When it comes to interfacing with DeFi, many have come to learn that browser-based applications tend to be the standard for many new projects.
However, as we attempt to cross the chasm and reach a new audience of users, it’s paramount that we build bridges for intuitive mobile experiences.
Today, Coinbase Wallet built on that notion by unveiling a new interface in their mobile wallet.
We’re making it even easier to earn interest with DeFi apps by integrating them into the Wallet experience.
Compare different rates, make easy deposits and view your balances on a simple, unified dashboard. https://t.co/opqCEaV0pq
— COINBASE Wallet (@CoinbaseWallet) March 25, 2020
For those unfamiliar with Coinbase Wallet, it’s the non-custodial mobile wallet built by Coinbase to further promote the core tenants of sovereignty and data privacy. You may recall the Maker Coinbase Earn campaign which rewarded users in Dai for opening a CDP directly through the mobile wallet.
What’s New?
As it currently stands, users can access lending protocols like Compound and dYdX directly through Coinbase Wallet.
The difference with this update is that this experience happens directly through the wallet interface, rather than having to navigate and interact with the protocol through a mobile browser
What this means is that it’s now easier than ever to start lending popular cryptocurrencies in real-time.
“At the time of publication, you can lend out Ether and a variety of Ethereum-based tokens such as USDC, DAI, BAT, REP, WBTC and ZRX. Interest rates currently vary from 0.03% to 4.17% APR depending on the coin and contract you choose. Interest rates are floating and can change frequently.”
Looking Ahead
As we’re starting to see with smart wallets like Argent and Authereum, the mobile DeFi experience is quickly improving by the day. While Coinbase Wallets’s supported products are currently limited to lending, we only expect it to be a matter of time before additional integrations like DEXs, insurance and asset management tools become available as well.
In summary, 2020 is largely shaping up to be the year of enhanced UX and onboarding and wallets like Coinbase Wallet are doing a fantastic job at exactly that.
Today we integrated DeFi interest apps like @compoundfinance and @dydxprotocol directly into @coinbasewallet so anyone in the world can earn interest with just a couple of taps!
Here's why I'm really excited about this launch. /1 https://t.co/9sw2MAo7jv
— Sid Coelho-Prabhu | sidcoin.eth (@sid_coelho) March 25, 2020
To stay up on all things Coinbase Wallet, follow their official Twitter here.
Cooper is focused on building compelling blockchain products. He currently works as the managing director at Fitzner Blockchain Consulting and is a contributor to DAOs like MetaCartel and Moloch. He is an active member of the Ethereum community and has a strong interest in for-profit businesses such as The Block Crypto and Messari.
