How we make onboarding the everyday user a complete success.
Tailoring DeFi for Everyone
Today, we welcome you to Part 1 of a 3-part series, to give you our thoughts on the creation of the UI. Whether you’re a returning reader or joining us for the first time, we’ll open your eyes into how we tailor financial solutions to the “everyday user”.
Table of Contents
- Recap of Our Target Group
- Focus on SONAR
- Understanding the hesitation
- Top 3 Barriers to Crypto Adoption
- Simplifying the Complex
- Conclusion
Recap of Our Target Group
If you caught our article last week, you’re well-versed with our target audience. If not, here’s a quick summary:
- Young Professional (20-35 years): Tech-savvy but not deeply interested in crypto or traditional investments. Values enjoying life and recognizes the need to build a financial base for the future. The ‘set & forget’ approach is a major draw.
- Parental Future Planner (28-45 years): Often responsible for family finances, these future or current parents aim to create a stable foundation for their loved ones. Familiar with traditional finance products, they tend to be risk-averse, especially with a significant portion of their portfolio.
Why are we focusing on SONAR Wallet?
So, why launch exclusively with SONAR wallet integration? Our choice is rooted in a desire to simplify the transition into crypto. SONAR stands out with its sleek design, user-friendliness, and exceptional easy onramp features – ideal for those new to the crypto scene.
While this limits choices for you, we’re fostering adoption among novices and ensuring our users recommend both NAMI and SONAR through powerful word-of-mouth endorsements.
Understanding the Hesitation: Why Aren’t More People Trying Crypto?
When we embarked on the journey of designing the NAMI protocol, a fundamental question guided us: What’s stopping more people from embracing cryptocurrency?
There’s a saying, ‘If you think you know, you know nothing’. This adage inspired us to go beyond assumptions and engage directly with our target audience. We conducted standardized interviews with a diverse group of 30 individuals, whom we affectionately term “everyday users”. These participants varied in age, educational background, technical understanding, and investment experience, offering us a broad perspective on the crypto world’s external view.
Top 3 Barriers to Crypto Adoption
- Increased Risk Aversion: Our findings revealed that most people are primarily focused on beating inflation rather than chasing the dream of getting financially free through investments. There’s a prevalent fear of financial risk, especially in uncharted territories like cryptocurrency. This cautious approach is understandable, but it also means that many are missing out on the potential benefits of crypto investments.
- Trust Issues and Misconceptions: Trust, or the lack thereof, is a significant hurdle. For many, the word ‘crypto’ is almost synonymous with the risk of total loss. The anonymity of project developers often contributes to this distrust, leaving potential users wary. Furthermore, encountering poorly designed applications or platforms with limited support options reinforces the belief that these projects are more about profit than user welfare.
- Complexity Overload and Accessibility: The overwhelming complexity of the crypto world cannot be overstated. Many expressed that the lack of structured information makes it impossible to start learning. Additionally, there’s a tangible fear of losing money while experimenting, as most platforms don’t offer any kind of demo mode. The process of transferring funds to and from the blockchain to a traditional bank account is another area of confusion and concern.
Side Note: The Untapped Potential of the Compound Effect
We observed an alarmingly low level of awareness regarding the real impact of the compound effect in finance. This lack of knowledge is a missed opportunity, as understanding and leveraging compound interest could significantly impact people’s financial health, especially in the long term.
Simplifying the Complex: Our Approach to User-Friendly Crypto
In the realm of technology, familiarity breeds expertise, and with expertise comes the desire for more complex options.
However, when it comes to onboarding newcomers to the world of crypto, this approach is counterproductive. The key to attracting the masses lies not in offering an array of complex features but in simplifying the user experience to its core essentials.
Our mission is to streamline user interaction to the absolute minimum necessary, while preemptively addressing potential queries and concerns.
Embracing Simplicity with SONAR
As we mentioned earlier, our exclusive integration with the SONAR wallet is a strategic move in this direction. SONAR’s user-friendly interface aligns perfectly with our philosophy of making crypto accessible to everyone, regardless of their technical background. This wallet doesn’t just serve as a tool for transactions; it’s the gateway to a simplified crypto experience.
Handholding with Kujira Academy
Our collaboration with Kujira Academy plays a crucial role in guiding users from their first interaction with the app to the point where they’re confidently managing their funds, stepping out into the KUJIRA world. This partnership goes beyond creating some texts for the FAQ section. We aim to utilize various media formats to make the learning/guiding process both professional and engaging, crafting a journey filled with small, rewarding milestones. Whether it’s through video tutorials, interactive guides, or infographics, we’re committed to making every step of the NAMI journey interesting and enriching.
Continuous Learning and Improvement
Using NAMI is not just a one-time experience; it’s a continuous journey of learning and earning. We understand that as our users grow more comfortable in the crypto space, their needs and questions will evolve. To cater to this ever-changing landscape, we’re going to regularly monitor user inquiries and feedback. This ongoing dialogue with our users will inform continuous updates and improvements to our UI, ensuring that NAMI remains not just a tool, but a companion on the journey to financial empowerment in this evolving ecosystem.
Conclusion
To quickly engage our first 1,000 users, we must ensure they feel supported and encouraged.
It’s essential to NAMI’s success that the user experience over the whole application has no loose ends. This means not only displaying a confirmation or error but clearly helping the user with the next step and much more. As a basis on which he can fall back, there will be a way to get support from a real person.
Alpha & More
Do you want to stay up to date with our developments? Do you want to be the first to read our litepaper? Do you have some questions? Or do you simply want to connect with the NAMI community?
- Join our waitlist on https://namifi.app/waitlist
- Follow us X
- Join our Telegram and Discord
We’re happy to see you around.