Crypto users can now transfer USDC for free using Coinbase’s new layer-2 network, Base.
In an apparent move to drive the adoption of its new layer-2 network, Coinbase has enabled a new functionality that allows users to transfer USDC for free. The functionality is available on the Coinbase Wallet app under Simple Mode.
The Simple Mode feature aims to simplify the onboarding and user experience for newcomers, with Coinbase’s newly launched interface focusing mainly on buying, selling, and transferring crypto assets. Advanced functionalities such as staking and DeFi are unavailable to users in the simple mode.
According to Coinbase CEO Brian Armstrong, the Simple Mode interface, which supports free USDC transfers on the Base network, will automatically become the default option for users in “frontier markets.”
Hence, first-time users will not contend with the high fees of transferring USDC on Ethereum, the default option on the native Coinbase Wallet app. Given the current block demand, users may pay as much as $1.31 to transfer USDC but will have the option to do so for free and instantly on Base.
Coinbase Wallet now has a simple mode that focuses on payments. For instance, it lets you send USDC on Base free, instantly, globally.
We'll try experimenting with this as the default mode in frontier markets for easier onboarding. People can always flip to advanced when ready. https://t.co/SeANlDYy6e
— Brian Armstrong ?️ (@brian_armstrong) December 12, 2023
Coinbase Boost Base Adoption
Beyond its stated desire to simplify the user experience, Coinbase’s latest features tie into its broader mission to drive the adoption of its Base network. Coinbase (the exchange) boasts over 100 million verified users, with the Coinbase Wallet being one of the most widely used Web3 wallets.
Coinbase has publicly revealed its intent to leverage its wide audience to make Base Network one of the most used blockchains globally. Interestingly, the layer-2 network built on Ethereum has achieved early success with Coinbase’s backing.
Base is currently the 10th largest chain by DeFi TVL, with over $365 million locked across protocols on the network. Earlier this week, Coinbase listed the first Base-based token, Seam, as part of an effort to attract more users to its ecosystem.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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