Coinbase’s smart wallets have crossed the 1 million users threshold, according to on-chain analysis, and there is a dramatic surge in new accounts tied to the rollout of Coinbase’s newly rebranded base app. Dune-based data shows the creation of a total of 1,074,277 smart wallet accounts, with around 270,000 people created on August 16 alone, the second largest one-day jump on record. Basic account deployments account for nearly 279,000 new accounts, roughly 25.9% of the total.
The timing is no coincidence. Coinbase rethinks its rethinking “all” wallets in mid-July, stacking social features, mini apps and native payments over existing wallet products. The company positions Base as a one-stop mobile experience that converts existing Coinbase wallet users into base accounts and routes new onboarding by default via new onboarding, helping to accelerate account creation in August.
The on-chain dashboard recorded the adoption step changes. At the beginning of August, the report pointed to a huge weekly profit as upgraded wallets and invitation campaigns encouraged new users to create smart wallets. By the beginning of the month, some outlets had already reported totals to hundreds of thousands as momentum had accumulated. The mid-August spike, ~270k, daily increase, stands out as a rare acceleration compared to the slow weekly growth that characterizes part of 2024 and early 2025.
Why is it important?
Smart wallet products are designed to remove some traditional onboarding friction, passkey and account assistance signatures, account abstraction features, and easy interactions with on-chain apps. This makes it attractive to mainstream users and app developers. The combination of base app social feeds, payments (including base pay and on-chain USDC), and developer-friendly plumbing creates multiple paths for new users to open smart wallets rather than standard, externally owned addresses. That mix appears to be driving a rapid increase in new accounts.
Coinbase’s base app rollout provided a clear growth catalyst for smart wallet adoption, pushing up total accounts beyond the 1 million mark, creating one of the largest daily creation spikes on record. Whether new users will be converted to long-term active wallets remains an open question, but for now, Coinbase has regained headlines with a rapid and visible increase in the adoption of accounts on the chain.
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