MyEtherWallet announced support for two of the most popular blockchains, Polygon and Binance Smart Chain. The announcement calls both new additions Ethereum scalability solutions.
It can be considered the most substantial upgrade to MEW after the mobile app launch in March 2020. Like many other applications and services, MEW has decided to support BSC and Polygon because of fast and low gas fee transactions. The new update may solve the big challenges some users had in transacting within the Ethereum network.
Providing Comprehensive Solutions for Transactions
There are numerous crypto wallets in the market, each one with specific pros and cons. MyEtherWallet or MEW is one of the most famous and oldest wallets available for Ethereum users. It has been in the market for quite a while and has helped many users and developers.
Managing Ethereum assets and transacting inside the blockchain has always been easy in MEW. But the high gas fees that occasionally happen in this blockchain have resulted in some problems for users. It’s the reason we see various solutions emerge for this problem in the market. Layer 2 solutions or multichain support blockchains are here to solve them.
Binance Smart Chain and Polygon are two alternatives for Ethereum users – and the crypto industry as a whole – for faster and lower fee transactions. MEW decided to support these two services to offer more comprehensive solutions to users. From yesterday, these two networks are available to choose from for MEW users.
After yesterday’s updates, MEW can be considered a multichain wallet. Users can move their funds between supported networks and choose the best viable options while sending and receiving money. The team describes the new decision in a blog post:
“Network scalability and interoperability are the keys to wide adoption of cryptocurrencies. They are especially crucial for Ethereum as it supports the bulk of DeFi and DApp activity. Now, MEW brings the best and most reliable Ethereum scalability solutions to your mobile wallet, with many more updates to come as the ecosystem develops.”
Although it’s great to have a multichain wallet, working with these wallets always needs more knowledge and precision while making transactions. People should choose their transaction network wisely to prevent losing their funds in between networks. It occasionally happens for newcomers, and services like MEW can play a great role in educating those users. They can even adopt some info-based UX designs to help users prevent losses, too.
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