MyEtherWallet Latest to Enter DeFi Arena With Integration on Aave and Ren

Ethereum's oldest user-friendly wallet is staking territory in DeFi.

Listen to article MyEtherWallet is expanding its integrations with decentralized finance through its dedicated wallet communication tool, MEWconnect.

MEWconnect is a wallet linking system developed specifically for MyEtherWallet, and it is similar to those found on other DApp-enabled wallets like Metamask, Coinbase Wallet or more generalized frameworks like WalletConnect.

Kosala Hemachandra, MyEtherWallet's CEO, told Cointelegraph that the system was originally designed to securely connect MEW wallet app users to its web-based frontend.

The system is currently being used for more than just the MEW app, allowing users of other software and hardware wallets to connect to the Ethereum blockchain through its web interface.

For some DeFi protocols, MyEtherWallet provides two options.

Now, MEW became an additional wallet choice on Aave and Ren's own frontends.

With the integration, MyEtherWallet users now have a wider selection of lending options through Aave, as well as access to tokens from other blockchains via Ren's trustless bridges.

MyEtherWallet is one of the oldest Ethereum wallets in existence, having surged in popularity in 2017 as the initial coin offering boom unfolded.

Along with basic wallet features, it also supports the registration of crypto domains and decentralized hosting through IPFS..