It’s spring of 2023, or 15 years into the genesis of the Bitcoin network, and we are still waiting and hoping for the mass adoption of cryptocurrencies. We are drowning in research telling us that merchandisers, younger generations, and the general public are ready to accept the obsolescence of the traditional financial system and embrace cryptocurrencies as a valuable investment. The most recent of these inquiries was conducted by
There is an abundance of blockchain project developments on completely different topics ranging from banking services and games to insurance. That said, the number of new addresses registered on the Ethereum network has more than halved in the past two years, as per Glassnode. So what is the problem? Where is the stumbling block that those who want to enter the world of blockchain and cryptocurrency are tripping over?
In the DeFi sector and beyond, financial applications are plentiful. You can find literally everything from cryptocurrency universities to insurance, from exchanges to lotteries. Admittedly, however, behind the development and evolution of advanced technologies, crypto remains a rather closed community, persistently holding the door for newcomers. We have to admit that if we want to make friends with the whole world, we need to provide it with a super-app that will guide newcomers into the world of cryptocurrencies and give them the opportunity to use digital assets in a simple and clear manner. Let's break down what's wrong with existing solutions and what we would like to see in a cryptocurrency super-app.
Going mobile
Despite the hype surrounding crypto, many enthusiasts say that blockchain is still in its infancy and it needs to focus on education. And while this is a fairly undeniable point, it might be worth considering that the industry also needs to prioritize developing user-friendly applications that cater to those who are capable of appreciating the benefits of a secure and decentralized data transmission and storage system, but do not have the time or knowledge to navigate complex algorithms.
Crypto apps have already passed through ample assets and undergone enough iterations, and are now ripe for simplicity and mobility. However, the top ten apps on DeFiLlama's chart lack mobile versions, hindering accessibility for newcomers.
As the demand for streamlined and accessible financial products continues to rise, a simple mobile app could serve as a gateway for those accustomed to convenient online banking apps to enter the crypto space. While the comparison between crypto services and "outdated" banking products persists, it's crucial to recognize that reliable financial services can be straightforward and user-friendly.
Providing a comprehensive fiat gateway & multichain support
The same indisputably essential condition for a successful introduction to the world of blockchain services is the bridge between cryptocurrencies and fiat. Perhaps that is where the stumbling block lies. A user who has reconciled with the absence of a convenient mobile application opens the desired website in a browser window and faces the need to open several more tabs and go through several registration procedures and confirmations just to buy some digital coins.
And if you, god forbid, decide to try to perform several transactions on different blockchains, the number of open tabs and hours spent studying layers of information about bridges and their choice risks will alienate even the most patient of users.
Separating all-in-one solutions with a simple UX
After surmounting the initial hurdles of the bridges, the newcomer is faced with the daunting task of navigating an array of different applications. The modularity and composability that DeFi enthusiasts appreciate can be overwhelming for newcomers who are not intimately familiar with the philosophy and community of their favorite projects.
Moreover, statistics show that the majority of transactions involve swaps, lending and borrowing transactions, with these types of apps dominating the market. It begs the question — why not gather them in one intuitive interface? The entry threshold into crypto is high, and users are often forced to start with the basics of how blockchains operate, just to perform simple exchanges or purchases. To make the field more friendly to those new to digital assets, the industry must offer simple all-in-one solutions while leaving advanced applications to seasoned players, much like traditional finance.
To truly popularize the concept of magical internet money, we must learn to communicate in plain language. The use of unreadable wallet addresses is a prime example of the need for user-friendly solutions. The NEAR protocol has taken a step in the right direction, allowing users to create human-readable account IDs that correspond to 64-digit implicit addresses. Similarly, the transaction signing process can be simplified by translating technical terms into human-readable language.
Eliminating blockchain-specific risks
Due to its architecture and commitment to decentralization, blockchain is a rather sophisticated system. Investing in digital funds requires you to be aware of its intricacies. Frontrunning, sandwiching, exposure to unprecedented volatility — all this makes financial transactions in cryptocurrencies an activity that requires special training. A beginner-friendly super-app should include tools for automating processes, among other things. Such, for example, can be found in
***
Few have managed to collect all these functions in one clear and simple interface thus far. This is exactly what Bitbanker aims to do, providing users with the ability to buy crypto for fiat, to borrow and lend digital currencies, and to deposit coins for interest.
Among those that are approaching the goal faster than others is a number of browser-extension wallets, such as MetaMask or Phantom. These projects are slowly but surely expanding their functionality, while remaining relatively easy to use. MetaMask, for example, added a clear and simple portfolio tracker, and Phantom was one of the first to add staking to their features and continues to be one of the few that provides tokenized shares.
While the potential for cryptocurrencies and blockchain technology is vast, the lack of beginner-friendly applications is a significant roadblock to widespread adoption. The absence of mobile apps, confusing interfaces, technical terminology, and insufficient fiat gateway functionality all serve as impediments to the average person's ability to enter the crypto world.
However, the evolution of browser-extension wallets provides hope for a more accessible future. The aforementioned wallets have proven to be the closest to a beginner-friendly super app, and their continued development and improvement could lead the way to unlocking the potential of cryptocurrencies for the masses. As the demand for simple and user-friendly financial products continues to rise, the industry must prioritize the development of applications that cater to newcomers, ultimately paving the way for long-awaited mass adoption.