MyEtherWallet announced last Thursday, October 14, through its Twitter account, that SKALE staking is now available in the MEW wallet for iOS.
“We are pleased to announce SKALE’s participation in the MEW wallet app for iOS! Get rewarded for protecting the multi-chain network and supporting DApp development”, he said through an article posted on the Medium platform.
According to the company, since its founding in 2015, MEW has always been an Ethereum wallet, specifically focused on Ethereum-based technology, assets, and opportunities. This is the reason why, when betting on Ethereum 2.0 became available, MEW was one of the first wallets to offer bets directly from the wallet on the MEW website and in the MEW wallet app.
“Today, the Ethereum ecosystem is developing and evolving at a faster rate than ever. Ethereum’s scope of growth now includes scalability solutions such as Layer 2, sidechains, and multi-chain networks. The opportunities in these chains can be very attractive due to lower fees, faster speeds and no minimum bet or complex maintenance of the validator”, he added.
The company explained that SKALE is a multi-chain network that helps DApp developers gain access to fast and highly customizable decentralized chains that are fully compatible with Ethereum. Developing on the Ethereum mainnet can be challenging when the network is congested and gas rates are high. SKALE solves this problem by creating personal ‘mini-Ethereums’ specially configured for DApps to work, while DApps pay to use the SKALE service. With SKALE Staking now available in the MEW Wallet app for iOS, you can help protect the network for both developers and end users and receive rewards for the public good it provides.
Best of all, in his view, when you bet SKL, your tokens don’t have to be sent to a validator, they stay in your wallet. SKALE’s participation occurs in epochs, which are 2-month periods during which their tokens are locked and they earn rewards. Rewards are distributed on the 1st of the month and bets will automatically renew each season, unless manually stopped. That means you are in full control of your bet: the tokens do not leave your wallet and you can withdraw them at the end of any epoch.
“To test SKALE by betting on the MEW wallet, you will first need some SKL tokens. You can exchange the tokens directly in the application. (If you’re starting completely from scratch, you should also buy some ETH in-app first!). Select the Earn tab at the bottom of the screen and click on “SKALE Network Token Stakeout”. From there, you will be guided through a few simple steps to get your bet accepted for the next epoch. You can find a detailed guide to SKALE betting in our help center”, he specified.