Coinbase: Introducing Smart Wallets, the New Era of Crypto Wallets Has Arrived
Integrate smart wallets into your application to accelerate the onboarding process.Author: Coinbase Product
Compiled by: Deep Tide TechFlow
The Coinbase Smart Wallet opens a new chapter for Coinbase Wallet, simplifying the user experience on the blockchain by transforming the on-chain experience through streamlined onboarding, eliminating network fees, and removing recovery phrases. It offers seamless gas-free transactions and cross-application portability, aiming to bring over 1 billion users into the blockchain world.
At Coinbase, we have always envisioned a future where everyone can seamlessly participate in the blockchain world. Today, we are launching a brand new upgraded version of the self-custody wallet. The Smart Wallet is a significant breakthrough in our goal to bring over 1 billion users onto the blockchain. 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 unprecedentedly smooth for users.
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 the blockchain as easy as logging into your favorite website. Until now, the on-chain process has been slow, expensive, and difficult, requiring separate wallet applications and the use of first-generation blockchain technology. The ease of use of the Smart Wallet, along with next-generation Layer 2 networks like Base, ultimately lays the groundwork for more people to go on-chain. Now, going on-chain is simple, fast, and cheap.
For existing Coinbase Wallet users, we will build a migration tool in the Coinbase Wallet app in the coming months to support the Smart Wallet.
Smart Wallet Makes Going On-Chain Simple
The Smart Wallet allows users to create a free, secure self-custody wallet in seconds. It simplifies the onboarding process, reduces the number of transactions that need to be signed, and seamlessly lets you go on-chain using your Coinbase balance. No more needing to top up for gas fees or carry wallets across applications. With the Smart Wallet, new users will be able to mint NFTs, trade on decentralized exchanges, or diversify investments through DeFi applications with just a few clicks. Users can enjoy a smooth and intuitive experience without sacrificing self-custody or security.
Key Benefits of the Coinbase Smart Wallet Include:
Easy Onboarding: Create a new wallet and get started in seconds without leaving the application you want to use, and without dealing with recovery phrases, apps, or extensions. Start instantly using facial recognition, Google Chrome profiles, fingerprints, or Yubikey.
Easy On-Chain Payments: Pay using your self-custody wallet balance or Coinbase account balance, never encountering "insufficient balance" errors again.
Cross-Application Portability: Bring your wallet, identity, and balance to thousands of popular on-chain applications.
Gas-Free Transactions: Developers can choose to offer gas-free experiences and sponsor transactions through payment relayers.
Additionally, Coinbase provides a companion web application that includes features such as asset and identity management, purchasing, sending, exchanging, NFTs, and transaction history, which will become 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 Application to Accelerate Onboarding
Currently, on-chain application developers lose many new users when they leave the application to install and fund a separate wallet. The Smart Wallet can be accessed directly through any browser, eliminating the need to install apps or extensions. Other key improvements include sponsoring gas fees through payment relayers, batch transactions, and directly using Coinbase accounts for payments. We are setting a new industry standard that enables direct communication between applications and wallets, facilitating the use of payment relayers and supporting batch transactions without API integration (EIP-5792). We expect this powerful set of features to significantly enhance conversion rates.
The Coinbase Smart Wallet is now live, encouraging developers to integrate or update their SDKs today to provide users with an exceptional on-chain experience. Moreover, integrating the Smart Wallet is very simple, requiring only a few lines of code. The Smart Wallet is integrated into all popular wallet libraries and aggregators, including WAGMI, Web3Modal, Privy, Dynamic, and Rainbowkit. Developers can update the existing Coinbase Wallet SDK to ensure minimal disruption and a smooth transition.
Several Important Reasons for Developers to Integrate or Upgrade to the Smart Wallet Today:
Earn Base Gas Points: Developers can enjoy up to $15,000 in gas points through the Base Gasless Campaign, sponsoring user transaction fees at zero cost.
Win ETH on Base: Developers participating in the Base Buildathon have the chance to win ETH on Base across 8 different tracks. Additionally, there is an extra 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 broader user base.
What's Next?
Our Smart Wallet has made significant breakthroughs in self-custody and on-chain transactions. By addressing the main issues of traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, the Smart Wallet is poised to revolutionize the way we interact on the blockchain. We are excited to see developers and users leverage this groundbreaking new solution and 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 the speed and convenience of going on-chain firsthand. We encourage developers to build projects for Onchain Summer, with the chance to showcase their results later in July.
