In the volatile bear market where cryptocurrency’s survival is questioned almost daily, there’s a silver lining: signs of its increasing acceptance are emerging weekly. Once consigned to the peripheries of mainstream discourse, dominated by negative narratives, crypto has become a significant theme in political life in the U.S. and elsewhere.
Yet, for many new to this realm, getting to grips with the technology remains a significant barrier. The intricacies of buying, storing, and managing digital assets through a crypto wallet can often be daunting. To gain a deeper insight into the state of play in wallet development, we spoke with one of our advisors, Jack Rousian.
Jack said, “The first step is truly understanding who these users are. What are their pain points, unmet needs, and frustrations? It’s vital for product and design teams to go out in the real world and talk to customers and conduct thorough UX research. Every idea we conceive carries a set of challenges, like notes in a symphony. But when you truly listen, you can hear the melody that weaves them together.”
Too many projects in the space today, he noted, fail to pay enough attention to the importance of user feedback. This omission is particularly glaring in wallet development and needs to change if the space will successfully onboard significant numbers of new users.
Jack characterizes these as “Individuals new to the crypto and blockchain space, likely overwhelmed by the technicalities. They are seeking a wallet solution that’s simple, intuitive and doesn’t require a deep understanding of blockchain terminology. For example, many novice users find it difficult to understand “how to borrow USDC” in Web3.”
But in the quest to simplify, there’s a risk. Prioritizing only the novice can alienate the seasoned user. By doing so, products risk limiting their potential user base and losing out on retaining users as they mature in their crypto journey. To overcome this, Jack explains it’s essential to fully understand each level of user’s skills, needs, and pain points.
He describes intermediate users as those with “some familiarity with cryptocurrencies and might have transacted a few times. They require a balance of functionality and ease of use. Features like token swaps, staking, and multi-chain support matter, but not at the cost of complexity.”
Jack considers advanced users to be “well-versed users who are comfortable with most Web3 wallet features but still appreciate efficiency, streamlined processes, and advanced functionalities.” Adding, “Only with this profound understanding of our target audience can we begin to tailor a wallet solution that genuinely addresses their needs and makes the experience more user-friendly.”
Those familiar with conventional Web2 offerings will naturally seek analogs in the Web3 sphere. This trend hasn’t gone unnoticed. Tech giants like Meta, X, and Apple are swiftly venturing into crypto integrations, keen on retaining users within their ecosystems. They understand the psychology of users’ needs and expectations, and if Web3 projects fail to understand this, they will quickly be outpaced.
Staying ahead of this, Jack explains, “Understanding the nuances of users’ pain points is pivotal in designing a user-friendly Web3 wallet. By addressing these underserved areas, we’re positioning ourselves to bridge the gap between user expectations and the current state of wallet offerings.”
He describes the following as essential areas to address in bridging this gap: smooth and simple onboarding, ease of financial transactions, versatile loan mechanisms, versatile asset lending, interoperability, security concerns, and transaction clarity.
He adds, “Incorporating solutions to these underserved needs, particularly around lending functionalities, will cater to user demands and position the wallet to rank better for these highly searched keywords.”
Jack’s wealth of experience and insight into wallet development goes far beyond what we can summarize in one article. We’ll share more of his insights into interoperability and the delicate balance between security and ease of use next month.
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