Boost

2024

Extra Finance

DeFi

Base

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 <a href="https://wallet.coinbase.com/" target="_blank" rel="noreferrer noopener nofollow">Smart Wallet</a> simplifies the onboarding process, eliminating the need for traditional recovery phrases. Instead, it uses industry-standard passkeys and a companion web portal.&nbsp; 
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. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The wait is over. Smart wallets are here. <a href="https://t.co/jtXUNu1dq3" target="_blank">pic.twitter.com/jtXUNu1dq3</a>— Coinbase Wallet 🛡️ (@CoinbaseWallet) <a href="https://twitter.com/CoinbaseWallet/status/1798363214901837884?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 5, 2024</a>
 </blockquote> 
 </div>
</figure> 
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.&nbsp; 
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. 
<h3 class="wp-block-heading" id="strong-impact-on-base-network-strong">Impact on Base Network</h3> 
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.&nbsp; 
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. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/03/coinbase-fuel-crypto-focused-pac-with-25-million-boost/" target="_blank" rel="noreferrer noopener">Coinbase Fuel Crypto-Focused PAC with $25 Million Boost</a> 
</blockquote>

Coinbase Introduces Smart Wallet to Boost DeFi Adoption

Table of Contents

The Crypto Times

Other articles published on Jun 5, 2024

Private firms to join global central bank CBDC project

New P2E Gaming Crypto Presale Raises $2 Million in Just a Week – Could It Be the Next Dogecoin?

This Bitcoin Layer-2 Coin Surged 13% After King Crypto's Rally, Goes Viral On Social Media

How is Dogeverse Losing Investors To MoonBag Coin Amid Polkadot Bearish Sentiment?

Notcoin Price Prediction: NOT Soars 145% In A Week And This New Casino Token Might Be The Next To...

Uniswap Price (UNI) Pumps 20%: Is This the Start of a Major Rally?

Join our free newsletter for daily crypto updates!