Cryptocurrency wallet service MyEtherWallet (MEW) has integrated support for popular decentralized finance (DeFi) protocols Aave (LEND) and Ren (REN).
Aave is a DeFi lending platform that enables users to lend and borrow a wide range of cryptocurrencies using stable or variable interest rates. On the other hand, the Ren protocol enables permissionless transfers across blockchains bringing interoperability to DeFi.
MyEtherWallet or MEW is an open-source interface working on the Ethereum blockchain that enables users to have full custody of their assets. The platform works as a “non-custodial wallet” that puts all control in the users’ hands.
MEW has integrated Aave and Ren as the next logical step in its mission to establish a decentralized financial ecosystem for its users. The company’s secure MEWconnect feature allows users to access their wallets without any private keys.
MEW Founder and CEO Kosala Hemachandra stated that the platform remains a focal point for Ethereum and allows users to access a broad decentralized ecosystem. He added that there would be more Dapps added to the platform allowing users to access a wider range of applications through MEW.
Aave and Ren integration
The Ave protocol has quickly established itself as one of the leading DeFi lending protocols. By integrating into MEW’s platform, the Dapp’s users will be able to enjoy a secure and efficient connection to Aave. Furthermore, the integration will expose the Dapp to MEW’s one million active users.
On the other hand, the Ren integration will enable MEW users to interact with non-Ethereum assets in Dapps, including Bitcoin and Bitcoin Cash. Ren is completely decentralized, and its permissionless system enables users to transact at a much greater speed than other interoperability solutions.