Integrate the smart wallet into your app to speed up the onboarding process.
Author: Coinbase Product
Compiled by: Deep Tide TechFlow
Coinbase's smart wallet has opened a new chapter for Coinbase Wallet, simplifying the user experience of blockchain by revolutionizing the on-chain experience through simplifying onboarding, eliminating network fees, and removing recovery phrases. It provides seamless gas-free transactions and cross-app portability, aiming to bring more than 1 billion users into the world of blockchain.
At Coinbase, we have always envisioned a future where everyone can seamlessly participate in the world of blockchain. Today, we are launching a new upgraded version of the self-custody wallet. The smart wallet is a significant breakthrough for us to achieve the goal of bringing more than 1 billion users into the blockchain world. These next-generation wallets address the biggest pain points in the current cryptocurrency experience - complex onboarding processes, network fees, and recovery phrases, making the transition to blockchain smoother than ever before.
The smart wallet provides a simple, gas-free on-chain experience. This simplicity, combined with multi-chain support and integration with major applications, makes using blockchain as easy as logging into your favorite website. Up to now, the on-chain process has been slow, expensive, and difficult, requiring the installation of wallet applications separately and using first-generation blockchain technology. The ease of use of the smart wallet, combined with next-generation Layer 2 networks like Base, ultimately lays the foundation for more people to go on-chain. Now, going on-chain is simple, fast, and inexpensive.
For existing Coinbase Wallet users, we will build migration tools in the Coinbase Wallet app in the coming months and support the smart wallet.
Smart wallet makes on-chain transactions simple
The smart wallet allows users to create a free, secure self-custody wallet in seconds. They simplify the onboarding process, reduce the number of transactions that need to be signed, and seamlessly allow you to go on-chain with your Coinbase balance. There is no longer a need to recharge for gas fees or carry wallets between applications. Through the smart wallet, new users will be able to mint NFTs, trade on decentralized exchanges, or diversify investments through DeFi applications in just a few clicks. Users can enjoy a smooth and intuitive experience without sacrificing self-custody or security.
Key advantages of Coinbase's smart wallet include:
Easy onboarding: Create a new wallet and get started in seconds without leaving the app you want to use, without dealing with recovery phrases, apps, or extensions. Start instantly with facial recognition, Google Chrome profiles, fingerprint, or Yubikey.
Easy on-chain payments: Use your self-custody wallet balance or Coinbase account balance for payments, no more "insufficient balance" errors.
Cross-app portability: Take your wallet, identity, and balance to thousands of popular on-chain applications.
Gas-free transactions: Developers can choose to provide a gas-free experience and sponsor transactions by integrating with payment agents.
In addition, Coinbase also offers a companion web app containing asset and identity management, purchasing, sending, exchanging, NFTs, and transaction history, which will be the primary platform for smart wallet users to manage their wallets.
At launch, the smart wallet will support most leading on-chain applications and plans to add more support in the future. The smart wallet will support 8 networks (Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, Zora), and plans to add more support in the future.
Developers: Integrate the smart wallet into your app to speed up onboarding
Currently, on-chain application developers lose many new users when users leave the app to install and fund a separate wallet. The smart wallet can be accessed directly through any browser, eliminating the need for app or extension installation. Other key improvements include sponsoring gas fees through payment agents, batch transactions, and direct use of Coinbase account for payments. We are setting new industry standards, enabling direct communication between apps and wallets, facilitating the use of payment agents, and supporting batch transactions without API integration (EIP-5792). We expect that this powerful set of features will significantly improve conversion rates.
Coinbase's smart wallet is now live, and we encourage developers to integrate or update their SDKs today to provide users with an excellent on-chain experience. In addition, integrating the smart wallet is very simple and requires only a few lines of code at most. The smart wallet has been integrated into all popular wallet libraries and aggregators, including WAGMI, Web3Modal, Privy, Dynamic, and Rainbowkit. Developers can update their existing Coinbase Wallet SDK to ensure minimal disruption and a smooth transition.
Several important reasons for developers to integrate or upgrade the smart wallet today:
Earn Basegas points: Developers can enjoy up to $15,000 in gas points through the Base Gasless campaign to sponsor users' transaction fees at zero cost.
Win ETH on Base: Developers participating in the Base Buildathon have the opportunity to win ETH in 8 different tracks on Base. In addition, there is an additional 40 ETH reward pool for developers who successfully integrate the smart wallet and other Coinbase features.
Participate in Onchain Summer: By integrating the smart wallet, developers have the opportunity to showcase their projects during Onchain Summer, gaining visibility and attracting a wider user base.
What's next?
Our smart wallet has made significant breakthroughs in the areas of self-custody and on-chain transactions. By addressing the major issues of traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, the smart wallet is expected to completely change the way we interact with blockchain. We are excited to see developers and users take advantage of this groundbreaking new solution, and we believe that the simplified onboarding experience will drive widespread adoption.
Don't forget: this summer, we will celebrate with Onchain Summer. Everyone participating in Onchain Summer will have the opportunity to experience fast and convenient on-chain transactions firsthand. We encourage developers to build projects for Onchain Summer and showcase their achievements later in July.
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