With Dai integration MEW expands avenues for users

According to the latest report, MyEtherWallet (MEW) has integrated with the MakerDAO, and its users are now enabled to monitor, create, trade, and redeem their stablecoin Dai for the underlying Ether (ETH), without even having to leave the interface of MyEtherWallet.

MyEtherWallet is an open-sourced and free tool for creating wallets that work with the Ethereum blockchain. It is user-friendly and offers excellent flexibility. As the MEW already supports the ERC20 tokens and is already has a mobile feature. This new development that allows users to Collateralized Debt Obligation (CDPs) via a MakerDAO portal will increase its accessibility. The users can use Ether that is already stored in their wallets, as well as purchase Ether collateral from the exchange service of MyEtherWallet.

The CEO of MEW Kosala Hemachandra stated that in order to promote DeFi and MEW, improvement in usability is crucial. The term DeFi is a combination of Decentralized Finance. This term was coined earlier this year and tends to indicate an area where improvement can be brought by blockchain technology into the traditional instruments of finance.