Just two months ago, taking a loan out against your crypto was “how the rich people do it.”
Now, with my portfolio down 90%, my loan collateral topped up and no dry power left to slurp the dipperino, there’s literally nothing left to do but wait.
For new entrants there are countless situations where it’s not clear what’s happening. Communication is poor, basic functions are not smooth, expensive mistakes are easily made and trust is easily lost.
We have about a year before the next bitcoin halving/ bull cycle in which to alleviate this pain.
To that end, I’m writing a series on the crypto product areas I think are in most urgent need of attention.
This one will focus on decentralized applications (dApps).
Let’s get into it.
1. Connecting
Usually the most important CTA on any dApp is the Connect Wallet button.
But with the constant stream of news about crypto scams and hacks, people are understandably anxious about losing their assets by accidentally connecting to the wrong dApp.
Currently, no dApp that I’m aware of does anything to help allay that fear and instill trust.
Low hanging fruit 🍊
Let’s improve this situation by communicating some information about the platform that might help people feel safer about connecting.
Such as:
A short blurb on what permissions the dApp will be requesting
A link to the contract audit
Some additional social proof
2. Confirmation screens
Like other banking and finance apps, dApps that facilitate transactions provide a confirmation screen which summarizes the details of the desired action and asks the user to confirm.
More often than not, these screens completely miss the mark.
Unless you’re a crypto developer, you probably don’t understand jargon like GWEI and Royalties.
These terms are confusing at best. At worst, they make users feel like they’re getting mugged by hidden fees.
Feature tweak 🔧
Include the specific action in the title, put the most important information at the top and include the maximum amount of detail underneath.
Use human friendly labels
Show the local currency value as well as crypto value
Use tool tips to explain key concepts
Have an option to subtract the fees from the total (recipient pays fees)
Estimate how long it will take based on network congestion
Have an option to add an email address to receive a transaction summary
We don’t need to eliminate the jargon completely, but use this opportunity to educate people on crypto terms.