DeFi’s purpose is to create greater financial inclusion. That’s the core mission, to lower the barriers of access to wealth generation so anyone with the internet can participate.
How do we get a mother in Mozambique to be empowered and participate? She’s not looking to day trade and purchase a Lamborghini. She might be looking to seek passive income so she can afford to pay bills or put her children through school.
For her, the DeFi user experience needs to be easily accessible, and easily understandable. She should be able to access it from her phone via a simple app, and be aware of the different options available to her.
But so far, it is those with the time and resources to understand and access the underlying technology and new financial tools who are reaping the benefits.
This is a serious problem.
Web3 is on the horizon. Yet in its current form it won’t fulfil its promise or see mass market adoption unless these new technological ecosystems are simplified via stronger user experiences.
Web3 is on the horizon. Yet in its current form it won’t fulfil its promise or see mass market adoption unless these new technological ecosystems are simplified via stronger user experiences. Complexity is the enemy, intimidating newbies from giving DeFi a try, and deterring its rollout as a mass market phenomenon.
Simplification of decentralized finance products is the key. That will demystify complex propositions and attract more users to this space. That will stoke the opportunity to use DeFi to foster financial inclusion, more liquidity, and more innovation, especially with user experience.
The Future of Finance is Decentralized, But Only if UX is Prioritized
The best technologies work without most users ever knowing how, why, or that it is even there. You don’t need to know how your WiFi functions or how your Gmail sends an email. The iPhone removed buttons in a breakthrough that created a fully functioning one-screen computer operating system, ushering in a new paradigm in UX design.
Cryptocurrencies should follow a similar adoption curve.
But many user interfaces appear to be made by developers rather than product managers and UX designers. As a result, the complexities of the DeFi ecosystem requires an intricate understanding to access these products and is limiting mass adoption.
It is unrealistic to expect newcomers to easily understand a new world of digital asset trading when you ask them to record a number of random keywords to ensure their money stays safe. It is unrealistic to expect newcomers to confidently and safely custody and transfer their assets across chains and …….