Coinbase Smart Wallet Launch

For a significant period, Coinbase has been steadfast in its 'on-chain vision' 👁️

Based on our latest Alpha Feed, let's go over the details behind this new Coinbase product! 👇

Coinbase Smart Wallet’s goal is to make it easy for the everyday user to get on-chain through a streamlined integration with top dAPPs.

Key Benefits 🔽

🔹 Wallet Merging: It merges Coinbase balances into the on-chain wallet, abstracting away the need to transfer funds.

→ This could significantly boost the Base Chain, allowing any Coinbase user to easily buy anything on-chain, even unsupported coins.

🔹 No seed phrases: Recovery phrases are a significant attack vector for the everyday user as it is difficult to properly secure and store it.

Coinbase’s smart wallet utilizes various alternative verification mechanisms that are supposed to be simpler for retail:

→ Face ID, Google Chrome profile, fingerprint, or a Yubikey device.

🔹 Gasless: Paymaster (implemented in ERC-4337) allows third parties to pay for user transactions. Developers can offer gasless transactions through Coinbase’s smart wallet to encourage on-chain activity.

→ With many L2 transactions being cheap, this cost is minimal for developers but removes a significant barrier for users who do not understand or want to pay gas fees.

🔹 Companion web app: This app will make it easy for users to track their assets and transaction history.

→ Its features are similar to those within the Coinbase app, but now for their wallet!

The wallet will initially support eight networks ⬇️

@Base, @Ethereum, @Optimism, @arbitrum , @0xPolygon , @avax , @BNBCHAIN , and @ourZORA .

Among these, we anticipate Base to experience the largest surge in demand driven by Coinbase's strong promotion.

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