Coinbase Smart Wallet is a newer kind of crypto wallet that doesn't use seed phrases. Instead, it uses passkeys and biometric authentication to keep your funds secure. For many people, especially those new to crypto, it's the simplest way to get started with Moonwell.
What is a Smart Wallet?
A smart wallet is a blockchain account secured by modern authentication rather than a written-down seed phrase. Instead of memorizing or storing a long recovery phrase, you authenticate with your fingerprint or face, the same way you unlock your phone or sign in to an app.
This removes one of the most common pain points in crypto: losing a seed phrase usually means losing access to your funds. With a smart wallet, passkeys are backed up to your device's secure storage instead.
Key Benefits
No seed phrases to write down or lose. Passkeys are backed up to your device's secure storage.
Biometric authentication. Use your fingerprint or face recognition instead of passwords.
Cross-device access. Your passkeys work across your phone, tablet, and computer.
Gasless transactions on Base. Transactions are free or nearly free on the Base network.
Familiar experience. It works much like the web logins you already use.
How to Create a Smart Wallet
Go to moonwell.fi.
Click Connect Wallet in the top right.
Select Coinbase Wallet/Base Account from the list.
When you're asked whether to create a new account or use an existing one, choose Create account.
Set up a passkey. This secures your wallet using biometrics or your device's authentication method.
Complete the passkey setup on your device.
You're done. Your wallet is now created and connected to Moonwell.
How to Connect an Existing Smart Wallet
If you already have a Coinbase Smart Wallet:
Go to moonwell.fi.
Click Connect Wallet in the top right.
Select Coinbase Wallet/Base Account from the list.
Choose Sign in.
Follow the authentication prompts using your passkey or biometrics.
Your wallet is now connected to Moonwell.
Getting Started With Your Smart Wallet
Once your wallet is connected, you can start using Moonwell right away.
Supply Assets
Click Lend in the top navigation bar and find an asset you want to supply.
Enter the amount you want to deposit.
Click Supply.
Review the transaction details.
Authenticate with your passkey or biometrics.
Your assets are now supplied and earning interest.
Withdraw Assets
Click Withdraw on the same page you supplied.
Enter an amount you want to withdraw.
Click Withdraw.
Authenticate with your biometrics.
Your assets are returned to your wallet.
Claim Rewards
Go to any market page or your Portfolio.
Look for pending rewards.
Click Claim.
Authenticate with your biometrics.
Your rewards are transferred to your wallet.
Gasless Transactions
On the Base network, many transactions are gasless or nearly free, so you don't pay transaction fees. Just authenticate with your passkey and you're done. This pairs well with using Moonwell on Base, where fees are already low.
Keeping Your Smart Wallet Secure
Keep your device's screen lock and biometrics enabled, since they protect your wallet.
Make sure your passkeys are backed up to your device's secure storage so you don't lose access.
As always, be cautious of sites or messages asking you to authenticate unexpectedly.
Frequently Asked Questions
What happens if I lose my device?
Passkeys are backed up to your device's secure storage and can sync across your devices. Keep at least one trusted device with access, and follow Coinbase's recovery guidance.
Is a smart wallet safer than a regular wallet?
It removes the risk of losing a written seed phrase and adds biometric protection. As with any wallet, your overall security still depends on keeping your devices secure.
Can I use a smart wallet on networks other than Base?
Smart wallet features like gasless transactions are tied to Base. Availability on other networks can vary.
More Information
For additional help with Coinbase Smart Wallet, visit Coinbase's documentation.