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- đż Coinbase is Fighting for the Degens
đż Coinbase is Fighting for the Degens
Why Coinbase Smart Wallets are More Important than They Seem
GM. Gm. gm. A relatively quiet week out there on the world wide web. People could be outside touching grass, shoutout the Sun.
Calm before the summer storm maybe? Onchain summer is coming and Coinbase may have just toppled the first domino.
Without Further Ado. â *knuckle cracks* â Letâs get into it.
Why Coinbase Smart Wallets are More Important than They Seem
This past week, Coinbase announced the next step in their master plan to get 1B users onchain â Smart Wallets.
âSmart wallets live in your browser, no extensions or app installs needed. Use passkeys for signing, with enterprise-grade security without complex seed phrases. One wallet, one address, works universally across major L2s and onchain apps.â
This will allow devs to simplify the experience for everyone, which is key for bringing on normies. Here are some key features they think will do that:
Allows smart wallets users to use their Coinbase balance without complex transfers to a self custody wallet.
âUse a paymaster to create sponsorship policies for your appâ aka letâs apps take care of gas fees for its users
Password login - Onboard users in seconds with no seed phrases, passwords, or third party app installs.
All of this seems great, if it works, and is secure. Not much to add, good job Coinbase.
Now letâs talk about why this really matters.
The market may be back, but the public perception is not. The FTX debacle is still on peopleâs minds, CZ is going to jail, and there just hasnât been much of a push this year for real life utility. With the ETFs, people seem to have accepted crypto as a legitimate investment, but adding a little bit of diversification in blackrockâs portfolio doesnât mean real blockchain adoption for the masses. Comedians were still giving it to Tom Brady during his roast, and the jokes landed.
If youâve been reading us for a while, you know that we believe in the web3 vision. You also know that we really really want people to stop saying buzzwords and just make applications work better for the user.
Coinbase Smart Wallets might be a real step in that direction. The less âcryptoâ it looks, and the faster it works for the end user, the better.
Some dApps are solving real needs in the tech world, but the clumsiness of it all makes it impossible for them to get real traction. Most boomers canât even figure out how to behave on instagram, you think youâre going to be able to explain to them how gas fees work? Okay maybe they arenât the group thatâs going to get us to mainstream adoption, but you get the picture.
Just make apps that are better and faster at solving a user's needs, and they will use it. They wonât know itâs onchain, and they definitely wonât care. But we will. And thatâs all that matters.
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