Magpie: A New UX for a new DeFi
If you’re reading this you either already know or have at least heard that DeFi’s goal is to offer financial services to anyone with access to the internet.
No middlemen, no banks, no discrimination, open-source, low fees, fast transactions, and user-friendly. So far DeFi has managed to get to a point where many of these are becoming more and more of a reality than a dream, but the user experience (UX) is lacking.
How can we expect retail investors to join when it can take months or even years for current crypto investors and users to read and learn about wallets, different blockchains, yield farms, lending, borrowing, bridging, wrapping, etc. It’s all a lot to take in, especially as different chains each have their own advantages, disadvantages, and opportunities. Just as there are different credit card companies, banks, financial stock markets, phone brands, operating systems, you name it, there are options out there for everything.
Now imagine if you couldn’t interact at all between them or if you had to learn the ins and outs of each and every one of them in order to do so, it would be a terrible experience and most people wouldn’t bother, and it’s why many people pay professionals to handle their money.
In order for DeFi to be this idealized success in the future, or to be the future of finance, it needs to be easy to use. DeFi is about bringing opportunity and finance to regular people and now is a pretty good time to get the word out as a lot of people around the globe are losing money due to inflation. But if it’s not easy to learn or use, people just aren’t going to use it.
So here lies the issue of user experience and how difficult it is for most people to get into DeFi.
I’ve been in crypto since Bitcoin was under $1, so quite a while now, but was not involved in DeFi until a few years ago. I can say as someone incredibly interested in the technology and with some experience under my belt that it took me a lot of reading, asking questions, learning, and trying to find both individual people and communities I could trust to understand the basics of DeFi and how to use it.
A lot of people reading this may be similar, we’re here because we love the technology, what it offers, what it can do, the opportunities it provides, so we’re willing to put in that effort. There is a lot going on, which IS a good thing, but it can be a heavy topic to learn and navigate.
I’m sure we all know people who just lose interest when you try to explain it all. When it takes this much effort to both understand and learn how to use dApps and different networks, you can see why a lot of work needs to be done in order to help streamline both the usage of DeFi and its learning curve. Many people, including over 50% of Americans, according to a NBC news poll, are neutral or unsure on crypto and will need an easy UX to gain interest and help onboard them into DeFi.
With this in mind, you can see that most people just don’t have the time, interest, or energy to learn everything involved, so interfaces and dApps need to be designed in a way that are easy to understand, so that the barrier to entry is lessened and we can show these people just how great it is.
To provide this user experience for ALL users, dApps need to provide an easy-to-use and understand interface that does the work for the users behind the scenes, cutting out all the research and time figuring things out. Making these changes and doing the most of the work for users, while keeping to DeFi’s goal of being non-custodial, decentralized, and available to all, will go a long way in helping new and existing users to join DeFi.
This is where Magpie Protocol excels, in its UX and UI (user interface).
We’ve gone over in the past how our protocol is going to save you time and money and when you combine this with our interface, it results in a great user experience that I would’ve loved to have had when I first started in DeFi. I could’ve saved a lot of time that I spent trying to figure out which DEX I needed to go to, where to bridge, and comparing swaps on different exchanges trying to find which one had the lowest slippage so I could get more for my money.
At Magpie, we wanted to help everyone realize this potential of DeFi, to soar above the past and over the trenches of months upon months of learning the ins and outs of everything. We’ve done a ton of the research and learning for you, implementing all that knowledge into the protocol, so that you don’t have to. That’s what makes Magpie such a great experience, it cuts out the unneeded time wasting involved in a lot of DeFi.
Do you want an amazing deal on a token? Magpie finds it for you across hundreds of exchanges and the top blockchains.
Do you want to bridge your assets over to a new network? Magpie does all the work behind the scenes to get your assets to the new network in minutes. No longer will you be linked to eight different bridges and needing to learn each one to get to your destination.
Do you want an easy-to-use interface that is self-explanatory? Just take a look at ours, it doesn’t get any easier:
