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Coinbase: Direct access to DeFi on ETH with the app!

Coinbase unveils its new Web3 application that allows certain users to access dapps on the Ethereum network (ETH).

Coinbase unveils a new Web3 application that allows users to access Ethereum DeFi (ETH) dapps. In other words, Coinbase users will be able to use and access decentralised applications (DApps) on the Ethereum network such as OpenSea and Uniswap.

According to recent studies, it is estimated that the vast majority of the world’s 295 million crypto investors use centralized exchanges. Indeed, it has been estimated that only 4.3 million ETH addresses interacted with a DeFi protocol, which is equivalent to about 2% of the number of active investors. There are various reasons for this. The first could be that many users are not comfortable with DeFi protocols even though the base is a CEX.

It is against this backdrop that popular crypto exchange platform Coinbase is launching a new application that will certainly increase the number of users on eéla DeFi Ethereum (ETH) DApps. Coinbase has spelled out the details of its project on its blog, which we invite you to check out. First, the company points out that there has been a real explosion of interest in web3 and dapps, including NFTs, decentralised finance (DeFi) and decentralised autonomous organisations (DAO), since last year. This is evidenced by the impressive figures for DeFi investments on the Ethereum blockchain (ETH) which have grown to over $110 billion in the US while NFT sales have reached over $30 billion since last year.

From these figures, Coinbase seems to have sniffed out the interest, which can grow even more than it already has, in these nascent fields. Especially since many innovative applications are emerging every day, confirming that this is just the beginning.

New Coinbase Web3 application with integrated DeFi

Logically enough then, Coinbase has rolled out new Web3 application features. Rishi Dean, Coinbase’s Director of Product Management, says that with this new application eligible users will be able to: trade non-fungible tokens (NFT) on exchanges like Coinbase NFT and OpenSea, trade on decentralised exchanges (DEX) like Uniswap and Sushiswap but also access lending or exchange services on DeFi platforms (Curve, Compound).

In addition, a new DApp wallet will be used to exchange funds. This wallet will have a co-custodian configuration, which means that the company will hold the private key to the wallet (as will the user). The features employed ensure security and privacy. All this means that if you lose the private key of the Dapps wallet, you will be able to recover it from Coinbase.

As for the new DApp browser, it is currently planned to be available in the US, to certain eligible users and on Android. This limitation should not last, as the Coinbase platform aims to extend these new services to all its users.

“Nous voulons permettre à tout le monde de participer à web3 de manière transparente et en toute sécurité, et le lancement d’aujourd’hui est une nouvelle étape sur ce chemin. Nous déployons le nouveau portefeuille et le nouveau navigateur de dapps aux États-Unis sur Android d’abord à un petit sous-ensemble d’utilisateurs, et nous prévoyons de l’étendre à tous les utilisateurs et à toutes les plateformes bientôt. Restez à l’écoute !”

Press release on the Coinbase blog
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