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Author: Coinbase; Translation: 0xjs@Bitchain Vision
At Coinbase, we have always envisioned a world where everyone can seamlessly participate in on-chain transactions.On June 5, 2024, Coinbase will launch a new generation of self-hosted wallets.Smart wallets are a revolutionary step in achieving the mission of bringing more than 1 billion users to the chain transactions.These new generation wallets solve the biggest pain points of today’s crypto experience – complex introductory, network fees and recovery mnemonics – making the transition to on-chain transactions smoother than ever before.
Smart wallets offer a simplified, gas-free on-chain experience.This simplicity, coupled with multi-chain support and integration with major applications, will make joining blockchain as easy as logging into your favorite website.Up to now, online chaining has been slow, expensive and difficult, requiring separate installation of wallet applications and first-generation blockchains.Smart wallets are easy to use, combined with next-generation layer 2 networks such as Base, ultimately laying the foundation for more people to go on the link.Now, hanging is easy, fast and cheap.
For existing Coinbase Wallet users, we will build migration tools and support smart wallets within the Coinbase Wallet app in the coming months.
Smart wallet makes linking simple
Smart Wallet allows users to create a free, secure, self-hosted wallet in just a few seconds.They simplify the introductory process, reduce the number of transactions that need to be signed, and allow users to seamlessly use Coinbase balances on the chain.No need to top up your wallet for paying gas fees, nor worry about cross-app porting.With a smart wallet, new users can mint NFTs, trade on decentralized exchanges or diversify their investments with just a few clicks.Users can enjoy a smooth and intuitive experience without sacrificing self-hosting or security.
Some of the main advantages of Coinbase Smart Wallet include:
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Easily get started: Create a new wallet and get started in just a few seconds, without leaving the app you want to use, or using recovery phrases, apps, or extensions.Use Face ID, your Google Chrome profile, fingerprint, or Yubikey to get started now.
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Easily make on-chain payments: Use your self-hosted wallet balance or Coinbase account balance to say goodbye to the “Insufficient Balance” error.
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Cross-app portability: Bring your wallet, identity, and balance to thousands of popular on-chain applications.
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No payment gas: Developers can choose to provide a paid-free experience and sponsored transaction through payer integration to their customers.
In addition, Coinbase also provides a supporting web application that includes features such as asset and identity management, purchase, send, exchange, NFT and transaction history, which will become the main platform for smart wallet users to manage their wallets.
Smart wallets will support most leading on-chain applications when they are released, and more applications will be supported in the future.The smart wallet will support 8 networks (Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, Zora), with the goal of adding more support in the future.
Developer: Integrate smart wallets into your app to speed up getting started
Today, Onchain application developers lose many new users in the process of getting started as they leave the application to install and fund a separate wallet.Smart wallets are accessible directly from any browser without installing applications or extensions.Other important improvements include sponsoring gas through payer, bulk transactions and direct spending from Coinbase accounts.We are creating new industry standards that enable direct communication between applications and wallets, facilitate payer use, and support bulk transactions without API integration (EIP-5792).We expect this powerful set of features to significantly change conversion rates.
Coinbase’s smart wallet is now available, and developers are encouraged to integrate or update their SDK immediately to provide users with an excellent on-chain experience.In addition, integrating a smart wallet is very simple and requires only a few lines of code at most.Smart wallets have been integrated into all popular wallet libraries and aggregators, including WAGMI, Web3Modal, Privy, Dynamic, and Rainbowkit.Developers can update their existing Coinbase wallet SDK to ensure minimal disruption and smooth transition.
Currently, there are several compelling reasons for developers to integrate or upgrade to smart wallets:
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Qualification to Basic Gas Credit: Developers can earn up to $15,000 in Gas credits through a basic Gas-free campaign, thereby sponsoring their users’ transactions at zero cost.
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Participate in Base Buildathon to win ETH on Base: Participate in Base Buildathon provides developers with the opportunity to win ETH on Base on 8 different tracks.Successfully integrated with smart wallet and other Coinbase features, you can also get an additional bonus pool of 40 ETH.
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Participate in Onchain Summer: With integrated smart wallets, developers can present their projects during Onchain Summer, gain visibility and attract a wider user base.
What’s next
Coinbase’s smart wallet represents a significant leap in the fields of self-custodial and on-chain transactions.By solving the main problems of traditional self-hosted wallets and providing a seamless, secure and user-friendly experience, smart wallets promise to change how we interact on-chain.We are pleased that developers and users can take advantage of this groundbreaking new solution, and we believe that simplifying the introductory experience will lead to widespread adoption.
