Victor Ugochukwu · Dec 14, 2020 . 5min read
MyEtherWallet introduces Mobile ETH 2.0 Staking
MyEtherWallet introduces ETH 2.0 staking, via an integration with the popular yield-earning service Staked. Users can stake to earn rewards.
By Komal Joshi · Dec 11, 2020 . 6min read
MyEtherWallet introduces ETH 2.0 staking. The Ethereum wallet has combined Staked. It is a non-custodial service that allows users to stake their crypto assets in a trade for yield. MyEtherWallet users will be capable of staking their ETH holdings in multiples of 32 through the wallet’s web interface and mobile app. MyEtherWallet is the first mobile service to introduce ETH staking. The app is recently accessible on Android, though it’s hidden if it will be accessible on iOS.
Hemachandra founded MyEtherWallet with Taylor Monahan in 2015. The wallet became a vital part of the Ethereum ecosystem through the blockchain’s early history. Thus, offering users a way to communicate with the network via an easy-to-use interface. The combination of staking plans to simplify the process which is challenging for novice Ethereum users.
MyEtherWallet ETH Staking interface will consume less than five minutes.
Hemachandra states that operating MyEtherWallet’s staking interface will hardly take five minutes. However, earning rewards may take longer. The reason behind it is that the Beacon Chain can only supplement 900 new validators every day as a security measure. This is something that’s created a slight backlog given the present demand for staking.
Staked has also displayed a passion for integration with MyEtherWallet for ETH staking. Staked is a service that allows crypto investors to obtain yield for staking their assets without requiring their holdings. It operates staking infrastructure for assets such as ETH, SNX, and DOT. Staking is achievable through MyEtherWallet now. Users can deposit 32 ETH (or multiples of 32) to earn returns. However, 32 ETH approximately costs about $19,000 today. Various services like RocketPool are operating on solutions to enable users with less than 32 ETH to participate. Hemachandra emphasizes that MyEtherWallet is planning to offer the option for pooled staking in the future. However, a specific date for the release is unknown.
MyEtherWallet has combined various DeFi products in 2020. It involves borrowing and lending platform Aave and decentralized exchange aggregator 1inch. It also provides compatibility with censorship-resistant Unstoppable Domains and an open-source blockchain explorer. The summation of Eth2 staking support could make MyEtherWallet an even more striking part of the Ethereum landscape.
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