MEW became the first Ethereum wallet to announce betting using PoS Ethereum 2.0... The service is launched in partnership with Staked, which will launch validator nodes on behalf of MEW.
One of the most popular Ethereum software wallets, MyEtherWallet recently announced support for Ethereum 2.0 betting. Thanks to this, users of the MyEtherWallet browser and mobile staking are now able to stake ETH tokens using the Ethereum 2.0 Beacon Chain deposit contracts, launched last week on December 1st.
In return, users can start receiving rewards for helping secure the Proof-of-Stake Ethereum network. The latest announcement for MyEtherWallet is made in partnership with node hosting service Staked. Please note that a minimum of 32 ETH is required to participate in MyEtherWallet.
MyEtherWallet and Ethereum 2.0 Staking
Staked will help users by running a validator node on their behalf. Even users without technical knowledge could easily participate without any further action on their part. Staked hosts a validator node and also offers software to manage user deposits on MyEtherWallet. Both MyEtherWallet and Staked have stated that the service is not related to storage. Thus, users have full control over their keys.
While MyEtherWallet users can receive a validator reward in ETH, they cannot withdraw it until "launch phase 2", which is two years later. Speaking to Decrypt, MEW founder and CEO Kosala Hemachandra said:
“Mobile access to everything the Ethereum blockchain has to offer – including swaps, DeFi, BTC to Ethereum transfers and staking – can significantly lower the barrier to entry and increase network participation. This, in turn, will lead to more security, more liquidity, and better transaction throughput on the network.”
MyEtherWallet with DeFi Product Integration
Due to the growing DeFi mania, MyEtherWallet has integrated several DeFi products throughout 2020. This includes decentralized exchange aggregators such as 1inch as well as DeFi lending and borrowing platforms such as Aave... By offering staking services for ETH 2.0, MyEtherWallet will become an important part of the Ethereum ecosystem. Staked CEO Tim Ogilvy said:
“We are very pleased to expand our support for MEW. MEW is widely regarded as one of the original Ethereum wallets, and it is only natural that MEW users can now take advantage of our staking infrastructure to participate in a major Ethereum upgrade. ”
MyEtherWallet is not the only player that allows staking for Ethereum 2.0. Earlier crypto exchanges such as Coinbase and Kraken, have also announced support for ETH 2.0 betting via user accounts.