Moonwell is thrilled to announce the integration of Coinbase's newly unveiled smart wallet. This next-generation onchain wallet offers users a simple, secure, and frictionless way to interact with Moonwell and countless other applications on Base and across the Ethereum ecosystem.
Smart wallets simplify the onboarding process, allowing users to create a wallet in seconds using a passkey – no apps or extensions to download and no complicated seed phrases to manage. Additionally, those using Coinbase’s smart wallet on Moonwell will pay zero gas fees when using the app! Through this integration, Moonwell continues to break down barriers to entry and empower a wider range of people to explore the benefits of onchain finance.
What are Smart Wallets?
Smart wallets are a groundbreaking wallet solution developed by Coinbase that offer users an unparalleled combination of simplicity, security, and convenience. As a fully programmable smart contract wallet, smart wallets empower users to access their funds and favorite apps across their connected devices, ensuring a convenient and secure experience wherever they go. Users can seamlessly interact with the onchain apps that excite them, without the steep learning curve often associated with traditional wallets.
Passkeys: A Secure and User-Friendly Login Method
By leveraging passkey technology, smart wallets enable a simple and secure passwordless login method. Passkeys use biometric authentication (fingerprint, FaceID, etc.) and are rapidly replacing passwords as a more secure and user-friendly option. They utilize end-to-end encryption and can be stored on iCloud, Google Drive, 1Password, or hardware devices like YubiKey, allowing users to access their wallet seamlessly across devices without the burden of managing and importing recovery phrases.
Connecting Coinbase to the Onchain Economy
Coinbase’s smart wallets revolutionize the way users interact with the onchain economy by creating a seamless bridge between their Coinbase account and smart wallet. This intuitive integration allows users to effortlessly spend their Coinbase balance directly onchain, streamlining the process by eliminating the need for manual transfers or onramp procedures.
With smart wallet, users can now seamlessly leverage their Coinbase custodied funds to explore and participate in various onchain activities, such as swapping for memecoins, minting unique NFTs, supplying crypto on Moonwell, and much more. This groundbreaking feature unlocks a world of possibilities, enabling individuals to immerse themselves in the onchain world with ease.
Using Smart Wallets on Moonwell
Creating a smart wallet on Moonwell is a breeze:
-
Click the "Create Wallet" button on the Moonwell Discover page
-
Use your passkey or biometric authentication to create your wallet
-
Within seconds, you'll have a fully functional, web-based wallet that is ready to interact with Moonwell and hundreds of other onchain applications
Once your smart wallet has been created and is connected to Moonwell, unlocking the full potential of the app is just a matter of a few simple clicks. As demonstrated in the video below, you can effortlessly supply your crypto, setting the stage for you to borrow against your holdings within the intuitive Moonwell interface. With smart wallet, you can do more with your crypto than ever before, without the complexity and friction often associated with traditional onchain interactions.
Batch Transactions
Smart wallet's programmable nature also enables batch transactions, a powerful feature that allows users to perform multiple actions in a single transaction. For example, when supplying assets to Moonwell with a smart wallet, token approvals are automatically batched in, streamlining the process and reducing gas fees. Batch transactions are a substantial unlock and offer a level of efficiency and cost-effectiveness unmatched by traditional wallets.
Sponsored Gas Fees
When using Coinbase’s smart wallet on Moonwell, users also benefit from sponsored gas fees. Thanks to Coinbase Developer Platform and the Base Gasless Campaign, smart wallet users can enjoy free transactions when interacting with Moonwell, making it even more affordable and accessible to participate in onchain finance.
Bringing Billions Onchain
The integration of Coinbase’s smart wallet on Moonwell represents a significant milestone in the evolution of the onchain economy and journey towards mass adoption. By providing a user-friendly, secure, and globally accessible wallet solution, Coinbase continues to break down the barriers that have historically prevented widespread participation in onchain finance.
Smart wallet's intuitive design and seamless integration with Moonwell align perfectly with our mission of making onchain finance accessible to everyone. We believe that this collaboration will be instrumental in onboarding the next wave of people into the ever expanding onchain economy, empowering individuals from all walks of life to take control of their financial future.
As more people discover the benefits of onchain finance through user-friendly solutions like Coinbase’s smart wallets and Moonwell, we anticipate a surge in adoption and innovation. The programmable nature of smart wallets also opens up endless possibilities for developers to create new and exciting use cases that increase financial freedom throughout the world.
Create your Smart Wallet Today!
By combining cutting-edge technology, user-centric design, and a shared vision of financial inclusion, Moonwell and Coinbase are paving the way for a future where powerful onchain financial tools are accessible to everyone.
As we continue to build and innovate, we remain committed to our mission of empowering individuals through onchain finance. The launch of smart wallet on Moonwell is just another step in this exciting journey, and we invite you to join us as we work towards a more inclusive, transparent, and equitable financial system.
Create your smart Wallet today and discover how easy and rewarding it can be to begin building your tomorrow on Moonwell!