Coinbase Simplifies Crypto Wallet, Announces Seamless (SEAM) Listing
America’s largest crypto exchange, Coinbase, has been tweaking its crypto wallet app to make things easier for users. The platform also announced a new listing and support for the Base lending protocol Seamless.
On December 12, Coinbase CEO Brian Armstrong commented on the wallet modifications, stating that it now has a “simple mode” that focuses on payments.
Coinbase Crypto Wallet Simplified
“We’ll try experimenting with this as the default mode in frontier markets for easier onboarding,” he said. “People can always flip to advanced when ready,” he added.
User experience (UX) has always been a barrier to crypto entry for the masses. Navigating exchanges, addresses, transactions, gas fees, and limits, and avoiding scams is not something most people can do.
Coinbase aims to address this by simplifying the user experience and interface.
“By focusing on essential functions like buying, sending, receiving, and storing digital assets, even beginners can now dive into crypto.”
On December 11, Coinbase Assets announced that it was adding support for Seamless (SEAM) on the Base network.
Moreover, SEAM will become the first and currently the only Base native project token traded on Coinbase.
Seamless is a lending and borrowing protocol layer-2 protocol on Base. Its flagship product is Integrated Liquidity Markets (ILM), which have a similar concept to specific-purpose loans. Seamless airdropped SEAM tokens to users depending on their protocol activity this week.
Total value locked skyrocketed this month to over $54 million, but most of that is likely to be airdrop farming.
According to Defillama, Seamless is the second largest protocol on Base, with a 600% surge in TVL over the past day or so.
Base Increasing L2 Share
Base’s DeFi TVL is currently $358 million, down 12.7% from its early September peak of $410 million.
However, DeFi TVL has been recovering and has topped $50 billion for the first time since mid-April.
Additionally, Base is the third largest layer-2 network with $639 million, according to L2beat. It has a market share of around 4%, with Arbitrum and Optimism dominating the L2 space.
Coinbase, which has been embroiled in regulatory battles in the US, saw stock prices dip 5.87% on the day to reach $139.30 in after-hours trading. However, it is a minor pullback after surging more than 300% so far this year.