PRESS RELEASE
Moonwell is excited to announce the integration of Coinbase's newly unveiled intelligent wallet. This advanced onchain wallet provides users with a simple, secure, and effortless way to engage with Moonwell and numerous other applications on Base and throughout the Ethereum ecosystem.
The intelligent wallet streamlines the onboarding process, allowing users to create a wallet in seconds using a passkey. There is no need to download apps or extensions or manage complicated seed phrases. Furthermore, users who utilize the intelligent wallet on Moonwell will not incur any gas fees when using the app! Through this integration, Moonwell continues to break down barriers and empower a wider range of individuals to explore the benefits of onchain finance.
What is Coinbase Intelligent Wallet?
The intelligent wallet is an innovative wallet solution developed by Coinbase that offers users an unmatched combination of simplicity, security, and convenience. As a fully programmable smart contract wallet, the intelligent wallet enables 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 onchain apps without the steep learning curve typically associated with traditional wallets.
Creating an Intelligent Wallet on Moonwell
Passkeys: A Secure and User-Friendly Login Method
With passkey technology, the intelligent wallet provides a simple and secure passwordless login method. Passkeys utilize biometric authentication (fingerprint, FaceID, etc.) and are rapidly replacing passwords as a more secure and user-friendly option. They use 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 the functionality of the intelligent wallet, users can easily connect their Coinbase account to their intelligent wallet, enabling them to spend funds directly onchain using their existing Coinbase balance. This bypasses 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 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 the Intelligent Wallet on Moonwell
Creating an intelligent wallet on Moonwell is a breeze:
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 intelligent wallet is created and 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 the intelligent 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 the Intelligent Wallet
Batch Transactions
The programmable nature of the intelligent wallet 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 the intelligent wallet, token approvals are automatically batched in, streamlining the process and reducing gas fees. Batch transactions offer a level of efficiency and cost-effectiveness that traditional wallets cannot match.
Sponsored Gas Fees
When using the intelligent wallet on Moonwell, users also benefit from sponsored gas fees. Thanks to the Coinbase Developer Platform and the Base Gasless Campaign, intelligent 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 intelligent wallet on Moonwell represents 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 barriers that have historically prevented widespread participation in onchain finance.
The intuitive design and seamless integration of the intelligent wallet with Moonwell align perfectly with Moonwell's mission of making onchain finance accessible to everyone. This collaboration is expected to be instrumental in onboarding the next wave of individuals into the ever-expanding onchain economy, empowering people from all walks of life to take control of their financial future.
As more individuals discover the benefits of onchain finance through user-friendly solutions like the intelligent wallet and Moonwell, a surge in adoption and innovation is expected. The programmable nature of the intelligent wallet also opens up endless possibilities for developers to create new and exciting use cases that increase financial freedom worldwide.
Create an Intelligent 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 the intelligent 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 an intelligent wallet today and discover how easy and rewarding it can be to begin building tomorrow on Moonwell.
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