Here’s how one company is solving DeFi’s issues through easy onboarding, and cross-chain staking
Decentralized finance (DeFi) was established to transform financial services so that anyone, no matter where they live or their status, can enjoy the benefits of financial sovereignty. However, before it can achieve its mission, it must first tackle the complexity, that deters millions of potential newcomers from using DeFi protocols.
One critical problem is the poor user experience and complicated interfaces that plague onboarding and make services inaccessible to a mainstream audience.
Onboarding and usability are key areas that hinder mass adoption. Even without the KYC (Know-Your-Customer) requirements, DeFi’s multi-step onboarding process puts services out of reach of most people. Wallet creation and the need to purchase crypto assets to load up these wallets make non-native users more hesitant to dive into valuable services such as lending, trading, and yield farming.
While active crypto market participants are well served, the key challenge is attracting those who are not yet into cryptocurrencies.
The second generation of DeFi applications should pay special attention to user experience and work on converting all technical aspects of it into easy-to-use processes.
One example of the disruptive potential of simplifying the user experience is the transition from a command-line interface (CLI) of old computers to the graphical user interface (GUI) of modern machines. First proposed by the Xerox PARC team and later promoted by Steve Jobs and his team at Apple in the 80s, the desktop and mouse completely revolutionized computers, making them easy for anyone to use because all the tricky processes were hidden and managed through an intuitive interface.
A similar approach should be implemented by DeFi protocols, offering the
Read more on cointelegraph.com
