There are a lot of individuals who are unsure about crypto or where to start. These individuals are prone to making early mistakes, whether it be with investments decisions, wallet security, or just figuring out where to start. We view Coinbase smart wallet as a perfect entry point for these users, as it gives them a crypto experience that's similar to what they feel when using something like Apple Pay. In addition, we hope to give users a positive first experience on the transition to passkeys, and not having to download anything.
Our platform incentivizes these new users by giving them free tokens just for making a smart wallet. By connecting the wallet, and verifying a social media (either Twitter or Farcaster), these users can claim tokens from communities running promotions. As a bonus, they aren't even required to have any eth in their wallet as we are using Paymaster to subsidize gas fees.
On the other end, this is also a huge tool for emerging communities -- including memes and new projects. Using this tool, they can onboard thousands of users at no cost to join their community and give it a chance. Growth from outside the cryptosphere is tough, and we feel that this can bring in many users for projects. We anticipate that games and memes can use this as a major onboarding tool to get new individuals to check things out.
Once onboarded to the smart wallet, these new users will have a much easier time joining the wave of new projects that are coming to the Base and overall EVM ecosystem over the next year.
Social verification was the most difficult challenge in this project and merging it with the onchain contract. Navigating the APIs as well as creating a quick and solid batch system to verify addresses was difficult. Farcaster was signficantly easier than X, and it really showed the potential of the platform given the difference in simplicity and restrictions in using the API.
To get over the issue, we ended creating a batch function, which allows us to approve multiple addresses for different contracts all at once. We combined that by creating a simple database that updates and processes these pending verifications, which we do on chain.
In the future, we see the opportunity for potential onchain social oracles, that allow for easy embedding of Farcaster data into smart contracts themselves.
Tracks Applied (3)
SOCIAL with Farcaster
Cheering for a project means supporting a project you like with as little as 0.0025 ETH. Right now, you can Cheer using ETH on Arbitrum, Optimism and Base.
Discussion