As a seasoned crypto investor with years of experience in the industry, I’m thrilled about Coinbase’s latest announcement of their smart wallet. The ease of use and convenience it promises is a game changer for onboarding new users to the space, especially those who have been hesitant due to the complexities of recovery phrases and network fees.
As a researcher studying the latest developments in the digital asset exchange scene, I’m excited to share that Coinbase has recently introduced its innovative smart wallet to users. This new feature is part of their strategy to attract new users and offer additional benefits. The crypto industry has been seeing a wave of advancements aimed at enhancing speed, security, and interoperability.
Coinbase Announces Smart Wallet
Today, Coinbase introduced its long-awaited smart wallet, which is designed to transform on-chain transactions. According to the announcement, this wallet addresses intricate onboarding processes, network fees, and eliminates the need for recovery phrases. The ultimate goal is to bring approximately 1 billion users onto the blockchain with this innovative solution.
The wait is over. Smart wallets are here.
— Coinbase Wallet (@CoinbaseWallet) June 5, 2024
With a smart wallet from Coinbase, users can enjoy gas-free on-chain transactions, enhanced by multi-chain compatibility that reduces the cost of each transaction.
As a crypto investor, I used to find the process of going on-chain cumbersome, costly, and complicated. It involved installing separate wallet apps and dealing with first-generation blockchains that were not user-friendly. However, with the advent of smart wallets and advanced Layer 2 networks like Base, the landscape has changed dramatically. Now, getting on-chain is a breeze – it’s fast, cheap, and effortless.
As an analyst, I’ve noticed that the gasless experience has generated significant interest among users. The Exchange pointed out that developers can implement this feature by integrating paymasters to fund customer transactions instead of relying on gas fees. Additionally, wallets now offer passkeys as an alternative to lengthy phrases, making transactions more convenient. Moreover, advanced wallets enable users to buy and trade non-fungible tokens (NFTs) or engage in other interactions with decentralized protocols with just a few clicks.
According to the announcement, the process will create new migration tools that enable users of the Coinbase Wallet app to incorporate a smart wallet feature.
Base Records Upticks
As a financial analyst, I’ve noticed that the TVL (Total Value Locked) in Coinbase’s layer 2 network has reached an unprecedented level, surpassing $1.771 billion at present. This represents a noteworthy increase of approximately 1.5% within the last 23 hours. Among the leading protocols contributing to this growth are Aerodrome, Uniswap, and Extra Finance. The escalation in TVL is largely due to traders’ expectations of the upcoming smart wallet launch. Given the current upward trend in crypto asset prices, we can anticipate further inflows into the network.
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2024-06-05 18:44