Coinbase Introduces Smart Wallet to Boost DeFi Adoption

The wallet addresses common DeFi challenges, such as managing balances across multiple wallets.

Top U.S. crypto exchange Coinbase has launched its new Smart Wallet, aiming to ease entry into the DeFi space for new users. The wallet offers a user-friendly setup and gasless transactions, designed to work across multiple networks and apps.

Coinbase’s Smart Wallet simplifies the onboarding process, eliminating the need for traditional recovery phrases. Instead, it uses industry-standard passkeys and a companion web portal.

The wallet connects to multiple blockchain networks including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. Users can create a free, secure, self-custody wallet in seconds using features like Face ID, Google Chrome profiles, and Yubikey.

The wait is over. Smart wallets are here. pic.twitter.com/jtXUNu1dq3
— Base App (@baseapp) June 5, 2024

The wallet addresses common DeFi challenges, such as managing balances across multiple wallets. Users can draw from their Coinbase account balances or self-custodial wallet balances for transactions.

Developers are encouraged to integrate the Smart Wallet into their apps, with Coinbase offering up to $15,000 in gas credits through a Base Gasless Campaign.

Impact on Base Network

The launch of the Smart Wallet has driven increased activity on Coinbase’s Layer 2 network, Base. The total value locked (TVL) on Base reached an all-time high of over $1.771 billion, a 1.5% increase in the past 24 hours. Top protocols like Aerodrome, Uniswap, and Extra Finance have contributed to this growth.

The wallet’s features, such as gasless transactions through “paymaster” sponsorships, enhance the user experience by covering gas fees, making transactions more accessible.

Coinbase’s Smart Wallet is set to simplify on-chain activities, potentially bringing one billion users to the crypto space. The launch also marks a significant step in improving the overall DeFi user experience, enhancing both accessibility and functionality.

Also Read: Coinbase Fuel Crypto-Focused PAC with $25 Million Boost

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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