America’s top cryptocurrency exchange, Coinbase, has recently revamped its crypto wallet app, simplifying it to better serve its users. The platform is also broadening its horizons by adding a new listing and integrating support for the Base lending protocol, Seamless.
Simplifying Transactions with Coinbase’s New Wallet Features
Brian Armstrong, the CEO of Coinbase, has shared insights into the wallet’s latest updates. Notably, a ‘simple mode’ has been introduced, focusing primarily on facilitating smoother transactions. This mode allows for instant, global, and cost-free sending of USDC, a popular stablecoin, using the Base protocol. Armstrong indicates that this user-friendly mode will initially be the default in emerging markets, easing the onboarding process for new users. Nonetheless, users can switch to a more advanced setting whenever they feel prepared.
This move by Coinbase to streamline the user interface and experience is a strategic response to the complexities that often deter people from engaging with cryptocurrencies. The intricacies of navigating exchanges, understanding transaction processes, gas fees, and avoiding scams can be daunting for many. Coinbase’s focus on core functionalities such as purchasing, sending, receiving, and storing digital assets is a step towards making the crypto world more accessible to novices.
Coinbase Expands Offerings with New Asset and Protocol Support
On December 11, an important addition was made by Coinbase Assets, announcing support for Seamless (SEAM) on the Base network. SEAM has the distinction of being the first and only native project token from Base to be traded on Coinbase. Seamless functions as a lending and borrowing protocol on the layer-2 Base platform, with its flagship product being the Integrated Liquidity Markets (ILM), resembling specific-purpose loans. This week, Seamless made headlines by distributing SEAM tokens to its users based on their protocol involvement.
The Total Value Locked (TVL) in Seamless saw a significant rise this month, crossing $54 million. However, it is speculated that much of this could be attributed to airdrop farming. According to Defillama, Seamless now stands as the second-largest protocol on Base, with an impressive 600% increase in TVL in just about a day.
Coinbase in the Broader DeFi Landscape and Market Performance
In the larger DeFi context, Base’s TVL currently sits at $358 million, experiencing a slight dip from its peak in early September. Nevertheless, the overall DeFi TVL has been on an upswing, surpassing $50 billion for the first time since mid-April. Base, holding a TVL of $639 million, ranks as the third largest layer-2 network, capturing about 4% of the market share.
Despite regulatory hurdles in the U.S., Coinbase’s stock experienced a minor drop of 5.87%, closing at $139.30 in after-hours trading. This decrease is viewed as a minor correction following the stock’s earlier surge of over 300% in the year.