Title: Introducing the Revolutionary Smart Wallet by Coinbase
Source: Coinbase
Translated by: DeepTechFlow
Coinbase has ushered in a new chapter with the introduction of the Coinbase Smart Wallet, simplifying the user experience of blockchain by revolutionizing the on-chain experience through simplifying onboarding, eliminating network fees, and removing recovery phrases. It offers seamless gas-free transactions and cross-app portability, aiming to bring over 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 an upgraded version of our self-custody wallet, the Smart Wallet, which is a significant breakthrough in achieving our goal of bringing over 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 offers 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 until now, the onboarding process has been slow, expensive, and challenging, requiring the installation of separate wallet applications and the use of first-generation blockchain technology. The user-friendliness of the Smart Wallet, coupled with next-generation Layer 2 networks like Base, ultimately lays the foundation for more people to onboard the chain. Now, onboarding is simple, fast, and affordable.
For existing Coinbase Wallet users, we will be building migration tools within the Coinbase Wallet application in the coming months to support the Smart Wallet.
The Smart Wallet makes onboarding 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 use your Coinbase balance on-chain. There is no longer a need to recharge for gas fees or carry your wallet 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 a few clicks. Users can enjoy a smooth and intuitive experience without sacrificing self-custody or security.
The key advantages of the Coinbase Smart Wallet include:
Easy onboarding: Create a new wallet and get started in seconds without leaving the app you want to use, dealing with recovery phrases, applications, or extensions. Instantly start with facial recognition, Google Chrome profiles, fingerprint, or Yubikey.
Easy on-chain payments: Pay using your self-custody wallet balance or Coinbase account balance, without encountering “insufficient funds” errors.
Cross-app portability: Bring your wallet, identity, and balance to thousands of popular on-chain applications.
Gas-free transactions: Developers can choose to offer a gas-free experience and sponsor transactions for customers by integrating with payment agents.
In addition, Coinbase offers a companion web application that includes asset and identity management, purchasing, sending, exchanging, NFTs, and transaction history, making it 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), with plans to add more support in the future.
Developers: Integrate the Smart Wallet into your application to speed up onboarding
Currently, on-chain application developers lose many new users when users leave the application to install and fund a separate wallet. The Smart Wallet can be accessed directly through any browser, eliminating the need for application or extension installation. Other key improvements include sponsoring gas fees through payment agents, batch transactions, and direct use of Coinbase account payments. We are setting new industry standards, enabling direct communication between applications and wallets, facilitating the use of payment agents, and supporting batch transactions (EIP-5792) without the need for API integration. We expect that this powerful set of features will significantly increase conversion rates.
Coinbase’s Smart Wallet is now live, encouraging developers to integrate or update their SDKs today to provide users with an exceptional on-chain experience. Furthermore, integrating the Smart Wallet is straightforward, requiring just a few lines of code at most. The Smart Wallet is integrated into all popular wallet libraries and aggregators, including WAGMI, Web3 Modal, Privy, Dynamic, and Rainbowkit. Developers can update their existing Coinbase Wallet SDKs to ensure minimal disruption and a smooth transition.
Developers have several important reasons 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 event, sponsoring users’ transaction fees at zero cost.
Win ETH on Base: Developers participating in the Base Buildathon have the opportunity to win ETH on 8 different tracks on Base. Additionally, 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, gain visibility, and attract a wider user base.
What’s next?
Our Smart Wallet has made significant breakthroughs in 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 poised to completely change the way we interact on the blockchain. We are excited to see developers and users leverage 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, with the chance to showcase their work later in July.
