Ethereum network interface and wallet, MyEtherWallet (MEW), has today introduced DeFi apps (decentralized finance applications) to its platform with the integration of the CDP (Collateralized Debt Position) portal from MakerDAO.
DeFi solutions are financial products which apply blockchain technology to bring the benefits of decentralization to traditional instruments. The Maker platform is a critical part of the DeFi landscape, with 77 percent of total funds utilizing Dai. CDPs are a part of the Maker Protocol, allowing users to generate Dai themselves instantly without any counterparty risk.
With a CDP, individuals can lock cryptocurrencies like Ethereum into a smart contract in return for a loan against the deposited amount. To unlock the asset, the borrowed debt must be repaid. Users have used CDPs to take out and pay off car loans, repay mortgages, borrow with financial interest and more.
“By integrating the CDP Portal into the MEW platform, the MEW team has created an innovative “one-stop shop” for people looking to leverage the Maker protocol to generate Dai. Our hope is that this makes Dai even more accessible to people and organizations around the world.”
– Rune Christensen, CEO, and Co-Founder of MakerDAO
As compared to managing the end-to-end CDP process on other platforms, going through MEW empowers users with additional hardware and software wallet support, provides an easy connection to dApps integrated on MEW and in-platform exchanges through its swap page.
“Improving usability is essential if we want to see the mass adoption of DeFi and with MEW, interacting with these dApps is just as secure, but a lot easier. We are proud to be the first crypto wallet interface to design its own CDP process and look forward to welcoming other DeFi products to our platform.”
– Kosala Hemachandra, Founder and CEO of MEW
Looking ahead, MEW plans to integrate more DeFi projects from across the crypto ecosystem – such as peer-to-peer lenders, staking apps and more – onto their platform. Projects who are interested in exploring integration into the dApps page can reach out to firstname.lastname@example.org.