Coinbase CEO Brian Armstrong recently announced that there will be significant news coming from the US-based crypto exchange. Armstrong acknowledged a problem with the User Experience (UX) of Coinbase’s main app for Non-Fungible Tokens (NFTs), decentralized applications (dApps), and Layer 2 solutions (L2s). He expressed the need to improve these experiences and encouraged users to provide feedback to identify areas for improvement. This suggests that Coinbase’s app interfaces, particularly its wallet app and Web3 and Layer 2 services, will undergo revamping in the future.
Coinbase has recently launched its Layer 2 solution called Base, which is built on the Ethereum Blockchain. Despite high fees for on-chain transactions, there has not been a significant increase in Layer 2 transactions. The difficulty in using crypto tools for most people is a barrier to adoption. Simplifying the user interface of these tools would greatly benefit mass adoption. Base has already achieved over 600,000 transactions per day on its blockchain, but the number of registered addresses is relatively low, indicating repetitive transactions.
In the coming months, Coinbase’s apps may incorporate features related to Base, such as using it as a Layer 2 solution for lower-cost transactions of Ethereum or stablecoins like USDT. Although no other new features have been announced, Armstrong hinted that the Development team is working on them.
User experience is crucial for the mainstream adoption of cryptocurrencies. Coinbase was initially designed to make it easy for anyone to enter and operate in the crypto space, targeting retail users. However, over time, Coinbase expanded its services to include institutional investors while still maintaining a focus on retail users. During bull runs, the influx of inexperienced users highlights the need for easy-to-use and intuitive tools.
Coinbase was founded in 2012 and initially focused on Bitcoin. It later added other cryptocurrencies and opened up to users globally. During the 2017 bull run, Coinbase played a significant role in introducing people to crypto markets. In recent years, Coinbase shifted its focus to institutional services. With new opportunities in the US Market, Coinbase aims to attract retail crowds during future bull runs.
The upcoming innovations from Coinbase remain to be seen. It is unclear whether they will only offer superficial improvements or genuinely make it easier for inexperienced and new users to navigate the crypto space..
#News #Coinbase #crypto #exchange #improve
Coinbase has recently launched its Layer 2 solution called Base, which is built on the Ethereum Blockchain. Despite high fees for on-chain transactions, there has not been a significant increase in Layer 2 transactions. The difficulty in using crypto tools for most people is a barrier to adoption. Simplifying the user interface of these tools would greatly benefit mass adoption. Base has already achieved over 600,000 transactions per day on its blockchain, but the number of registered addresses is relatively low, indicating repetitive transactions.
In the coming months, Coinbase’s apps may incorporate features related to Base, such as using it as a Layer 2 solution for lower-cost transactions of Ethereum or stablecoins like USDT. Although no other new features have been announced, Armstrong hinted that the Development team is working on them.
User experience is crucial for the mainstream adoption of cryptocurrencies. Coinbase was initially designed to make it easy for anyone to enter and operate in the crypto space, targeting retail users. However, over time, Coinbase expanded its services to include institutional investors while still maintaining a focus on retail users. During bull runs, the influx of inexperienced users highlights the need for easy-to-use and intuitive tools.
Coinbase was founded in 2012 and initially focused on Bitcoin. It later added other cryptocurrencies and opened up to users globally. During the 2017 bull run, Coinbase played a significant role in introducing people to crypto markets. In recent years, Coinbase shifted its focus to institutional services. With new opportunities in the US Market, Coinbase aims to attract retail crowds during future bull runs.
The upcoming innovations from Coinbase remain to be seen. It is unclear whether they will only offer superficial improvements or genuinely make it easier for inexperienced and new users to navigate the crypto space..
#News #Coinbase #crypto #exchange #improve
