Luke Youngblood, a founding contributor to the borrowing and lending protocol Moonwell, dives into Coinbase's revolutionary smart wallet. He explains how these wallets enhance security while making on-chain transactions easier for users. Youngblood discusses Coinbase's approach to subsidizing gas fees and improving mobile accessibility, especially for users in developing regions. He also highlights how Moonwell differentiates itself within the DeFi space, aiming to attract non-crypto users with user-friendly financial products.
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insights INSIGHT
Smart Wallet Advantages
Smart wallets differ from traditional wallets by using passkeys instead of seed phrases, enhancing security.
Unlike embedded wallets tied to single apps and third-party key storage, smart wallets offer broader access and user control.
question_answer ANECDOTE
Lost Seed Phrase
Laura Shin recounts the story of a man searching a landfill for his lost seed phrase, emphasizing the risks of traditional wallets.
This highlights the need for more secure and user-friendly wallet solutions like smart wallets.
insights INSIGHT
Coinbase Smart Wallet Onboarding
Coinbase's smart wallet offers a smoother onboarding process than traditional wallets due to its vast user base.
The wallet eliminates friction points such as seed phrases and the need to download separate apps or extensions.
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Coinbase’s “onchain summer” has kicked off with the launch of its new smart wallet. This interview with Luke Youngblood, founding contributor to Moonwell, gives a peek at how it’s sweetening the pot for developers and users alike.
In this episode, Youngblood describes how smart wallets are different from traditional wallets, how they do away with past security issues, and the more minor potential risks that still do exist with smart wallets. He also gives details on the ways that Coinbase is trying to use its smart wallet to get users onchain: making it much easier to transact onchain directly from their Coinbase accounts, subsidizing gas costs for certain dapps, and making sure everything is web-accessible.
Plus, he explains why Moonwell chose Base, how it is branching out to non-crypto native DeFi users, such as populations that only have mobile phones and not desktop computers in geographies like Africa, Latin America, and Asia, and how the DeFi lending protocol differentiates itself from bigger ones that have established a beachhead on Base.
Show highlights:
(00:00) Intro
(01:40) How smart wallets differ from traditional wallets and embedded wallets
(04:06) Why Luke is excited to be working with Coinbase smart wallet
(06:33) What happens if the user loses the device linked to their smart wallet
(08:12) How hard it would be for a hacker to try to get access to the assets in this smart wallet
(09:36) How Coinbase is initially paying for user gas fees on dapps like Moonwell and other launch partners
(12:02) How Coinbase’s Magic Stand feature enables users to transact onchain straight from their Coinbase accounts
(14:24) How Coinbase might keep paying gas fees for some dapps even after the initial launch period
(16:38) Why the smart wallet is also accessible via the web, and not just through an app
(19:50) Why Moonwell has focused on lending and borrowing
(18:03) Why Moonwell chose to build on Base as opposed to, say, Solana
(21:24) Moonwell’s plans to grow
(23:00) How having access to Coinbase’s user base changes Moonwell’s strategy for attracting users
(26:14) Crypto News Recap
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