Coinbase’s Smart Wallet has crossed the 1-million user threshold, according to on-chain analytics, with a dramatic surge of new accounts tied to the rollout of Coinbase’s newly rebranded Base app. Dune-based data shows total Smart Wallet account creations at 1,074,277, with roughly 270,000 of those created on August 16 alone, the second-largest single-day jump on record. The rollout of Base Account accounted for nearly 279,000 new accounts, roughly 25.9% of the total.
The timing is no coincidence. Coinbase unveiled the Base app, a reimagined, “everything” wallet that layers social features, mini-apps, and native payments on top of its existing wallet product, in mid-July. The company has positioned Base as a one-stop mobile experience that converts existing Coinbase Wallet users into Base Accounts and routes new onboarding through the Base app by default, which helped accelerate account creation in August.
On-chain dashboards recorded the step-change in adoption. Earlier in August, reports noted big weekly gains as the upgraded wallet and invitation campaigns pushed new users to create Smart Wallets; by the start of the month, some outlets were already reporting totals in the high hundreds of thousands as momentum built. The mid-August spike, the ~270k single-day increase, stands out as a rare acceleration compared with the slower weekly growth that characterized parts of 2024 and early 2025.
Why it Matters
The Smart Wallet product is designed to remove several traditional onboarding frictions, passkey and account-backed signing, account abstraction features, and easier interactions with on-chain apps, which makes it attractive for mainstream users and app developers alike. The Base app’s combination of social feeds, payments (including Base Pay and on-chain USDC), and developer-friendly plumbing creates multiple paths for new users to open a Smart Wallet rather than a standard externally-owned address. That mix appears to be driving the sharp uptick in new accounts.
Coinbase’s Base app rollout has provided a clear growth catalyst for Smart Wallet adoption, pushing total accounts past the million mark and producing one of the largest single-day creation spikes on record. Whether the new users convert into long-term active wallets remains an open question, but for now, Coinbase has reclaimed headlines with a fast, visible increase in on-chain account adoption.
