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Coinbase Wallet Integrates Optimism for Low-Cost Transactions

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It is reported that Optimism, the Ethereum L2 network, announced on social media that the Coinbase Wallet has now integrated Optimism. The Coinbase Wallet will

Coinbase Wallet Integrates Optimism for Low-Cost Transactions

It is reported that Optimism, the Ethereum L2 network, announced on social media that the Coinbase Wallet has now integrated Optimism. The Coinbase Wallet will replace the ETH on the Optimism network with USDC, DAI, USDT or WBTC. The transaction cost of Optimism is relatively low (10 times lower than Layer 1 Ethereum), and users will receive 2 OP as a reward.

Coinbase Wallet now integrates Optimism

Analysis based on this information:


The Ethereum network has seen a significant increase in usage and adoption in recent years, leading to congestion and high transaction fees. In response, several Layer 2 (L2) solutions have emerged to address these issues, including Optimism. Optimism is an L2 scaling solution that aims to provide faster and more affordable transactions on the Ethereum network.

Recently, Optimism announced on social media that the Coinbase Wallet has integrated with their platform. The Coinbase Wallet is a non-custodial wallet that allows users to store, manage, and trade their cryptocurrencies. With the integration of Optimism, the Coinbase Wallet users can now make low-cost transactions with USDC, DAI, USDT or WBTC on the Optimism network.

Optimism has been designed to solve the scalability issues facing Ethereum by creating a separate blockchain that offloads transactions from the main Ethereum network. This approach reduces the load on the primary network, leading to lower transaction costs, faster transaction confirmation times, and increased throughput.

The integration of Coinbase Wallet into Optimism is significant because it provides millions of Coinbase Wallet users access to a scalable L2 solution. Additionally, the transaction cost of Optimism is relatively low compared to that of Layer 1 Ethereum, with the cost being approximately 10 times lower. This makes it an attractive solution for users who want more affordable transactions.

Furthermore, Optimism is offering a reward system to incentivize Coinbase Wallet users to use its network. Specifically, users will receive 2 OP tokens as a reward for making transactions on the Optimism network. OP tokens can be staked or used for governance within the Optimism ecosystem.

In conclusion, the integration of Optimism into Coinbase Wallet is a positive development for the Ethereum network. It provides a scalable L2 solution for Coinbase Wallet users, reduces transaction costs, and incentivizes more users to use the Optimism network. Overall, it is another step forward in the ongoing efforts to scale the Ethereum network and make it more accessible to users worldwide.

Reference:

https://optimism.io/optimism-and-coinbase-wallet/
https://blog.coinbase.com/optimism-coinbase-wallet-integration-d28c8a900a48

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