DeFi
Coinbase Introduces Smart Wallet to Drive DeFi Adoption
Coinbase, the leading US cryptocurrency exchange, has launched its new smart wallet, aiming to make it easier for new users to enter the DeFi space. The wallet offers user-friendly setup and gas-free transactions, designed to work across multiple networks and applications.
Coinbase Smart Wallet simplifies the onboarding process, eliminating the need for traditional recovery phrases. Instead, it uses standard passwords 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, standalone wallet in seconds using features like Face ID, Google Chrome Profiles, and Yubikey.
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 the core network
The launch of the Smart Wallet led to increased activity on Coinbase’s Layer 2 network, Base. Total value locked (TVL) on Base reached an all-time high of over $1.771 billion, an increase of 1.5% in the last 24 hours. Leading protocols like Aerodrome, Uniswap, and Extra Finance have contributed to this growth.
Wallet features, such as gas-free transactions through “payer” sponsorship, improve the user experience by covering gas fees, making transactions more accessible.
Coinbase’s smart wallet is expected to simplify on-chain activities, potentially attracting a billion users to the crypto space. The launch also marks an important step in improving the overall user experience of DeFi, improving both accessibility and functionality.
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