibility for the entire ecosystem.
The more we can connect our infrastructure and create seamless experiences for users, the more we contribute to the overall vision for Ethereum and crypto as a whole.”
The rewards will be distributed to validators’ wallets as soon as the Ethereum blockchain pays them out, but stakers will only be able to withdraw their rewards once the ETH 2.0 Phase 1 is launched.
MEW has had a prosperous year so far, integrating developments on its platform and partnering with other firms to find solutions for the Ethereum community. Recently, MEW partnered with RenVM to teleport Bitcoin to the Ethereum blockchain. This followed partnerships with 1inch DEX, Chainlink, and developments to build a DeFi ecosystem on the interface directly.