Many networks, one wallet
The surge of interest in crypto this year has sparked many positive developments, but it also has exposed some of the pain points associated with scaling. High network fees and longer processing times on the most popular blockchains are major hurdles for continuing to grow the use of crypto around the world.
Fortunately, there is a lot of activity within the crypto community that aims to address today’s scaling issues. Layer 2 solutions, sidechains, and Layer 1 networks that are compatible with the Ethereum Virtual Machine (EVM) are playing a vital role in helping Ethereum scale, making it more affordable and efficient to trade crypto, buy NFTs, or borrow from a liquidity pool.
And these networks are becoming more and more popular. Over the past 60 days, we have seen a 300% increase in the number of daily Coinbase Wallet mobile users who switch their active network at least once. This means that users are increasingly using Coinbase Wallet to access dapps, including DeFi, gaming, and NFTs, on networks that may offer lower network fees and faster transaction times.
But more networks can mean more work for the user. Having to keep track of token balances split across multiple networks and manually switch between networks to access dapps and crypto experiences makes for a prohibitively complex user experience.
Coinbase Wallet is making it easier than ever to enjoy the benefits of these networks without the hassle or headache. In both the mobile app and desktop browser extension, Coinbase Wallet will now show your token balances across all supported networks in one simple, unified view. In addition to assets held on the Ethereum mainnet, Wallet will display tokens on the Arbitrum, Avalanche, Binance Smart Chain, Fantom, Optimism, Polygon, and xdai networks.
To round out our scaling updates for 2021, we have also added support for EIP-3085, which allows dapps to suggest a specific network to the user. When a dapp wants to suggest a network that differs from the user’s current network, Coinbase Wallet will ask the user to confirm the switch. This removes the guesswork of picking the right network and cuts down the number of steps it takes to change between networks — with just one tap on mobile or one click on desktop, your wallet will be ready to go.