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 wallet simplifies 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 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 Is Coinbase Smart Wallet?
Smart wallet is a groundbreaking wallet solution developed by Coinbase that offers users an unparalleled combination of simplicity, security, and convenience. As a fully programmable smart contract wallet, smart wallet empowers 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.
Creating a Smart Wallet on Moonwell
Passkeys: A Secure and User-Friendly Login Method
By leveraging passkey technology, smart wallet enables 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.
Magic Spend: Connecting Coinbase and the Onchain Economy
With smart wallet’s functionality, users can easily connect their Coinbase account to their smart wallet, empowering them to spend funds directly onchain using their existing Coinbase balance, bypassing the need for manual transfers or onramp processes. This innovative feature is a game-changer for those new to the onchain economy, providing a secure and user-friendly way to leverage their funds on Coinbase across a wide range of applications. Currently supporting ETH, Magic Spend’s upcoming support for debit cards and other payment methods will further enhance the user experience for new onchain adopters and expand accessibility to those who may not yet have a Coinbase account.
Using Smart Wallet on Moonwell
Creating a smart wallet on Moonwell is a breeze:
- Click the “Create Wallet” button on the Moonwell Discover page.
- Use a passkey or biometric authentication to create a wallet.
- Within seconds, have a fully functional, web-based wallet ready to interact with Moonwell and hundreds of other onchain applications.
Once the 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, users can effortlessly supply crypto, setting the stage for borrowing against holdings within the intuitive Moonwell interface. With smart wallet, more can be done with crypto than ever before, without the complexity and friction often associated with traditional onchain interactions.
Supplying ETH on Moonwell with Smart Wallet
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 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 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 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 Moonwell’s mission of making onchain finance accessible to everyone. This collaboration is anticipated to 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 smart wallet and Moonwell, a surge in adoption and innovation is anticipated. The programmable nature of smart wallet also opens up endless possibilities for developers to create new and exciting use cases that increase financial freedom throughout the world.
Create a 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 the journey continues, Moonwell remains committed to the mission of empowering individuals through onchain finance. The launch of smart wallet on Moonwell is just another step in this exciting journey, and all are invited to join in working towards a more inclusive, transparent, and equitable financial system. Create a smart wallet today and discover how easy and rewarding it can be to begin building tomorrow on Moonwell.
