Web 3.0 is the next generation of the internet focusing on decentralization. In this new internet landscape, UX is becoming increasingly important due to the complex nature of cryptocurrencies and other DeFi products. This article will explore how great Web3 UX design helps drive mass user adoption.
Challenges of Crypto Wallets in User Adoption
The popularity of cryptocurrencies continues to increase compared to what was the case a few years ago. However, crypto products are facing user adoption challenges that are not precedent in traditional financial markets, placing barriers for cryptocurrencies, wallets, and other Defi products to be widely adopted by mass retail investors.
The general public still has questions about how to manage trade and consume their crypto assets in their daily life. For instance, users may not understand how to establish their token custody and securely store their private keys, as they have long relied on the bank to store and protect their assets. If crypto wallet users have no idea what is behind each step and protocol, they may be burdened with additional risks of using the DeFi products. How should Web3 product designers and developers solve these problems?
Understand DeFi Customers’ Behaviours
Understanding customers’ behaviors and mental models are critical in creating crypto with the UX loved by your existing and potential customers. Crypto designers should also pay attention to the habits of the masses not using adopted crypto products.
A Crypto app or wallet shouldn’t be fundamentally dissimilar to a banking app because we want the user to feel more familiar with and quickly navigate all the asset management and trading features.
On the other hand, studying the mental models of target customers helps you design the best crypto UX. Are they treating cryptocurrencies as an alternative investment to stocks? Are they using crypto wallets for daily consumption? Are they using it to store and move money across borders? UX researchers must deeply understand these questions to achieve healthy product growth and retention.
Good UX Helps Crypto Wallets Build Trust
Although cryptocurrency has been widely spread among tech enthusiasts and pioneering investors for over a decade, it is still alien to many traditional bank customers. People need transparency and a sense of security to understand that their money’s value is secure when stored in a crypto platform, whether a crypto exchange or a cold wallet.
New customers must understand hot and cold wallets, secret phrases, and how decentralized platforms work to get into crypto. Therefore, the UX design of crypto wallets requires education around new infrastructure. It requires optimization in the overall UX, which is more fundamental than just a UI change in a crypto wallet. Crypto designers, developers, and product managers will have to educate users through designing a top UX around the onboarding journey, UI of trading functions, documentation, and customer support.
Crypto product designers are expert users, but many are newbies, and their learning curves are steep. We cannot assume all users can figure out and solve problems themselves. If you try to inform new customers that they are solely responsible for their crypto assets, and losing a secret phrase will lead to a total loss of their life savings, it will discourage them from becoming more active users. Therefore, good UX of the crypto product requires the best way to onboard novice users and help them build trust in your products and services.
Regarding customer support, customer success teams of crypto platforms are constantly flooded with messages and emails from customers with issues on digital experience in all industries. Clear, transparent and explainable UX design will help reduce the support team’s pressure.
Whether creating crypto or non-crypto products, remember that successful UX design helps users navigate a platform effortlessly. Seamless user experience in a crypto wallet makes users feel safer transacting on a platform. It will ultimately determine whether they become your loyal users or leave searching for simpler alternatives.