Mass adoption requires taking the complexity out of the DEX’s UX

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Crypto is becoming more and more popular, which means that all the derivatives that come with the web3 sector are also becoming more popular. While there is more news, regulation, government acceptance, and users joining the decentralized finance sector, there is a growing number of people who are intimidated by the complex nature of trading or using defi tools and are shutting them out. This is a natural friction that the sector will experience as it grows and matures.

We need to cater to several different types of users because their needs are so diverse.

Newbies: These people have been making headlines about crypto lately and are now eager to get involved. They can create their first wallet address or open an account on a centralized exchange. Degens: These are experienced users who are well versed in the defi experience. They often manage multiple wallets and maintain accounts on multiple exchanges. While they are comfortable with technology, they are looking for more efficiency in their operations.

There are many other types of users, such as Bitcoin Maxis, whales, traditional traders, and more. But for now, we’ll focus on these two main groups because many products and companies design their solutions to appeal to one of these groups, but rarely both.

For some people, the primary reason they are in web3 is the technical features available: pseudonymity, custody, decentralization, security, speed, smart contracts, and more. However, some people, usually beginners, enter the space to speculate on pricing, make quick transactions, or simply for the money, regardless of the fundamental value of the underlying assets.

This is like buying Ethereum and storing it on a centralized exchange, which ironically defeats the entire purpose of Ethereum’s existence. But in any case, Binance recently reached 200 million users because it built an easy-to-use app. It’s a prime example of a company that has created a product that prioritizes user experience over the technical implementations that Web3 and defi tools allow.

And that’s different than the average denomination who cares more about having custody of their own money. They have their own digital wallet and private keys. These are more secure, but with great custody comes great responsibility. With a centralized company like Binance, there is a customer support channel and employees who can help and guide you. However, with decentralized exchanges, if a user makes a mistake with a transaction or loses the keys to their digital wallet, nothing can be done. This is intentional by design. If an external party can access your crypto wallet, it undermines the entire decentralized nature of the industry.

However, the truth is that even the most experienced degens can find it clunky and buggy when it comes to navigating the web3 space. The question is, what happens when you want to convert a Polygon (MATIC) to Ethereum (ETH)? Or vice versa? Wrapped MATIC? It sounds like a workaround, not a final solution. Are you going to cross an arbitrary bridge? There are many bridges on the market, and some are slow, insecure, and too complicated to use even for experts.

More dApps need to be developed to improve the user experience for existing dApps. Proper design with robust security protocols is essential. This is the only way new dApps can compete in a relatively mature market. Better dApps also reduce friction, allowing beginners to get on the dApp faster, safer, and easier.

A prime example of this is the emergence of Telegram for dApps. The question that companies are trying to answer is how many crypto communities globally use Telegram for information, education, communication between smaller communities, queries, support, alpha, and more. So why do users abandon Telegram in the first place? Building games, dApps, and other tools on Telegram can make it easier and more convenient for users to interact with the web3 industry. This is a great example of prioritizing user experience without centralizing the entire process.

ChainSwap Founding Team

ChainSwap is a secure and user-friendly platform for exchanging, managing, and distributing digital assets across multiple chains. The asset bridge uses state-of-the-art security protocols and is built on the backbone of Chainlink’s Cross-Chain Interoperability Protocol (CCIP).