How to Transfer Optimism Wrapped ETH from Coinbase Wallet to Coinbase and Cash Out

Finance

Six months ago, I did a few Coinbase Learn & Earn transactions and got a some Optimism-wrapped ETH coins out of it. The problem was the coins were stuck in my Coinbase Wallet. I kept getting errors trying to transfer them to Coinbase. Most often, I got a “Something went wrong” error. Another time, the transaction appeared to go through but then timed out and was dropped after 3 weeks.

Suddenly, today it worked. And it worked almost instantly. I’ll list the steps I did to extract the coins and cash out.

To transfer from Coinbase Wallet to Coinbase:

  1. Open Coinbase (not the Wallet). Click the Transfer button on top. Hit Receive Crypto (From another crypto wallet).
You must hit Transfer on top, not Buy & Sell, then hit Receive Crypto

2. On the next screen, select the type of coin you are transferring (in my case ETH), then select the Network (in my case Optimism).

3. Double check that you selected the right coin type and right network. Both the coin & network should match what you see in Coinbase Wallet. Then copy your crypto address from this screen to your phone’s clipboard.

4. Open Coinbase Wallet. Hit Send.
5. Max out your Optimism wrapped ETH to send it all.
6. Paste the OP-ETH crypto address you copied to the clipboard in Step 3, and hit Send.

If everything is successful, the send should complete within 15-20 seconds.

To cash out for the lowest fees:

  1. Using a Chromium-based browser, open your Assets page in Coinbase on your desktop.
  2. Scroll down to your Crypto and hit the 3 dots.
  3. Click Swap Crypto.
  4. Convert all to DAI.
  5. Temporarily switch your trading interface to Coinbase Advanced.
  6. Hit the Portfolio icon on the left.
  7. Select DAI.
  8. Select Sell on the right.
  9. Hit Max, then Sell DAI.
  10. Under your Profile, switch back to normal Coinbase, and go to Assets.
  11. Hit the 3 dots next to United States Dollars, and hit Cash out > Review > Submit. Funds will arrive in your bank account in about 5 days.

All this said, the hassle involved in these Coinbase Wallet based “quests” is too high to ever attempt doing anything with Wallet again. I just deleted the Coinbase Wallet app from my phone. The regular Learn & Earn quests though – those are easy enough to do and I’ll keep those up.

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