In brief
- MyEtherWallet announced a partnership with 1inch.exchange, a DeFi liquidity aggregator allowing swaps for more than 485 cryptocurrencies.
- 1inch.exchange combines liquidity from 11 decentralized exchanges to offer users the best exchange rate.
- MEW has partnered with other DeFi apps like Aave and Ren to boost adoption throughout the industry.
MyEtherWallet (MEW) is getting another DeFi integration, partnering with 1inch.exchange to offer trading for more than 485 cryptocurrencies from inside the MEW mobile app.
MyEtherWallet announced today a new partnership with the DeFi exchange aggregator 1inch.exchange, which will allow MEW users to trade the ETH in their wallets for tokens from 11 different exchanges.
“We already have dex.ag integrated and now we will add 1inch,” MyEtherWallet founder and CEO Kosala Hemachandra told Decrypt. “Both are DEX aggregators which will go through all dexes for the best rate and offer them to the user.”
MEW says it serves more than 1 million monthly users, opening easier access to the wide world of crypto tokens for a sizable user base.
1inch.exchange takes the trading liquidity for crypto assets found on different decentralized exchanges like Uniswap or Kyber Network and consolidates it into a single interface. Decentralized exchanges allow users to swap tokens using smart contracts instead of matching orders and settling trades on a centralized exchange. That allows users to keep control of their tokens until the moment they’re traded.
MyEtherWallet has partnered with other services, including Bity, Simplex, and Changelly that offer swaps for different cryptocurrencies. Dex.ag and 1inch offer decentralized alternatives to these centralized trading partners, potentially netting better prices and lower trading fees for token swaps.
"1inch aims to save users time and money by offering the best swap rates in the fastest possible time," 1inch CEO Sergej Kunz said in a press release. "With the MEW integration, they will have more options for swapping tokens directly in their wallets, as coin offerings will substantially expand. This partnership with MyEtherWallet, a long-established player in the crypto space, comes as a validation of 1inch's rapid growth and product development.”
MyEtherWallet has developed several partnerships with DeFi and other crypto businesses so far in 2020. MEW partnered with Unstoppable Domains in January to offer censorship resistant website domains, and in August it added support for DeFi lending and borrowing capabilities through integrations with Aave and Ren.
“1inch has built a DEX aggregator that embodies some of the best aspects of decentralization," Hemachandra said in a press release. "Working with them to make their platform more accessible to MEW users was an easy decision for us. DeFi is still in an experimental stage, and companies like 1inch are paving the way for greater adoption."