MyEtherWallet has brought Ethereum 2.0 staking for its wallet users in partnership with Staked, a managed crypto staking service.
Mew users would now be able to stake the Ethereum tokens on the Ethereum 2.0 network and earn profits by running a validator node managed by Staked.
MyEtherWallet launches Eth2.0 Staking.
With the introduction of Ethereum 2.0, the influx of new traders, investors, and developers on the Ethereum network has increased massively. As ETH 2.0 facilitates higher operational efficiency and low costs of transactions, DeFi applications would see major transformations. With the integration of Staked, the MEW users can earn rewards by contributing ETH tokens and participating in the Proof of Stake voting system of the Ethereum network.T he MEW group detailed the launch of Eth 2.0 staking in a Medium post.
MyEtherWallet has partnered with Staked to bring about a highly robust service for its users. The Android users using the MEW wallet can earn rewards for validating and helping build a secure Ethereum network.
Kosala Hemachandra, the founder of MyEtherWallet(MEW), said that mobile access to Ethereum offerings could substantially decrease the roadblocks to the Ethereum network and increase participation to a great extent. He further added that it would bring more liquidity and security to the network, making it easier for the users to trade on Ethereum through their devices.
Staked would run a validator node on the Ethereum 2.0 for the MyEtherWallet users, making it easier for them to participate in the POS without having any technical knowledge of the process. The validator node management and user deposits on the MEW would be handled by the Staked, though the users will be having the overall controls of their validator keys.
Stakers must stake at least 32 ETH tokens in the deposit contract to participate in the Proof of Staking. The MyEtherWallet users would get the rewards but would not be able to withdraw them for the next two years.
MyEtherWallet is an Ethereum wallet service that runs on browse and mobile versions. As more users are inclined to use mobile phones for Ethereum trading and staking, the new integration would augment the wallet’s customer base.
While several leading exchanges like Kraken and Coinbase have said that their users would be able to take part in Eth 2.0 proof of staking, MyEtherWallet is the only wallet to roll out the staking service for its users.
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