Author: Karen, Foresight News

Yesterday, Coinbase officially launched the smart wallet, simplifying the login process, providing a gas-free experience, eliminating the cumbersome process of recovering mnemonic phrases, and supporting spending from Coinbase exchange balances, bringing users an unprecedented on-chain experience. Coupled with multi-chain support and integration with major applications, it is expected to attract the attention of Coinbase exchange's hundreds of millions of users and lead them into a brand new on-chain world.

For existing Coinbase Wallet users, Coinbase is planning to fully support the smart wallet through a migration tool built into the Coinbase Wallet application in the coming months. What are the highlights of the Coinbase smart contract? How does it connect with the Coinbase exchange?

What are the highlights of the Coinbase smart wallet?

Simplified Login and Key Protection

The creation process of the Coinbase smart wallet is extremely simplified, taking only a few seconds to complete, without the need for additional app installations or browser plugins, and without the hassle of worrying about recovery phrases.

There are two ways to create passkeys for the smart wallet. One is to use a mobile phone, tablet, or USB security key, where the passkey will be stored in the iCloud Keychain when using Face ID for login; the other is to use the Chrome profile. Coinbase states, "Smart wallet keys are backed up by key providers such as Apple, Chrome, or 1Password, or hardware such as YubiKeys. Coinbase will never hold keys and will never be able to access user funds."

Of course, there may be accidents where hardware keys are lost. To prepare for such situations, it is recommended that users back up the keys using a password manager or physical backup.

Integration with Coinbase Exchange

The Coinbase smart wallet also supports payments using self-hosted wallet balances or Coinbase account balances, with payments using Coinbase account balances requiring the use of the Magic Spend smart contract.

This means that even if there is not enough ETH in the smart wallet to pay for gas fees, transactions can still be easily completed using the corresponding Coinbase exchange balance, greatly improving the convenience and conversion rate of transactions.

The Magic Spend smart contract allows on-chain accounts to make valid withdrawal requests and receive funds, and can be used in three different ways: paying only gas fees, transferring funds only during execution, and paying gas fees and transferring funds during execution.

Gas-Free Experience

The Coinbase smart wallet provides a transaction experience without gas fees. Developers can choose to provide this service to their customers through Paymaster integration or sponsor transactions, providing users with a smoother transaction experience. Currently, Base officially sponsors the gas fees for interactions using the Coinbase smart wallet.

Easy Integration for Developers

Coinbase states that integrating the Coinbase smart wallet only requires a few lines of code, and mainstream wallet libraries and aggregator packages including WAGMI, Web3Modal, Privy, Dynamic, and Rainbowkit have integrated the Coinbase smart wallet. Any DApp that upgrades its SDK to the latest version will automatically support the Coinbase smart wallet. Coinbase states that the Coinbase SDK has been integrated by thousands of DApps.

Projects that have already prepared for integration with the Coinbase smart wallet include Aerodrome, Avantis, DODO, Infusion, JOJO Exchange, Kwenta, Lucidity, Magnify Labs, Matcha, Moonwell, PancakeSwap, Seamless Protocol, Stargate, Synapse Labs, Trader Joe, and other DeFi applications, as well as community, gaming, and social projects such as AnimeCoin, Based Basketball Association, Cat Town, Fren Pet, Layer3, Zora, Slice, speedtracer, tokenproof, and aggregation layers and libraries such as Blocknative, Dynamic, Family, Privy, Rainbow, thirdweb, WalletConnect, among others. It is worth noting that this integration list does not currently include friend.tech, as the co-founder of friend.tech previously hinted at an unstable relationship with Base and an intention to migrate from the protocol.

After creating the smart wallet, asset management can be done through the Coinbase Wallet page (https://wallet.coinbase.com/), including asset and identity management, purchasing, sending, exchanging, NFTs, and transaction history. Currently, the Coinbase smart wallet supports Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB Chain, and Zora networks, with more chains to be supported in the future.

It is worth mentioning that Base recently launched the Onchain Summer event, offering a total of 600 ETH in rewards. By integrating the smart wallet, developers can showcase their projects during Onchain Summer. In addition, developers who successfully integrate the smart wallet and other Coinbase features will have the opportunity to share an additional 40 ETH reward pool.

The Coinbase smart wallet is expected to attract the vast user base of the Coinbase exchange, opening the door to an infinite world of possibilities on-chain. At the same time, Coinbase's Base chain will also gain more attention as a result.

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