MyEtherWallet is one of the original digital wallets for Ethereum and is making waves again. It recently shared how they will be collaborating with MEWConnect to provide decentralized services. MEWConnect is a unique platform formed specifically for the MyEtherWallet application.
Table of Contents
Exploring The Implications Of A Digital Wallet Moving Into Decentralized Finance
The CEO of MyEtherWallet, Kosala Hemachandra, stated that the purpose was to safely link the wallet with the website. However, the platform provides a mechanism for people from other wallet applications to interact with the Ethereum blockchain. This is a part of the overall vision not to force users to interact with a specific tool or resource.
For the DeFi, decentralized finance, offerings the firm has two main choices. An individual can choose between the MakerDAO and Aave. People can then engage with Ethereum protocols without having to through additional third parties. Hemachandra continued stating that they were optimistic about future possibilities with MEWConnect.
Exploring MEWConnect’s Features
MEWConnect has been touted as innovation-friendly, and they are hoping many more DApps will integrate with their API. Individuals can now get greater access to secure debt instruments through Aave. Furthermore, they can gain access to a greater number of crypto tokens through the REN portal.
The one shortcoming, at present, is that there is a lack of decentralized cryptocurrency exchanges available. MyEtherWallet has been in existence since 2017 and offers assistance to those wanting to list their exchange. In addition, they also offer open-source hosting with the use of IFPS.
Ethereum Transaction Fees Reach New Record Price Level
Blockchair, an online hub for blockchain-related data, released new findings recently. The data showcased how Ethereum, or ETH, holders have been paying a new record number of $7.50 per event.
High prices are not an alien concept and have prompted some leaders within the industry to call for reform. One such example is Vitalik Buterin, co-founder of Ethereum, stating that these prices reduce the soundness of cryptocurrency. This statement was based on Buterin’s fears of the motivations of miners.
Blockchain miners are growing ever-more dependent on the transaction rates as their primary source of income. This could cause them to only mine in ways to produce the highest monetary rewards. Unfortunately, this could have devastating consequences to the way that the system currently flows.
Newfound Solutions To The Issue Of Increasing Costs
The industry has been going all out, attempting to find an effective mechanism to combat increasing user-directed fees. Buterin has put forward an Ethereum scheme 1599. The bid would result in a novel concept where the blockchain protocols would burn through the base fees. This, in turn, will mean that miners are considerably less dependent on them as a source of income.
Furthermore, research has come to light to suggest that higher fees are due to the growing use of stablecoins on Ethereum. At present, it is not clear what the ultimate solution will be or how it will be implemented.