5 Repeated Usability Issues in Defi and How to Fix Them
Recently, we wrote about the key ingredients needed to build a successful DeFi product, with a specific focus on the Discovery Phase. We covered Problem Identification, Product Vision, creating a full User Persona and the value of carving out effective customer journeys. Today we wanted to approach the subject of DeFi product success from another angle, namely by looking at some of the major usability issues that plague the industry, and to give you helpful tips on how to avoid them, or fix them if they’ve already occurred. Even small fixes can significantly improve the overall user experience when it comes to DApps.
User research should form the core of your process
Before we start we should highlight that whatever design challenges stand in the way of building any product the research should form the core of the process. Learn your user, find their pain-points and address them accordingly.
1. Educate the user
The best products are the ones that need no or little explanation. However, the world of defi is filled with new concepts and it takes time to grasp them all. Luckily, there are a few solutions which can provide new users with a smooth transition. Let’s begin with onboarding.
Onboarding is a process of teaching the user about the technology, advantages, and risks when using a specific dApp. It gives just enough information to start using a product. The solution that seems to be obvious in traditional financial products is often omitted in defi. This might be a remnant of the time when only early adopters were interested in decentralized finance solutions.
Coinbase brings one of the most interesting ways of teaching the user new concepts. With their Learn and Earn feature, the user can learn more about some of the most popular cryptocurrencies through digestible presentations and animations, after which they are challenged with a quiz. When the answer is correct the user is rewarded with a small amount of crypto they have just learnt about.
Despite the fact that FAQ pages have a bad reputation and are a synonym of bad customer service they could provide necessary help in the context of defi. A well written copy and step-by-step explanations of even the simplest features can improve the overall experience.
Crypto.com offers a comprehensive introduction to their products as well as a wider look into the world of cryptocurrencies.
Testnets are a great opportunity to dive into defi. Decentralized exchange DYDX allows their users to test their skills in using DEXes with their testnet. AFter connecting their wallet the user can practice crypto trading without the fear of losing any funds.
2. Help with complex wallet addresses
One of the main issues that new users report when downloading or buying their first wallet is the length of wallet addresses. They are impossible to memorize and consist of random digits and letters. What’s more, they are far away from what users are used to with email or website addresses in web 2.0
To help the user remember the addresses a dApp can introduce an abbreviated address that is more user-friendly. It should also be possible to easily copy the address with a single button and share it with a QR code.
A popular Solana wallet, Phantom, has introduced a few options to solve complex wallet address issues. The user only sees the beginning and the end of the wallet address making it easier to remember and manage. Phantom also allows users to edit their wallet names, and copy the addresses by tapping it or presenting QR codes.
Blockchain, as a new technology, can’t be an excuse for poor user experience. Let’s not waste years of research in web 2.0 but instead try to build on that experience and create meaningful solutions in defi.
The last possible solution is to inform the user about ENS (Ethereum Name Service), a naming system for Ethereum blockchain whe users can create their personalized addresses, much like website addresses and use them to point to their crypto wallets.
3. Be clear about the account recovery process
More freedom in defi means more responsibility for the actions being taken, and that is no different to responsibility for your own funds. Decentralized systems are different from traditional financial systems. If you lose your wallet, you are the only person that can recover it and you need recovery phrases that are usually 12 or 24 words long to do it. However, it has been reported that some users either lose their seed phrases or not save them at all in the first place, making it impossible to recover access to their wallets.
The most popular Ethereum wallet, Metamask, gives extensive information about recovery phrases and security. Before you even use the wallet you will have to watch a video on how to navigate safely in the defi world.
There is also a question of accessibility problems, as the recovery process is western-centric, with mostly English words being used as seed phrases, although there is progress with adding new languages to the pool.
4. Eliminate the jargon
The design should reflect the user’s language with the use of words that are familiar to them. While getting to grips with DeFi products, many new users are overwhelmed with a plethora of industry-specific terms. The easiest way to avoid confusion and make the user feel at home is to mimic existing microcopy patterns that users know from web 2.0.
Rarible, a popular NFT market, gives a good example of how to bridge the gap between traditional and decentralized solutions. The site has recently changed a copy on their buttons from “Connect wallet” to “Sign in” and from “Mint” to “Create”. In the bigger picture, nothing changes with connecting your wallet or minting a new NFT, but because of the familiarity of the language new users can feel at home.
5. Introduce more feedback
The design should always keep users informed about what is going on, through appropriate feedback within a reasonable amount of time. Customers are used to instant transactions and feedback but with blockchain things work differently. Transfer time depends on currency, network congestion, and fees that come with every transaction. These are new patterns for users and therefore it is extremely important to provide them with as accurate feedback as possible on the status of their payments. The problem is that the payment verification process can take minutes or even hours and during that time new users may be worried if they did something wrong or lost their funds. The best way to lower anxiety level in the user would be to provide a progress indicator, a clear transaction status and estimated wait time for each transaction. The user should also be sent push notifications or an email when the transaction is successful or not.
It’s all about clear, consistent communication with the user
Take heed of the above five recommendations, and you’ll be well on the way to user satisfaction with your DeFi product. In summary, it mostly comes down to meeting the user where they are; understanding their level of knowledge and their motivations, and speaking their language.
Are you looking for design advice for your crypto product?
Get in touch with us for a free consultation. You can get in touch with our Account Executive Edgar on edgar.czop@10clouds.com or +48 530242971.
