In the rapidly evolving world of blockchain and decentralized finance, few names stand out like MyEtherWallet (MEW)—a foundational Ethereum wallet interface that has empowered millions to securely interact with the Ethereum ecosystem. In this deep dive, we explore an insightful conversation with Kosala Hemachandra, CEO of MyEtherWallet, as he shares the journey of building one of crypto’s most trusted tools, the challenges of scaling in a decentralized world, and what lies ahead with ETH 2.0, Layer 2 solutions, and the future of digital wallets.
The Genesis of MyEtherWallet
Back in 2015, shortly after Ethereum’s mainnet launch, users faced a steep barrier: interacting with the blockchain required command-line expertise. There was no intuitive, user-friendly gateway—until MyEtherWallet stepped in.
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Kosala Hemachandra, then a computer engineering student captivated by Bitcoin and the Ethereum Yellow Paper, saw the need for accessible tools. “People were struggling to send transactions or check balances,” he recalls. “Only command-line tools existed. It wasn’t user-friendly at all.”
That gap inspired the creation of MyEtherWallet—an open-source, non-custodial wallet that allowed anyone to interact with Ethereum through a simple web interface. What began as a side project quickly became a cornerstone of the Ethereum ecosystem.
“We started just two weeks after Ethereum’s mainnet went live. It’s been almost six years now—and time truly flies.”
Building Through Challenges: Open Source, Security & Scams
Being open source is both a strength and a challenge. While it fosters transparency and community contribution, it also means competitors can clone the codebase freely. Monetization becomes difficult when core services are free by design.
Yet MEW found a sustainable path—not by charging users directly, but by integrating revenue-generating services like:
- Token swaps via 1inch and other DEX aggregators (earning referral commissions)
- Fiat on-ramps and off-ramps (partnering with third-party gateways for ETH-to-fiat conversions)
These integrations allow MEW to generate revenue while enhancing user experience—without burdening users with direct fees.
But perhaps the biggest ongoing battle? Phishing attacks.
With over 3,000 malicious domains registered to mimic MyEtherWallet in the past, scammers have used everything from typosquatting (e.g., MyEtherrWallet.com) to Unicode character tricks (like Cyrillic ‘I’) to deceive users.
Google’s ad platform once amplified the problem—showing phishing sites as top paid results when users searched “MyEtherWallet.” Thankfully, Google has since improved protections, but vigilance remains critical.
“We’ve had our Chrome extension taken down by coordinated spam attacks,” says Kosala. “Scammers report our legitimate extension, get it removed, then publish fake ones under the same name.”
Despite these hurdles, MEW maintains a dedicated security team actively taking down phishing sites and bots daily.
User Experience: Where Simplicity Meets Power
At its core, MyEtherWallet aims to make Ethereum accessible—even as the tech grows more complex.
One major UX pain point? Gas fees. High network congestion often leads to slow or stuck transactions, especially when users set low gas prices.
Many support tickets stem from confusion: “Why is my transaction pending?” The answer usually lies not in the wallet—but in network conditions.
To help, MEW educates users on gas mechanics and plans to simplify this further with upcoming Ethereum upgrades.
EIP-1559 and the Future of Gas Fees
The proposed EIP-1559 aims to overhaul Ethereum’s fee market by introducing a base fee burned per transaction, reducing volatility and miner influence.
“If EIP-1559 goes live,” says Kosala, “users won’t even need to select gas prices manually. It’ll be calculated automatically.”
This means fewer options, less confusion, and a smoother experience—aligning perfectly with MEW’s philosophy: the fewer steps, the better.
Scaling Ethereum: Layer 2 and ETH 2.0
As Ethereum adoption surges, so do congestion and fees. The solution? Scalability—through both Layer 2 rollups (like Optimism, Arbitrum, Polygon) and ETH 2.0, Ethereum’s long-awaited upgrade to proof-of-stake.
Supporting Layer 2 Solutions
MEW is actively working to integrate major Layer 2 networks.
“Users shouldn’t have to learn a new interface for every chain,” says Kosala. “We’re in talks with two Layer 2 projects to make bridging assets seamless.”
But fragmentation remains an issue. Transferring ETH to Polygon or Arbitrum requires locking funds on Layer 1—a process that can confuse newcomers.
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MEW aims to abstract this complexity, offering unified dashboards where users can manage assets across multiple chains without navigating separate UIs.
Preparing for ETH 2.0
ETH 2.0 isn’t just an upgrade—it’s a transformation. With staking enabled via the Beacon Chain and future shard chains promising 64x scalability, the ecosystem will expand dramatically.
MEW already supports ETH 2.0 staking, allowing users to deposit 32 ETH and earn rewards securely.
“We built support even before libraries existed,” says Kosala. “When ChainSafe released an ETH 2.0 keystore library, we adopted it—but we were ready to build our own if needed.”
This proactive approach ensures MEW stays ahead of changes, ready to support new standards as they emerge.
The Multi-Chain Question: Will MEW Support Bitcoin?
Despite user requests, MEW has no plans to support non-EVM blockchains like Bitcoin—at least not within the current interface.
Why? Technical and UX hurdles abound:
- Bitcoin lacks standardized web connectivity (unlike Ethereum’s Web3 standard)
- Hardware wallet integration differs significantly
- The use case is simpler: value transfer vs. smart contracts
Instead of stretching one interface too thin, Kosala envisions a new product focused solely on value transfer—possibly supporting Bitcoin and other chains in a minimalist design.
“Maybe it’s not about making MyEtherWallet do everything—but creating a new tool for a different purpose.”
Mobile vs Desktop: Who Uses What?
While MEW’s desktop interface still dominates traffic (4–5x more than mobile), the mobile app is growing—especially in emerging markets.
“In Sri Lanka, almost everyone has a smartphone—but not everyone owns a desktop,” says Kosala.
For users in developing economies, mobile is the internet. MEW’s mobile app offers full functionality: wallet creation, token swaps, staking, and dApp interaction—all from a phone.
Yet high-value transactions still favor desktops among power users.
“I barely use the mobile app myself,” admits Kosala. “For anything significant, I prefer desktop.”
This reflects a broader trend: mobile for access, desktop for control.
Support at Scale: Managing Thousands of Tickets
With rising adoption comes rising support volume. At one point, MEW had over 2,300 open tickets across web and mobile platforms.
The team now includes 6–7 full-time support staff, with developers occasionally pitching in during spikes.
Most tickets are educational:
- “Why is my transaction stuck?”
- “How do I cancel a pending swap?”
- “Why can’t I send this token?”
Many stem from tokens with hidden rules—like KickToken’s transfer lockup period after airdrops.
“Some tokens prevent transfers for 30 days. Users panic when they can’t sell—until we explain it’s coded that way.”
Education remains key. That’s why MEW continues expanding MEWtopia, its learning platform filled with guides on security, DeFi, and blockchain basics.
Looking Ahead: The Next Five Years
MEW’s vision is clear: remain the nexus point of Ethereum—open-source, trustworthy, and always evolving.
Plans include:
- Full Layer 2 integration
- Smoother staking workflows
- Enhanced mobile experience
- Continued phishing defense
- Expansion into multi-chain dashboards
“If you want to do anything on Ethereum—send tokens, stake ETH, interact with dApps—you should be able to do it in MyEtherWallet.”
And as Ethereum scales through ETH 2.0 and Layer 2s, MEW will be there—ready to adapt, innovate, and simplify.
Frequently Asked Questions (FAQ)
Q: Is MyEtherWallet safe to use?
Yes. MEW is non-custodial—your private keys never leave your device. As long as you access the official site (https://www.myetherwallet.com) and avoid phishing sites, your funds remain under your control.
Q: Does MyEtherWallet charge fees?
MEW itself is free. However, it earns commissions from integrated services like token swaps (via 1inch) or fiat gateways. These fees are typically lower than using those services directly.
Q: Can I stake ETH through MyEtherWallet?
Yes. MEW supports ETH 2.0 staking. You can deposit 32 ETH to become a validator or use liquid staking derivatives like Lido (stETH) for smaller amounts.
Q: Why are my transactions slow or stuck?
This is usually due to low gas fees during network congestion. MEW doesn’t control transaction speed—Ethereum miners do. You can speed up transactions by increasing the gas price via MEW’s interface.
Q: How does MEW fight phishing?
MEW runs an active takedown program, monitoring thousands of fake domains daily. They also educate users via MEWtopia and collaborate with browsers and registrars to block malicious sites.
Q: Will MyEtherWallet support Bitcoin?
Not in the current app. Due to technical differences, adding Bitcoin would require significant changes. A future product may focus on cross-chain value transfer instead.
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As Ethereum evolves into a scalable, multi-layered ecosystem, tools like MyEtherWallet play a crucial role—not just as wallets, but as gateways to decentralized finance. Under Kosala Hemachandra’s leadership, MEW continues to balance innovation with security, simplicity with power—ensuring that no matter how complex the blockchain becomes, the user experience stays clear, safe, and empowering.