Coinbase, a leading American cryptocurrency exchange, is taking significant strides to simplify its crypto wallet app, enhancing the user experience for beginners. This initiative aligns with the growing demand for user-friendly crypto interfaces amidst the complex landscape of digital currencies. The platform also announced the integration of the Base lending protocol Seamless (SEAM), marking it as the first Base native project token on Coinbase.
On December 12, Coinbase CEO Brian Armstrong revealed the introduction of a "simple mode" in the wallet app, primarily focusing on streamlined payment processes. This mode will initially be experimented with in frontier markets to facilitate easier onboarding of new users, with an option to switch to an advanced mode as needed.
The user experience has long been a challenge in the crypto world, with complexities in navigating exchanges, transactions, and avoiding scams. Coinbase's revamp is a strategic move to mitigate these barriers, aiming to make crypto transactions more approachable for the masses.
Coinbase's support for SEAM on the Base network further extends its portfolio. SEAM, part of the Seamless lending and borrowing protocol, is a layer-2 protocol on Base. Its key offering, Integrated Liquidity Markets (ILM), echoes the functionality of specific-purpose loans. The protocol witnessed a significant engagement recently, with a 600% surge in Total Value Locked (TVL).
In the broader DeFi landscape, Base's TVL stands at around $358 million, positioning it as the third largest layer-2 network. This indicates a substantial recovery in the DeFi TVL, which has crossed $50 billion for the first time since mid-April.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.