Coinbase: Smart Wallet provides a simple, gas-free on-chain experience

2024-06-06 10:57

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Coinbase Smart Wallet simplifies the user experience of blockchain, revolutionizing the on-chain experience by simplifying onboarding, eliminating network fees, and removing recovery phrases.

Original title: A New Era in Crypto Wallets: Smart Wallet is Here

Original source: Coinbase

Original translation: TechFlow

Coinbase Smart Wallet opens a new chapter for Coinbase Wallet, simplifies the user experience of blockchain, and completely transforms the on-chain experience by simplifying onboarding, eliminating network fees, and removing recovery phrases. It provides seamless gas-free transactions and portability across applications, aiming to bring more than 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 launched a new upgraded version of our self-hosted wallet. Smart Wallet is an important breakthrough in our goal of bringing more than 1 billion users to the blockchain. These next-generation wallets solve the biggest pain points in the current cryptocurrency experience — complex onboarding, network fees, and recovery phrases — making the transition to blockchain smoother than ever before.

Smart Wallet provides 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. Until now, on-chain has been slow, expensive, and difficult, requiring separate wallet applications and using first-generation blockchain technology. The ease of use of Smart Wallet, combined with next-generation Layer 2 networks like Base, ultimately lays the foundation for more people to on-chain. Now, on-chain is easy, fast, and cheap.

For existing Coinbase Wallet users, we will be building migration tools into the Coinbase Wallet app and supporting Smart Wallet in the coming months.

Smart Wallet Makes On-Chain Simple

Smart Wallet allows users to create a free, secure, self-custodial 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. No more need to top up gas fees or carry wallets between applications. With Smart Wallets, new users will be able to mint NFTs, trade on decentralized exchanges, or diversify their investments through DeFi applications in just a few clicks. Users can enjoy a smooth and intuitive experience without sacrificing self-custody or security.

Key benefits of Coinbase Smart Wallet include:

· Easy onboarding:Create a new wallet and get started in seconds without leaving the app you want to use and dealing with recovery phrases, apps, or extensions. Use facial recognition, Google Chrome profiles, fingerprints, or Yubikey to get started instantly.

· Easy on-chain payments:Pay with your self-custodial wallet balance or Coinbase account balance and never get an “insufficient balance” error again.

· Portability across apps:Bring your wallet, identity, and balance to thousands of popular on-chain apps.

· Gas-free transactions:Developers can choose to offer a gas-free experience and sponsor transactions for their clients through payment proxy integration.

In addition, Coinbase offers a companion web app with features such as asset and identity management, buy, send, exchange, NFTs, and transaction history, which will become the primary platform for Smart Wallet users to manage their wallets.

At launch, Smart Wallet will support most leading on-chain applications, with plans to add more support in the future. 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 Smart Wallet into your application for faster onboarding

Currently, on-chain application developers lose many new users when users leave the application to install and fund a separate wallet. Smart Wallet can be accessed directly from any browser, eliminating the need for application or extension installation. Other key improvements include sponsorship of gas fees through payment agents, batching transactions, and paying directly with Coinbase accounts. We are pioneering a new industry standard that enables direct communication between apps and wallets, facilitates the use of payment agents, and supports batch transactions without API integration (EIP-5792). We expect this powerful set of features to significantly increase conversion rates.

Coinbase's Smart Wallet is now live, and developers are encouraged to integrate or update their SDKs today to provide users with a great on-chain experience. In addition, integrating Smart Wallet is very simple and only requires a few lines of code at most. Smart Wallet is integrated in all popular wallet libraries and aggregators, including WAGMI, Web3Modal, Privy, Dynamic, and Rainbowkit. Developers can update their existing Coinbase Wallet SDK, ensuring minimal disruption and a smooth transition.

Several great reasons for developers to integrate or upgrade Smart Wallet today:

· Earn Basegas Credits:Developers can enjoy up to $15,000 in gas credits through the Base Gasless event, with zero transaction fees for sponsored users.

· Win ETH on Base:Developers who participate in the Base Buildathon have the opportunity to win ETH on Base across 8 different tracks. In addition, there is an additional 40 ETH bounty pool for developers who successfully integrate Smart Wallet and other Coinbase features.

· Participate in Onchain Summer:By integrating Smart Wallet, developers have the potential to showcase their projects during Onchain Summer, gain visibility and attract a wider user base.

What’s next?

Our Smart Wallet is a breakthrough in the space of self-custody and on-chain transactions. By solving the major issues with traditional self-custody wallets and providing a seamless, secure, and user-friendly experience, Smart Wallets have the potential to revolutionize the way we interact on the blockchain. We are very excited to see developers and users take advantage of this groundbreaking new approach and believe that the simplified onboarding experience will drive widespread adoption.

Don’t forget: this summer, we’re celebrating with Onchain Summer. All who participate in Onchain Summer will have the opportunity to experience first-hand how fast and easy it is to go on-chain. We encourage developers to build projects for Onchain Summer and have the opportunity to showcase their work later in July.