MyEtherWallet (MEW) has teamed with the SKALE Network to enable to enable users to earn rewards by staking their SKALE (SKL) tokens from within the MEW wallet mobile app.
MEW is a nexus point for transacting in the Ethereum ecosystem, providing unprecedented access, a secure wallet, multi-faceted integration possibilities, and comprehensive education that allows anyone to quickly take advantage of all the benefits crypto finance has to offer. Founded in 2015, it is the original interface empowering users to maintain full control of their keys and assets at every point of interaction and does not hold, save or store any personal information.
SKALE is a multichain network composed of an unlimited number of secure, decentralized, high-performance Ethereum Blockchains. These SKALE Chains were purpose-built to bring Web3 to billions of consumers around the world. SKALE’s modular and extensible platform includes EVM functionality, file storage, interchain messaging, and machine learning capabilities, but is open sourced and designed to allow developers to easily use best of breed solutions when necessary. This architecture further allows applications to run completely on SKALE chains without centralized dependencies.
In a press release, MEW said that it has integrated with blockchain infrastructure provider Blockdaemon to support the launch of SKALE staking. With Blockdaemon’s infrastructure support, MEW has a reliable and scalable way to provide users access to SKALE. SKALE validator nodes are supported by Blockdaemon’s extensive, highly tested monitoring, alerting and availability solutions which allow scaling configurations up and providing smart redundancy to avoid penalties and downtime. Their multiple layers of risk mitigation to make sure validators are secure helping users peace of mind and strengthening the network.
“Ethereum is continuing to grow to offer millions of users new experiences on the blockchain,” said Kosala Hemachandra, Founder and CEO of MEW. “By giving our users access to stake their SKL, we are giving them another way to control their assets in a manner that suits their individual needs.
The integration with MEW wallet will allow for users to stake their SKL tokens to earn up to 15% in rewards. Staking tokens is the act of locking the value of a digital asset into that token’s network for a timed duration, known on SKALE as epochs, which helps secure the network for all users. Staking inside the MEW mobile app allows users to take advantage of the high-yield benefits while allowing you to retain custody of your tokens in your wallet and reducing the barriers to entry that other staking programs have. Unlike Ethereum 2.0’s staking program, which requires 32 ETH, SKALE staking does not require users to deposit a large number of tokens to participate. MEW mobile users also have the option to automatically renew their staking or withdraw their tokens after each staking period.
“Giving access to the best wallets and staking options is critical for decentralized performance, which is why it makes so much sense to work with My Ether Wallet,” said Jack O’Holleran, cofounder and CEO SKALE Labs. “MEW has massive global adoption and SKL holders can now easily stake their tokens using a mobile crypto wallet. That is a first, and a big step towards bringing crypto to the masses, which is precisely what the industry needs to take everything to the next level.”
“We are delighted to support MyEtherWallet in expanding their mobile wallet experience through our secure staking infrastructure,” said Demetrios Skalkotos, Global SVP of Sales at Blockdaemon. “With MEW providing new ways of earning rewards for their users with SKALE, they are bringing accessibility and allowing for greater adoption in the Ethereum ecosystem. We look forward to supporting the continued growth of MEW through Blockdaemon infrastructure and staking services.”
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