In 2014, Ethereum was merely a technical concept defined by a yellow paper. Since then, it has continually kept growing to become a significant player in the cryptocurrency space. My Ether Wallet or MEW wallet CEO and co-founder, Hemachandra, stated that they work by spotting bottlenecks. Whenever they see a problem like an accessibility problem, they jump in and offer a solution. For instance, they can reduce it to three steps to make it easy for users to get into Ethereum and use it. As a result, Ethereum continues to grow.
The CEO also opined that after Ethereum’s launch in 2015, he realized that the major pain point for users was accessibility. A user-friendly interface to help users send and receive on-chain transactions was not available.
Because of his technical background in back-end development and web programming, Hemachandra developed MEW as the wallet service that offers users an option for interacting with Ethereum blockchain. However, at the time, the interaction was only based on a command line.
The situation is rather different in 2021 as a lot about Ethereum and MEW have changed. MEW is among various unique wallet services that are actively helping to onboard new users to the Ethereum blockchain. According to reports, Ethereum has already amassed a market capitalization of more than 272 billion USD.
Additionally, Ethereum has also produced a second parallel blockchain network called Ethereum 2.0 Beacon Chain. On this new network, ETH holders can stake their coins and get rewards. ETH 2.0 is envisaged to be a replacement of the current Ethereum consensus mechanism from proof-of-work (POW) to proof-of-stake. As a result, this move would significantly reduce the general energy costs of the entire network.
If you want to stake, you must be well-informed about running nodes, running validators, having them on all the time, and like a lot of back-end stuff. Hemachandra revealed that they jumped in to sort out this pain point.
He claimed that they jumped in to relieve the pain. Their inspiration is from the fact that a normal user might not be able to accomplish the things ETH 2.0 demands. Therefore, they aimed to make it easier for the users.
It was from these thoughts and pain points that the idea of introducing staking services on MEW was born. The fresh approach seems to be working as since the staking services were launched in December 2019, around 200 million USD worth of Ether has locked into ETH 2.0 utilizing MEW’s 2-step solution.
According to reports, the adoption of the proof-of-stake has continued its upward trajectory in the first quarter. The reports further reveal that the total market cap of proof-of-stake assets grew by up to 150% QoQ. The estimated value of annual staking rewards went up by 89% in the first quarter.
Moreover, the world of staking chains keeps expanding with new chains being launched. In all instances, staking offers better returns than just holding the asset. Studies show that the stakers got an extra yield of around up to 34% in one quarter.
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