πππ«πππππ’π¨π§ π₯π’ππ¬ π’π§ π¬π’π¦π©π₯π’ππ’ππ².
Web2 users wants a piece of the Ethereum cake.
The Ethereum blockchain seems to have problems onboarding those users.
What is the current state of web3 onboarding ?
What's the remedy for web2 users?
Introduction
Listen upβI messed up. I skipped an onboarding class because it was too long, complicated, and confusing and I paid the price. My negligence cost me $1,000 in Ethereum and some MATIC.
Hereβs what happened: Earlier today, I received a significant deposit of ETH into my digital wallet. But barely 8 minutes later, it was gone.
I know what youβre thinkingββShouldβve used a hard walletβ or βShouldnβt use a burner account for payments.β And youβre right.
I missed an onboarding session and lost my hard-earned money. Iβm not avoiding blame here. I failed. Despite being cautious, I wasnβt vigilant enough, and Iβm still grieving.
This experience made me realize how crucial a positive user experience (UX) and a simple, user-friendly interface are in Web3 onboarding. If youβve worked in blockchain development, you know that simplifying the onboarding process is essential.
What is User Onboarding - The Importance of Smooth Onboarding.
Before we dive deeper into Web3 user onboarding, let's clarify what user onboarding actually means. In simple terms, user onboarding is the process of helping new customers or clients get familiar with a product or service. Itβs all about making sure they understand how to use it and feel comfortable from the start.
Having a smooth and straightforward signup process is crucial. The last thing you want is for users to abandon your app before they even get started. And trust me, being a newbie in the crypto space right now is tough enough without any extra hurdles.
My personal experience underscores the importance of this.
User Onboarding in Web3
If youβve used Web3 apps before, you know they usually rely on Web3 wallets like MetaMask or WalletConnect to authenticate users. For those who already have these wallets set up, the process is fairly smooth. But for newcomers from the Web2 world, setting up a wallet and adding a browser extension can be overwhelming.
The onboarding process is the userβs first interaction with a crypto platform, and it can either be a gateway or a barrier. Current onboarding processes are fraught with complex verification steps, a bombardment of technical jargon, and a steep learning curve on wallet setup and management. To attract new users, platforms need to streamline these processes, minimizing the steps required to get started while ensuring security measures are not compromised. Simplifying language, providing step-by-step guides, and utilizing user-friendly interfaces can significantly lower the entry barrier.
Itβs important to remember that signing up is a key part of user onboarding. Unfortunately, most dApps donβt offer a very user-friendly onboarding experience. So, whatβs a more familiar method? Since most users are comfortable with Web2 applications, incorporating email and social login options in dApps could greatly improve Web3 onboarding. This approach is crucial for mainstream adoption of this innovative technology.
About The Ethereum Blockchain
You lashed yesterday!
Nobody angered you.
Navigating DeFi on the Ethereum network did!!
Navigating DeFi on Ethereum can be incredibly frustrating. After five years of interacting with the Ethereum blockchain, hereβs what Iβve discovered:
- Fragmentation: The Ethereum ecosystem is fragmented, making it challenging to manage and navigate the countless DeFi dApps out there.
- Complexity: Ethereum is difficult to understand, even for those with experience.
Let me break it down for you:
Ethereum is the most popular open-source ecosystem for building decentralized applications (dApps). It improved on Bitcoin's limitations by enabling smart contracts and other solutions. However, the complexity arises with Layer 2 (L2) solutions built on Ethereum to address specific issues like:
- High Gas Fees
- Slow Transaction Speeds
These L2s are designed to make Ethereum more efficient, but they also add layers of complexity that can be hard to navigate.
This is where it gets interesting...
The Ethereum Blockchain has over 60 active Layer2s, with more in development. This growing number has led to its fragmentation.
In a nutshell, it makes the blockchain difficult to navigate and interact, making it difficult for new users to get onboard and stay onboard.
Understanding the Challenges
- User Experience Inefficiencies: Bridging assets across different chains on Ethereum is often a difficult and time-consuming process. A friend of mine, whoβs new to crypto, tried using Ethereum for the first time this weekend. He played around with a DEX and even bridged to a Layer 2 (L2) solution. His conclusion? The user experience is horrible. Connecting to wallet extensions isnβt always straightforward, and signing messages is confusing.
- Liquidity Fragmentation: This fragmentation forces users to pay more in gas fees without enjoying the best rates available. The inefficiency is real, and itβs costing users time and money.
Hereβs how bad it is: 8 out of 10 people struggle during the Web3 onboarding process. After spending some time on Web3 TikTok, I recently came across something shockingβ99% of people hate Web3 and arenβt afraid to air their frustrations. The onboarding experience is a significant pain point that needs urgent attention.
The Problems with Web3 User Onboarding.
Change is never easy, especially when it involves something as personal and valuable as your assets. For a transition to occur smoothly, it must be simple, straightforward, and to the point. In the world of Web3, users expect to interact with blockchain applications as seamlessly as they do with traditional apps. They want a user-friendly experience where managing assets, performing transactions, and engaging with the Web3 ecosystem doesnβt require expert knowledge.
However, the reality often falls short of these expectations. Most decentralized applications (dApps) struggle to provide a user-friendly onboarding experience. Even if a platform does well in familiarizing users with its interface, it frequently fails to adequately serve newcomers to the crypto space.
Before we dive into potential solutions, let's take a closer look at some of the main challenges that plague Web3 user onboarding.
β Your Interoperability? More like quantum physics to most. Users find it difficult shuffling Dapps and blockchains.
β Too Many dApps: Simple tasks often require interacting with multiple dApps, overwhelming new users.
β Poor UX: Even something as basic as setting up a wallet can be intimidating for newcomers.
β Time-Consuming: Setting up a new wallet and installing its browser extension can be time-consuming, which discourages new users who arenβt willing to invest much time
Unfortunately. these pain points are undeniable and mostly cause high drop-off rates during the onboarding process. This paints a bleak future for new users in the system as they are faced with complex verification, technical jargon, and wallet woes; forcing them to simply abandon ship.
Unfortunately, this also retards the overall growth and adoption of cryptocurrency, hindering its potential to become a mainstream financial tool or acceptable legal tender in countries around the world.
This leads to the question of how to carry out a successful and seamless process of user onboarding in the cryptocurrency industry.
Strategies to Improve Ethereum Blockchain User Onboarding
1. One-Click Onboarding
Many people ditch financial apps because signing up takes too long or asks for too much personal info. To fix this, Web3 platforms should use one-click onboarding. This means users can get started quickly with just a few clicks, similar to signing in with Google or Facebook. Integrating with popular digital wallets can also make the process smoother.
2. Unified Ecosystem
Web3 needs to stop treating different Layer 2 solutions like separate islands. Instead, we should create a unified system that connects them all. Think of how Netflix brought all your favorite movies and shows into one place, making entertainment easy. Or how your smartphone combines calling, texting, and emailing into one device. By making Web3 services work together seamlessly, users will have a simpler, more integrated experience.
3. Simplify the Interface
The user interface (UI) should be intuitive and straightforward. Reducing the number of steps required to set up a wallet or make a transaction can significantly improve the onboarding experience.
4. Educate and Guide
Offering educational resources that explain the basics of blockchain and Ethereum can help demystify the technology. This could include video tutorials, FAQs, and step-by-step guides tailored for beginners.
5. Use of Simple Terms
They can also make the process simpler by using clear and concise language in their onboarding process. They have to ditch the technical jargon so new users can understand. They will also have to explain complex concepts in simple terms and avoid overwhelming users with acronyms.
Furthermore, the crypto industry has to create step-by-step guides and tutorials for users during each stage of the onboarding process from sign-up to their first transaction.
To crown it all, the crypto industry must ensure that they use intuitive, user-friendly interfaces for both wallets and platforms. Simplicity is key for users to navigate, find the information they need, and complete tasks effortlessly.
Conclusion
Ethereum's potential is vast, but its complexity can be a barrier for new users. By simplifying the onboarding process, enhancing the user experience, and providing clear guidance, we can boost Web3 user onboarding success rates. Making Ethereum more accessible will not only benefit users but also drive broader adoption of decentralized technologies.