Simplifying the user journey in decentralized finance

by | Sep 12, 2022 | Technology

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The decentralized finance (DeFi) economy stands at a fascinating juncture. While the recent market downturn has undoubtedly affected trading and market sentiment, contrastingly, interest and awareness in DeFi’s technologies have never been greater. Education will play a key role in the next phase of DeFi adoption. As mainstream interest accelerates, users need financial literacy to navigate the peaks and troughs of the market effectively and understand the degree of risk appropriate to their own profiles. 

Blockchain, along with the DeFi sector it powers, remains a nascent technology, comparable in its current stage of development to the internet in 1997. Considerable development remains to be done to unlock its full potential. Securing mainstream adoption will depend on the cultivation of a straightforward user experience.

Simplicity is tied to education, and education relies on sustained engagement over time. To successfully untangle the user journey in DeFi, gamified experiences can be deployed to help end-users understand the innovative tools available and ultimately drive greater adoption.

The user journey from analog to digital

Historically, new financial infrastructure has often been an attack vector. Leonardo DiCaprio’s filmography provides one such notable example. Catch Me If You Can recounts the story of con artist Frank Abagnale, Jr. pursuing affluence through check fraud — an exploit rife in the days of its widespread introduction and still prominent today. Nevertheless, despite their age, check use remains relatively common. Why? It comes down to trust and simplicity.

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