Coinbase Launches Smart Wallet to Ease Entry into DeFi Space for New Users

Top U.S. crypto exchange Coinbase has launched its new Smart Wallet, aiming to ease entry into the DeFi space for new users.

Coinbase has finally launched its highly anticipated Smart Wallet, aiming to simplify the onboarding process into decentralized finance (DeFi) for new users. The wallet boasts a user-friendly setup, gasless transactions, and the ability to work across multiple networks and applications.

Coinbase's Smart Wallet streamlines the onboarding experience by doing away with traditional recovery phrases. In their place are industry-standard passkeys and a companion web portal.

The wallet connects to several blockchain networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora. Users can create a free, secure, self-custody wallet in seconds using capabilities such as Face ID, Google Chrome profiles, and Yubikey.

Coinbase is rolling out Smart Wallets. Here's what you need to know.https://decrypt.co/99205/coinbase-smart-wallets-defi-web3-metamask Smart Wallets are finally here. Get ready to use any dApp on any chain, all from your Coinbase Wallet. And the best part? Pay zero gas fees on Base. Get started now: https://t.co/jtXUNu1dq3 pic.twitter.com/jtXUNu1dq3

The wallet also tackles common DeFi pain points, like managing balances across multiple wallets. Users can draw from their Coinbase account balances or self-custodial wallet balances for transactions.

Developers are encouraged to integrate the Smart Wallet into their applications, with Coinbase offering up to $15,000 in gas credits through a Base Gasless Campaign.

The launch of the Smart Wallet has spurred increased activity on Coinbase's Layer 2 network, Base. The total value locked (TVL) on Base reached a new all-time high of over $1.771 billion, reflecting a 1.5% increase in the last 24 hours. Top protocols like Aerodrome, Uniswap, and Extra Finance are contributing to this growth.

The wallet's features, like gasless transactions through “paymaster” sponsorships, enhance the user experience by covering gas fees, making transactions more accessible.

Coinbase's Smart Wallet is poised to simplify on-chain activities, potentially bringing one billion users to the crypto space. The launch also marks a significant step in improving the overall DeFi user experience, enhancing both accessibility and functionality.

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