coinbase

hey @jessepollak @coinbasewallet pretty curious to know how this works too!

Introducing USDC rewards on Coinbase Wallet.

For the first time ever, earn 4.7% APY with USDC Rewards simply by holding USDC in your wallet onchain. https://t.co/bXWzZjGzWw

You are not actually "holding USDC in your wallet". 

The wallet just manages the private key to an account that has USDC. But you might have the same private key imported in 10 other wallets. So how does Coinbase actually determine for whom to give out rewards? 🤔

lukasschor.eth

@base builder #001; onchain cities w/ OAK & city3

The easiest and most secure crypto wallet and dapp browser. Your gateway to getting onchain. wallet.coinbase.com

hey @jessepollak @coinbasewallet pretty curious to know how this works too!

https://x.com/SchorLukas/status/1859543703158682014

Would it not just accrue to the wallet corresponding to your private key? Unless they're doing something funky that requires trust of their service and then it would probably gather in your account.

how would they know I’m using coinbase wallet tho - does my question make sense

According to this screenshot that I stole from X, it looks like you have to connect your wallet to Coinbase using some unknown method. Smart contracts maybe? I still don't know how those work in their entirety so I'm unsure. After the connection they'd be able to verify your holdings and pay out rewards accordingly.