PRESS RELEASE
Moonwell is excited to announce the integration of Coinbase’s revolutionary smart wallet. This advanced onchain wallet provides users with a simple, secure, and seamless way to engage with Moonwell and numerous other applications on Base and across the Ethereum ecosystem.
The smart wallet streamlines the onboarding process, allowing users to create a wallet within seconds using a passkey. There is no need to download apps or extensions or deal with complicated seed phrases. Moreover, users of the smart wallet on Moonwell will enjoy zero gas fees when using the app. Through this integration, Moonwell continues to remove barriers and empower a wider range of people to explore the benefits of onchain finance.
What Is Coinbase Smart Wallet?
Coinbase’s smart wallet is a groundbreaking solution that combines simplicity, security, and convenience. As a fully programmable smart contract wallet, it enables users to access their funds and favorite apps across all their connected devices, ensuring a convenient and secure experience wherever they go. Users can seamlessly interact with onchain apps without the steep learning curve associated with traditional wallets.
Creating a Smart Wallet on Moonwell
Passkeys: A Secure and User-Friendly Login Method
The smart wallet utilizes passkey technology, which offers a simple and secure passwordless login method. Passkeys use biometric authentication, such as fingerprint or FaceID, and are replacing passwords as a more secure and user-friendly option. They are encrypted end-to-end and can be stored on various platforms like iCloud, Google Drive, 1Password, or hardware devices like YubiKey. This allows users to access their wallets seamlessly across devices without the burden of managing and importing recovery phrases.
Magic Spend: Connecting Coinbase and the Onchain Economy
With the smart wallet’s functionality, users can easily connect their Coinbase account to their smart wallet, enabling them to spend funds directly onchain using their existing Coinbase balance. This eliminates the need for manual transfers or onramp processes. This innovative feature is a game-changer for newcomers to the onchain economy, providing a secure and user-friendly way to utilize their funds on Coinbase across a wide range of applications. Currently supporting ETH, Magic Spend will soon support debit cards and other payment methods, further enhancing the user experience for new onchain adopters and expanding accessibility to those without a Coinbase account.
Using Smart Wallet on Moonwell
Creating a smart wallet on Moonwell is a simple process:
1. Click the “Create Wallet” button on the Moonwell Discover page.
2. Use a passkey or biometric authentication to create a wallet.
3. Within seconds, have a fully functional web-based wallet ready to interact with Moonwell and hundreds of other onchain applications.
Once the smart wallet is created and connected to Moonwell, unlocking the app’s full potential is just a matter of a few simple clicks. As shown in the video below, users can effortlessly supply crypto, setting the stage for borrowing against holdings within the intuitive Moonwell interface. With the 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
The programmable nature of the smart wallet also enables batch transactions, allowing users to perform multiple actions in a single transaction. For example, when supplying assets to Moonwell with the smart wallet, token approvals are automatically batched, streamlining the process and reducing gas fees. Batch transactions offer a level of efficiency and cost-effectiveness unmatched by traditional wallets.
Sponsored Gas Fees
When using the smart wallet on Moonwell, users also enjoy sponsored gas fees. Thanks to the 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 the smart wallet on Moonwell is a significant milestone in the evolution of the onchain economy and the 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 hindered widespread participation in onchain finance.
The intuitive design and seamless integration of the smart wallet with Moonwell perfectly align with Moonwell’s mission of making onchain finance accessible to everyone. This collaboration is expected 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 the smart wallet and Moonwell, a surge in adoption and innovation is anticipated. The programmable nature of the smart wallet also opens up endless possibilities for developers to create new and exciting use cases that increase financial freedom worldwide.
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 empowering individuals through onchain finance. The launch of the smart wallet on Moonwell is just another step in this exciting journey, and everyone is 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.
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