Updating The Crypto Experience
Written by Andy Keh, Co-Founder @ Synchrony
3.4 years of youtube content is uploaded every hour. And while the crux of this article is about modern crypto user experiences, and not how many years of your life it would take to sit through every uploaded version of baby shark, it does illustrate the point that more information is being created than any single user can digest. This problem is exacerbated, and highlighted, in the crypto space due to the 24/7 markets, their respective volatility, and how quickly the industry moves. This information overload not only affects the new users, but also seasoned veterans who need to find actionable signals without spending all of their time researching. While mimicking twitter trends or following a paid Telegram signal channel can be profitable in the short-term, long-term growth and wealth-building need an optimized and easier-to-use approach to portfolio allocations and investment strategies.
The current means of interaction with crypto involve endless toggling between protocol websites, docs, telegram/discord channels, and convoluted app interfaces. The multitude of “touch” points do not directly align with the end-user’s intention: portfolio management and optimization. This misalignment between intention and outcome is expensive in terms of cognitive overhead and wasted time. These inefficiencies hold new users back because of the steep learning curve and mountain of information, while seasoned users are held back from maximizing their returns. To solve these problems modern interfaces need to ask the question, how do we reduce the time between intention and outcome to zero?
The first solution is rooted in a reduction of decision fatigue. From a user experience standpoint, interacting with the blockchain ecosystem is mentally exhausting. Research shows that there is a considerable cognitive overhead associated with context switching, meaning a user incurs a compounding cognitive cost for every different protocol and page they must interact with.
The second solution comes from optimizing time usage. ‘Doing your own research’ is time consuming; too many sources of information at our disposal and the variability of the information quality is obvious. The problem isn’t the amount of data, it is utilizing the data in ways to make effective decisions.
The modern crypto experience needs to reduce decision fatigue and save time while also being flexible enough for all user types. Following the 80/20 rule, 80% of desired user interactions and information should be present on a single page (which are 20% of total functionality). Ideally, all desired user actions can be performed with a single-click, but a more realistic benchmark would be 4, all without sacrificing ergonomics. This interface should also be dynamically tailored to individual users based on experience level, portfolio management, and research needs. In other words, the user should have the tools to research projects, manage their existing portfolio, and transact with all of those protocols, in one convenient location.
While reducing the time between intention and outcome to zero might be a little ambitious, there are some clear opportunities that can certainly get us closer. Effective user interface design requires a great deal of detail and care as well as an intimate knowledge of potential users and their respective behaviors and thought processes.
This is one of the core tenets of what Synchrony was built around; democratizing the ability to access DeFi. Ambitious as it may be, we are working to bring this vision to you, the newcomer and veteran alike. Join us on this journey, as we get crypto in sync to work for everyone.
Stay tuned as we will be releasing more details on Synchrony, teasers, community driven experiences, and partnership announcements in the run up to our Demo Day. In the interim, please follow us on Twitter and Telegram, and see our articles on our blog and Medium.
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