Coinbase’s layer 2 blockchain, Base, has witnessed a record-breaking hike in terms of total value locked (TVL) by investors in anticipation of its smart wallet.
For the past three months, Base has been experiencing exceptional growth, leaving its competition, Arbitrum and Optimism, way behind. During that time frame, the TVL about Base witnessed an awe-inspiring leap of 464%, increasing from $1.3 billion to $7.1 billion. In the case of Arbitrum’s TVL, the figure saw a 13% rise, with Optimism going south by 12%.
Following the execution of EIP-4844 earlier this year, which was responsible for bringing in proto-dank sharding, along with lessening the price of gas on L2s, the traction, as well as the TVL, with regards to the chain, experienced an exponential jump.
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In the case of Coinbase’s smart wallet, it intends to provide an uninterrupted process targeting users looking for a way of transforming their centralized exchange accounts to on-chain dApps. In actuality, it is a browser-oriented on-chain wallet created to eradicate hiccups via account removal.
Removal of accounts makes it possible for users to carry out transactions on Ethereum, as well as layer 2, sans their own attempt at a transaction, instead of simply passing it onto an intermediary. This gives way to an on-chain exposure that comes with being user-friendly. It also provides options such as gasless transactions, pre-permitted payments, passkey signing, and single-click transactions.
Rumors are doing the rounds amongst investors and traders regarding the retail based smart wallet being able to connect the users of Coinbase within the DeFi space. As per expert forecasters, almost all on-chain utilizers are going for smart wallets.
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Presently, smart wallets are accessible for utilization on testnet.
