There’s a New Way to Access Ethereum DeFi Apps From Your Phone
In a move that could help expand the DeFi market well beyond its current user base, smartphone users are now getting a new way to explore the growing world of Ethereum-based decentralized applications.
My Ether Wallet announced today the launch of the Dapps Browser for their mobile app in collaboration with dapp data provider DappRadar, allowing users to browse and interact directly with decentralized applications on the Ethereum network. The idea is to help spur adoption of dapps in sectors such as DeFi and NFT trading among the growing market of mobile blockchain users.
"Our dedication to bringing DApps to all of our users, no matter how they choose to access them, reflects our belief that wallets can, and should, become the hub where the entire Ethereum DApp ecosystem comes together," MEW founder and CEO Kosala Hemachandra said in a press release.
Its partner in this endeavor, DappRadar, provides user activity rankings and other metrics for dapps in various sectors of the crypto market. DeFi, short for decentralized finance, has rapidly grown in popularity since June 2020, offering financial services like loans and asset swaps without the need for a trusted-third party like a bank to facilitate transactions.
NFTs, or unique art pieces verified on the blockchain have also become a $33 million market according to DappRadar, with dapps like Hashmasks and CryptoPunks helping artists sell individual art pieces for hundreds of thousands of dollars in some cases.
Access to dapps on mobile devices is also available via other applications, like decentralized communication tool and wallet Status and the popular Trust Wallet application. These apps along with MEW have been installed on more than 6 million Android devices around the world, but a recent report from DappRadar found that Ethereum based dapps had just 72,000 daily active users in January 2021.
That leaves a huge amount of room for user growth in the dapp ecosystem, especially for Ethereum-focused projects like MEW.
DeFi and NFTs are emerging as killer applications for the Ethereum blockchain, offering some of the first real-world examples of what’s possible when blockchain networks begin to offer serious value to their users without compromising on security or decentralization.
A decentralized Web3 promises a whole new world of possibility for technological and financial networks—and adding a new route may just help users find their way there a little faster.Source