As an experienced analyst in the cryptocurrency industry, I’m excited about Coinbase’s new Smart Wallet offering. Having witnessed the challenges that new users face when entering the DeFi space, this simplified solution seems like a game-changer. Eliminating the need for traditional recovery phrases and offering gasless transactions across multiple networks is a big step forward in making crypto more accessible to the masses.
Coinbase, a leading US cryptocurrency exchange, unveils its innovative Smart Wallet, simplifying access for novice users into the Decentralized Finance (DeFi) realm. This wallet boasts an intuitive setup process and eliminates gas fees for transactions, while being compatible with various networks and applications.
With Coinbase’s Smart Wallet, the sign-up process is streamlined, as you no longer have to deal with the complexities of conventional recovery phrases. Instead, this wallet utilizes secure passcodes and a partner online platform.
This wallet is compatible with various networks such as Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. In just a few seconds, users can establish a free, secure, and self-custody wallet. They can utilize features like Face ID, Google Chrome profiles, and Yubikey to ensure safety during the setup process.
The wait is over. Smart wallets are here.
— Coinbase Wallet 🛡️ (@CoinbaseWallet) June 5, 2024
“This wallet tackles typical issues in the DeFi space, including keeping track of balances across various wallets. Users have the flexibility to source funds for transactions from their Coinbase account or their self-managed wallet.”
As a developer, you’re invited to enhance your application by incorporating the Smart Wallet from Coinbase. In return, Coinbase provides gas credits worth up to $15,000 as part of their Base Gasless Campaign to facilitate this integration process.
Impact on Base Network
The introduction of the Smart Wallet has led to heightened action on Coinbase’s Layer 2 platform, Base. Notably, the total value secured on Base surpassed its previous record, exceeding $1.771 billion, marking a 1.5% rise in the last 24 hours. Significant growth can be attributed to prominent protocols such as Aerodrome, Uniswap, and Extra Finance.
As a crypto investor, I appreciate the wallet’s advanced features that enable gasless transactions through “paymaster” sponsorships. This means that someone else covers the gas fees for me, making my transactions more convenient and accessible without incurring extra costs.
As a crypto market analyst, I’m excited about Coinbase’s upcoming launch of the Smart Wallet. This innovative solution is designed to streamline on-chain activities, making them more approachable for an estimated one billion potential users, who may currently be unfamiliar with the intricacies of the crypto space. Moreover, this development signifies a pivotal moment in the evolution of Decentralized Finance (DeFi), as it significantly boosts accessibility and functionality for existing users, enabling them to engage with DeFi applications more seamlessly than ever before.
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2024-06-05 20:20