{"id":208127,"date":"2024-03-24T18:03:21","date_gmt":"2024-03-24T18:03:21","guid":{"rendered":"https:\/\/www.techopedia.com\/?p=208127"},"modified":"2024-06-07T16:46:07","modified_gmt":"2024-06-07T16:46:07","slug":"will-coinbases-magic-spend-bring-a-billion-users-to-base-l2","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/will-coinbases-magic-spend-bring-a-billion-users-to-base-l2","title":{"rendered":"Will Coinbase\u2019s Smart Wallets and \u2018Magic Spend\u2019 Bring A Billion Users to Base L2?"},"content":{"rendered":"<p>Coinbase is on a mission to open the world of crypto to the next billion users. In the first quarter of 2024, the crypto exchange announced that it is developing a suite of &#8216;smart wallet&#8217; solutions that will onboard new users on-chain &#8220;without knowing they&#8217;re on-chain&#8221;.<\/p>\n<p>Coinbase is also testing a smart contract called &#8216;Magic Spend&#8217; that will allow Coinbase Exchange users to use their <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">cryptocurrencies<\/a> on-chain.<\/p>\n<p>In this article, we talk about <a href=\"https:\/\/www.techopedia.com\/how-to-use-coinbase-smart-wallet\">Coinbase&#8217;s smart wallet solutions, which went live at the start of June<\/a>, the Magic Spend <a href=\"https:\/\/www.techopedia.com\/definition\/32499\/smart-contract\">smart contract<\/a>, and their potential impact on the future of <a href=\"https:\/\/www.techopedia.com\/what-is-base-coinbase-l2-chain\">Base L2<\/a>.<\/p>\n<div class=\"su-note\"  style=\"border-color:#dddddd;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#f7f7f7;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>Poor on-chain user experience discourages users from venturing out of the familiar confines of centralized exchange apps.<\/li>\n<li>Coinbase is developing smart wallets to improve on-chain onboarding experience.<\/li>\n<li>The Magic Spend feature will allow Coinbase account holders to seamlessly use their crypto on-chain.<\/li>\n<li>Creating a new Coinbase smart wallet takes seconds and does not require SRPs and passwords.<\/li>\n<li>Osgur Murphy O Kane, senior research analyst at Nansen, said, &#8220;Base has high potential to be a top L2 due to its proximity to Coinbase.&#8221;<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\"\n                               onclick=handleScrollToTitle(\"key_takeaways\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"coinbase_to_bring_a_billion_users_on-chain\"\n                               onclick=handleScrollToTitle(\"coinbase_to_bring_a_billion_users_on-chain\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Coinbase to 'Bring a Billion Users On-chain'<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_new_wallet_solutions_from_coinbase\"\n                               onclick=handleScrollToTitle(\"the_new_wallet_solutions_from_coinbase\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The New Wallet Solutions from Coinbase<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"2_embedded_wallets\"\n                               onclick=handleScrollToTitle(\"2_embedded_wallets\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">2) Embedded Wallets<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"magic_spend_going_on-chain_from_your_cex_account\"\n                               onclick=handleScrollToTitle(\"magic_spend_going_on-chain_from_your_cex_account\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Magic Spend: Going On-chain From Your CEX Account<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"will_base_be_the_top_ethereum_l2_chain\"\n                               onclick=handleScrollToTitle(\"will_base_be_the_top_ethereum_l2_chain\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Will Base be the Top Ethereum L2 Chain?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\"\n                               onclick=handleScrollToTitle(\"references\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\"\n                                   onclick=handleScrollToTitle(\"key_takeaways\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"coinbase_to_bring_a_billion_users_on-chain\"\n                                   onclick=handleScrollToTitle(\"coinbase_to_bring_a_billion_users_on-chain\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Coinbase to 'Bring a Billion Users On-chain'<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_new_wallet_solutions_from_coinbase\"\n                                   onclick=handleScrollToTitle(\"the_new_wallet_solutions_from_coinbase\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The New Wallet Solutions from Coinbase<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"2_embedded_wallets\"\n                                   onclick=handleScrollToTitle(\"2_embedded_wallets\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">2) Embedded Wallets<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"magic_spend_going_on-chain_from_your_cex_account\"\n                                   onclick=handleScrollToTitle(\"magic_spend_going_on-chain_from_your_cex_account\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Magic Spend: Going On-chain From Your CEX Account<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"will_base_be_the_top_ethereum_l2_chain\"\n                                   onclick=handleScrollToTitle(\"will_base_be_the_top_ethereum_l2_chain\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Will Base be the Top Ethereum L2 Chain?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"references\"\n                                   onclick=handleScrollToTitle(\"references\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">References<\/a>\n                                                            <\/div>\n        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      })(header, pageLegendCollapse);\n\tjQuery('span.show_moretoc').click(function(){\n\t\tjQuery('span.show_moretoc').hide();\n\t   jQuery('.ms_hidetoc').show();\n\t});\n    });\n\n    \/\/ When the user clicks on the button, scroll to the top of the document\n    function btnTop() {\n        const pageLegend = document.querySelector('#multiCollapse1');\n        document.querySelector('html').classList.remove('overflow-hidden');\n        pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"coinbase_to_bring_a_billion_users_on-chain\">Coinbase to &#8216;Bring a Billion Users On-chain&#8217;<\/span><\/h2>\n<p>Over the years, <a href=\"https:\/\/www.techopedia.com\/definition\/29135\/user-experience-ux\">user experience<\/a> (UX) has emerged as a major friction point for the crypto industry. Poor UX brought on by complicated <a href=\"https:\/\/www.techopedia.com\/definition\/cryptocurrency-wallet\">crypto wallet<\/a> interfaces has discouraged users from venturing beyond the familiarity of centralized exchange (CEX) apps.<\/p>\n<p>The introduction of smart contract wallets, also known as smart wallets, is expected to drastically improve on-chain UX. The technology has been quietly developing over the past year, and now there is a notable player in the game\u2014Coinbase \u2014one with the reach and credibility to make smart wallets the norm.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Smart Wallet is a fully self-custodial wallet built by some of the brightest minds I&#39;ve ever had the opportunity to work with; once integrated, it lets people anywhere around the world come onchain and start using your app in seconds<\/p>\n<p>\ud83d\udd13 \ud83c\udf0f  \u27a1\ufe0f  <a href=\"https:\/\/t.co\/j6uqJtZffl\" target=\"_blank\">https:\/\/t.co\/j6uqJtZffl<\/a> <a href=\"https:\/\/t.co\/FVBLqngkvX\" target=\"_blank\">https:\/\/t.co\/FVBLqngkvX<\/a><\/p>\n<p>&mdash; wbnns (@wbnns) <a href=\"https:\/\/twitter.com\/wbnns\/status\/1798747411596402911?ref_src=twsrc%5Etfw\" target=\"_blank\">June 6, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span id=\"the_new_wallet_solutions_from_coinbase\">The New Wallet Solutions from Coinbase<\/span><\/h2>\n<p>Coinbase is <a href=\"https:\/\/www.coinbase.com\/blog\/evolving-wallets-to-bring-a-billion-users-onchain\" target=\"_blank\">building<\/a><a href=\"https:\/\/www.coinbase.com\/blog\/evolving-wallets-to-bring-a-billion-users-onchain\" target=\"_blank\"> two new wallet solutions<\/a> to &#8220;help make on-chain onboarding easier and faster.&#8221; They are:<\/p>\n<h3>1) Smart Wallets<\/h3>\n<p>Coinbase&#8217;s smart wallet is an on-chain wallet powered by smart contracts. Unlike traditional crypto wallets, users do not have to download mobile applications or browser extensions to use smart wallets.<\/p>\n<p>Signing up and logging in to your crypto smart wallet will be a similar experience to website logins.<\/p>\n<p>Furthermore, smart wallets remove the need to store <a href=\"https:\/\/www.techopedia.com\/definition\/seed-phrase\">secret recovery phrases<\/a> (SRP) and protect passwords. Instead, smart wallets use <a href=\"https:\/\/www.techopedia.com\/definition\/passkey-passkey-authentication\">passkeys<\/a> for signing.<\/p>\n<p>We tried the Coinbase smart wallet demo, and it took us seconds to set up a new crypto wallet. The passkeys can be saved to your cloud account, device, or browser. You can try it for yourself<a href=\"https:\/\/www.smart-wallet.xyz\/\" target=\"_blank\"> here<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Good Q and I meant to talk more about in video. This depends on your passkey provider. <\/p>\n<p>On Apple devices, these are saved to your keychain and synced across devices. If a device is lost, you can recover with iCloud. Apple and others have put a lot of time and money in here. <a href=\"https:\/\/t.co\/cxGJJJxoSt\" target=\"_blank\">https:\/\/t.co\/cxGJJJxoSt<\/a><\/p>\n<p>&mdash; wilson (@WilsonCusack) <a href=\"https:\/\/twitter.com\/WilsonCusack\/status\/1764371315178254617?ref_src=twsrc%5Etfw\" target=\"_blank\">March 3, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span id=\"2_embedded_wallets\">2) Embedded Wallets<\/span><\/h2>\n<p>Embedded wallets is a wallet-as-a-service solution that will give developers more control over the UX \u2014 from onboarding to transactions. Using embedded wallets, developers can <a href=\"https:\/\/www.techopedia.com\/can-we-see-gas-fees-go-away-in-crypto\">abstract away on-chain complexities<\/a> like <a href=\"https:\/\/www.techopedia.com\/definition\/gas-fee-ethereum\">gas fee<\/a> payments and provide familiar user experiences like email and social logins.<\/p>\n<p>According to Coinbase, this feature will enable users to be on-chain without knowing that they are on-chain.<\/p>\n<p>Osgur Murphy O Kane, senior research analyst at Nansen, told Techopedia:<\/p>\n<blockquote><p>&#8220;Smart wallets are essential to crypto moving beyond niche DeFi use cases &#8230; Abstracting away gas cost complexity is essential towards making this happen. With account abstraction, users should have no idea they are interacting with a blockchain under the hood.&#8221;<\/p><\/blockquote>\n<h2><span id=\"magic_spend_going_on-chain_from_your_cex_account\">Magic Spend: Going On-chain From Your CEX Account<\/span><\/h2>\n<p>A Coinbase feature currently under development looks to have largely gone unnoticed: a smart contract called Magic Spend.<\/p>\n<p>According to <a href=\"https:\/\/github.com\/coinbase\/magic-spend\" target=\"_blank\">Coinbase&#8217;s GitHub repository<\/a>, the Magic Spend code is still under audit.<\/p>\n<p>Magic Spend is an <a href=\"https:\/\/www.techopedia.com\/the-future-of-ethereum-vitalik-buterin-looks-to-enshrinement\">ERC-4337 compliant<\/a> paymaster smart contract that will enable Coinbase account holders to seamlessly use their cryptocurrencies on-chain. Paymasters are smart contracts that allow <a href=\"https:\/\/www.techopedia.com\/definition\/33409\/decentralized-application-dapp\">decentralized applications<\/a> (dApps) to pay gas fees on behalf of their users.<\/p>\n<p>Seth Bloomberg, a research analyst at Messari, wrote on X that the Magic Spend feature will be a &#8220;huge unlock&#8221; for Coinbase users and on-chain apps by allowing millions of existing Coinbase account holders on-chain access with minimal friction.<\/p>\n<p>Bloomberg added that Coinbase is starting to take the role of a &#8220;traditional aggregator&#8221; that connects off-chain users with on-chain applications.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">From a user\u2019s perspective, their Coinbase account is starting to feel more fluid, like a bank account of sorts\u2026<\/p>\n<p>&mdash; seth bloomberg (@bloomberg_seth) <a href=\"https:\/\/twitter.com\/bloomberg_seth\/status\/1770426195944902738?ref_src=twsrc%5Etfw\" target=\"_blank\">March 20, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span id=\"will_base_be_the_top_ethereum_l2_chain\">Will Base be the Top Ethereum L2 Chain?<\/span><\/h2>\n<p>When the idea of Base L2 was introduced in early 2023, Coinbase <a href=\"https:\/\/help.coinbase.com\/en\/coinbase\/other-topics\/other\/base\" target=\"_blank\">said<\/a>:<\/p>\n<blockquote><p>&#8220;We see Base as a key step in bringing Coinbase&#8217;s products, users, and assets into the decentralized cryptoeconomy.&#8221;<\/p><\/blockquote>\n<p>Since its mainnet launch in August 2023, Base has grown at an incredible pace. In 2024 alone, the <a href=\"https:\/\/www.techopedia.com\/definition\/total-value-locked-tvl#:~:text=Total%20Value%20Locked%20(TVL)%20is,dApp%20is%20perceived%20to%20be.\">total value locked <\/a>(TVL) on Base surged over 78% year-to-date, as of March 22, 2024, from $437.1 million to $779.7 million, <a href=\"https:\/\/defillama.com\/chain\/Base\" target=\"_blank\">DeFi Llama<\/a> data showed.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">days to $1B TVL: 203<\/p>\n<p>days to $2B TVL: 23<a href=\"https:\/\/twitter.com\/base?ref_src=twsrc%5Etfw\" target=\"_blank\">@base<\/a> will be the center of the global onchain economy. higher. <a href=\"https:\/\/t.co\/qrq3B3QC2W\" target=\"_blank\">pic.twitter.com\/qrq3B3QC2W<\/a><\/p>\n<p>&mdash; Jesse Pollak (jesse.xyz) \ud83d\udee1\ufe0f (@jessepollak) <a href=\"https:\/\/twitter.com\/jessepollak\/status\/1771623706592190953?ref_src=twsrc%5Etfw\" target=\"_blank\">March 23, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The upcoming mainnet launch of Coinbase smart wallets and Magic Spend is expected to further accelerate the flow of capital into Base L2. Once these features are introduced, Base could be the first blockchain that the majority of Coinbase account holders interact with as they go on-chain for the first time.<\/p>\n<p>Osgur Murphy O Kane, senior research analyst at Nansen, told Techopedia:<\/p>\n<blockquote><p>&#8220;Base has high potential to be a top L2 due to its proximity to Coinbase, which can onboard its massive user base directly to that chain. Already, we are seeing some apps being built there with mass real-world adoption, such as [loyalty program] Blackbird.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;If mass consumer apps that actually address real-world problems can be built on Base, it has high potential to be the top L2 chain in crypto.&#8221;<\/p><\/blockquote>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>In March 2024, Ethereum implemented the <a href=\"https:\/\/www.techopedia.com\/ethereum-upgrade-when-is-it-going-live\">Dencun upgrade<\/a>, which is expected to decrease gas fees on L2 chains to <a href=\"https:\/\/base.mirror.xyz\/Ouwm--AtTIVyz40He3FxI0fDAC05lOQwN6EzFMD_2UM\" target=\"_blank\">less than $0.01<\/a>. The lower gas fees could accelerate the growth of paymaster smart contracts among decentralized applications and help further improve the on-chain user experience.<\/p>\n<p>If Coinbase can make the case for people being on-chain \u2014 and make it simple and with as close to zero gas fees as possible \u2014 then, while a billion users may sound like a bullish number, hundreds of millions of users will start to sound credible.<\/p>\n<div class=\"reference-content\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<ol>\n<li><a href=\"https:\/\/www.coinbase.com\/blog\/evolving-wallets-to-bring-a-billion-users-onchain\" target=\"_blank\">Bring a Billion Users On-Chain<\/a>\u00a0(Coinbase)<\/li>\n<li><a href=\"https:\/\/www.smart-wallet.xyz\/\" target=\"_blank\">Smart Wallet Early Adopters<\/a> (Smart-wallet)<\/li>\n<li><a href=\"https:\/\/github.com\/coinbase\/magic-spend\" target=\"_blank\">GitHub &#8211; coinbase\/magic-spend<\/a> (Github)<\/li>\n<li><a href=\"https:\/\/defillama.com\/chain\/Base\" target=\"_blank\">Base &#8211; DefiLlama<\/a> (Defillama)<\/li>\n<li><a href=\"https:\/\/base.mirror.xyz\/Ouwm--AtTIVyz40He3FxI0fDAC05lOQwN6EzFMD_2UM\" target=\"_blank\">Base&#8217;s 2024 Mission, Strategy and Roadmap<\/a> (Base)<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase is on a mission to open the world of crypto to the next billion users. In the first quarter of 2024, the crypto exchange announced that it is developing a suite of &#8216;smart wallet&#8217; solutions that will onboard new users on-chain &#8220;without knowing they&#8217;re on-chain&#8221;. Coinbase is also testing a smart contract called &#8216;Magic [&hellip;]<\/p>\n","protected":false},"author":286557,"featured_media":208130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601,602],"tags":[],"category_partsoff":[],"class_list":["post-208127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will Coinbase\u2019s \u2018Magic Spend\u2019 Bring A Billion Users to Base L2?<\/title>\n<meta name=\"description\" content=\"Coinbase is working on smart wallets and a feature called Magic Spend that will make on-chain onboarding easier than ever. 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