Simple-Fi

A user first approach to decentralized finance

Discipline

UX Research, Blockchain, Financial Tech

Skills

Figma, Research methods, Leadership

Role

Project Mentor

Timeline

4 Months

Team

Patrick Cui
Jessica Situ
Arushi Arora
Jump to the solution
Introduction
Decentralized finance, often abbreviated as DeFi, represents a transformative shift in the world of finance, moving away from traditional, centralized financial institutions (like banks) and towards a system built on blockchain technology. DeFi offers universal access to financial services, ensuring transparency and security. This innovation makes financial dealings more efficient and equitable, potentially reshaping global economics.

01 Dissecting the problem
THE OVERARCHING QUESTION
In our exploratory research, we examined the complex landscape of decentralized finance (DeFi). Recognizing the potential of DeFi to democratize access to financial services, we aim to confront its intimidating complexity. The primary issue we aim to unravel is the intricate nature of DeFi's technology and complex terminology which often deters widespread adoption.
Unraveling the current state of things
We conducted preliminary research that helped us better understand our problem scope and create meaningful dialogue during the interview process.
What did users have to say?
In order to better understand our users expectations and current pain points, we conducted a series of interviews and focus groups on people of varying experience levels.
Observational Study
We gathered a group of 10 UC Berkeley students with varying levels of crypto knowledge and conducted an observational study with 2 existing DeFi platforms.
Frax Finance
Steak DAO
Each interview participant were given only 2 minutes to interact with the platform. Then, they will be asked to identify or make an educated guess on the purpose and functionalities of the platform. We also recorded each participant’s screen.
POST OBSERVATIONAL SURVEY
What did users have to say?
In order to better understand our users expectations and current pain points, we conducted a series of interviews and focus groups on people of varying experience levels.
Time Consuming
Complicated
Excited
Questionable
Unrealistic
Through our interviews, we identified the key aspects that new users care about when it comes to software and applications that relates to their personal finances.
That was a lot...let's map it out
To further identify patterns in our research findings, we created a concept map to illustrate the 3 main pain point areas from our research and interviewees: education, trust, and information overload.
02 Extracting Insights
Key Insights
From our research, we extracted key findings of user pain points and factors preventing wider adoption.
Uncovering a negative feedback loop
We find the status quo to be a cycle of information overload leading to low user retention. Often times, users who are eager to explore DeFi are discouraged by the technical complexity.  

1. The need to increase trust and transparency

We concluded that DeFi platforms have a long way to go before they can fully establish trust with the users. Here are a few ways that they can do so.
Establish Social Connections
Trust in DeFi is established through social validation and connections with other well known names and brands.
Filter out potential scams
Users who are new to DeFi hesitate to use cryptocurrency due to the plethora of scams reported in the media.
Display Success Metrics
Provide the users with more info & reminders on how their activities and transactions differ from traditional finance platforms. This reinforces purpose and trust, by displaying a tangible benefit to DeFi users.
Educational Onboarding
Incorporate statistics about the app and educational contents about decentralized finance & crypto in general at the start of onboarding.

2. Overcomplicated and invasive UI

DeFi platforms generally has an UI that leads to hesitancy for the users to get onboarded and difficulty for beginners to master financial tasks.
1.
Overwhelming amount of options which results in information overload and decision fatigue as a result of too many steps
2.
Difficult to navigate a plethora of technical jargon
3.
Users found connecting to MetaMask to be a frustrating experience (particularly liquidity pools)
4.
Several different loopholes to understanding how to complete a certain task (eg. swapping, staking)
5.
Many DeFi apps require a social security number, which can feel invasive to a new users privacy
5.
New users found it challenging to know exactly what they were investing in

3. Inefficient Onboarding

We see onboarding as the first impression of a platform or service, and current DeFi platforms experience many problems when presenting that first impression.
1.
An abundance of information and buttons can be intimidating, especially for those who are not tech savvy or not familiar with this kind of information.
2.
Excess of options in the UI makes it time consuming to navigate and contributes to decision fatigue.
3.
The complicated user interface lacks user-friendly features, adding to the difficulty of usability.

4. Unintuitive UI

General interface improvements will go a long way in rolling out the red carpet for first-time crypto users.
Abstraction
Platforms need to overcome the barrier of entry into DeFi by offering an intuitive and user-friendly onboarding that matches the mental model of other applications they’re familiar with.
Experience
Onboarding processes are currently not tailored to accommodate varying levels of user experience, presenting an opportunity for enhancement to better meet diverse user needs.
Clarity
The initial onboarding journey may be unclear and potentially challenging, particularly for users lacking previous experience in this domain, highlighting a need for clearer guidance and support.
Speed
Users face slow sign-up speeds and lengthy account approval times, suggesting a need for a more efficient onboarding process where some steps can be completed after account creation.

5. Insufficient Education

Most users lack knowledge in the field of decentralized finance, but most DeFi apps makes the opposite assumption.
High Learning Curve
There is a high learning curve for efficient use, some users reported taking over a year to feel comfortable.
Lack of Knowledge
Users don't come in knowing specific information about different DEX's or the pros and cons of using DeFi.
03 Narrowing In
tldr; new and existing users face drastically different challenges
THE GOAL
A NEW OBJECTIVE
These are the key insights we'll use to guide our ideation process

INTUITIVE - AN EASY TO NAVIGATE AND NATURAL FLOW

INCLUSIVE - APPEALING TO USERS OF ALL DEFI LEVELS

ADAPTABLE - A SITE THAT GROWS WITH ITS USERS

Features which hit all three key ideas will have the most benefit to the user experience.
04 Ideation
Going Broad
Through rapid ideation exercises we came up with a wide variety of potential solutions.
Narrowing In
We narrowed in on three major themes we found to be most impactful.
Feature Ideation
To determine how to best implement each feature (see above) following our project goals, each option was evaluated against a set of metrics. The metrics (x-axis headers) address the principles and themes abstracted from our research phase.
Feature 01: AI Assistance
Option 1
Chatbot
Option 2
Tutorials
Option 3
Feature Guard
Intuitive
Inclusive
Adaptable
Option 1 : Chatbot
Long press anywhere on the screen to enter sandbox mode and dark theme
Rather than navigate convoluted text, users can directly ask their questions.
Gives new users the ability to learn without navigating overly technical jargon and irrelevant information. Breaks info into bite sized pieces.
Chatbot responds directly to user requests, meaning users of any experience level can ask beginner level or advanced questions.
Option 2 : Tutorial Assistant
Every aspect of the app has a tutorial mode which can be viewed at any time
Click through tutorials are commonly used on many other sites, most users understand how to navigate them.
Click through tutorials are commonly used on many other sites, most users understand how to navigate them.
Pre made tutorials are not adaptive to a users specific questions, as well as their experience level and learning styles.
Option 3 : Automated Feature Guard
Users gain access to more complex financial features when their AI bot deems them proficient in entry level trades/swaps
Is intuitive because it abstracts away confusing processes, but also creates confusion and doubt about wallet use cases.
Not very inclusive to experiences users, as it requires them to rebuild their wallet functionality as if they are a new user.
This feature transforms the app interface based on an indv. users experience level. However, not super adaptive for people coming in with high experience levels.
Feature 02 : Adaptive Onramp
Option 1
Customized Backup
Option 2
iCloud Backup
Option 3
Manual Backup
Intuitive
Inclusive
Adaptable
Option 1 : Customized
Give users the freedom of choice to backup their wallet however they deem to be trustworthy and secure.
Familiar and easily recognized UI and user flows. Allows the opportunity to provide detailed instructions on both backup methods.
Provides options that users of all experience levels may be familiar with. Creates trust and confidence in the security of the platform.
Creates the most adaptive onboarding process, by curating the user flow to each personas experience level.
Option 2 : iCloud
Avoid the complicated use of a seed phrase by allowing users to follow a familiar backup process.
Many platforms use similar backup processes, so this should be familiar for both new and old users.
This is not inclusive to experienced users, who might view icloud backup as less secure and are deterred by a lack of seed phrase.
Not very adaptive, as it pigeon holes users into taking a beginner level and non technical approach to their wallet security.
Option 3 : Manunal Backup
Create the confidence in trust and security by using traditional seed phrases.
This is intuitive for experienced wallet users, as it is standard across many wallet interfaces. However, this process is not intuitive for new users who are used to web 2 processes.
This is not very inclusive to new users who are unfamiliar with the concept of seed phrases or how blockchain security works.
Requires more technical knowledge. Making this adaptable to new users would require more educational help, in order to inspire a sense of trust and security.
Feature 03 : Sandbox Mode Activation
Option 1
Long Press
Option 2
Double Tap
Option 3
Finger Hold
Intuitive
Inclusive
Adaptable
Option 1 : Long Press
Long press anywhere on the screen to enter sandbox mode and dark theme
Many other popular platforms such as TikTok and Apple Systems use the long press to signify state changes. It is a well known command among users.
Requires only one free finger to activate. Relatively uncomplicated for those who are not technologically savvy.
This navigation is difficult to activate with other common user actions such as single or double tap.
Option 2 : Double Tap
Tap anywhere on the screen to enter sandbox mode and dark theme.
Many social media platforms use the double tap action, however it usually signifies an on screen action and not a state change.
Requires only one free finger to activate, however high probability of misinputs for those not technologically savvy.
High probability of user action resulting in incorrect output (eg. recognizing input as a single tap).
Option 3 : Finger Hold
Two finger hold anywhere on the screen to enter sandbox mode and dark theme
This is a much less common command than option 1 and 2.
Requires users have a free hand to hold the another free hand to complete the action.
Allows for use of single finger hold for other feature activation such as built in tutorials.
User Flow
05 Solution
A welcoming experience
To make the users feel more comfortable, we sought to create a one-of-a-kind welcoming experience unlike other DeFi apps.

Our insights led us to create an experience that avoids information overload, decision fatigue, and makes the users comfortable sharing about their crypto experience.
The landing page puts the new users front-and-center bgy placing the "new to crypto" option on the top, which makes new users feel welcomed.

The "sign up" option abstracts away complicated information and makes it easy for non-experts to onramp without connecting to a wallet.
A beginner centric approach
Setting the tone and
good vibes
The sign-up process abstracts away the complicated details of creating a wallet. The flow. mimics creating an account for a social media platform with avatars and user names.

Subconsciously, the user is more likely to seek social connections and communication, which will be an important aspect later on.
Recovery phrases can be a lot sometimes, especially for a new user. So, we opted to include the option of iCloud backups which abstracts away the steps in traditional DeFi onboarding that's time-consuming and invasive.
Abstracting things away
Help is always one tap away
For many users, their lack of experience contributes to accidental mistakes that leads to loss of funds or assets. Often times, users need time to get hep on what features are about.

With a simple long press, a popup will appear so that users can chat with Sophia, our AI chatbot, or enter sandbox mode.
Sandbox mode is a playground that allows users to make mock transactions and interact with platforms without fear of losing liquidity.
Welcome to the Playground
Assistance at the click of a button
You can ask Sophia anything regarding the page. The assistant will answer your questions in the context of the current page, and explain things.

Sophia can suggest you to turn on Sandbox mode, or provide you links to tutorials or resources for you to become more familiar with crypto.
Keeping you in the loop
Tackling key pain points:
Swapping made easy
Tackling key pain points:
An approach for everyone
Tackling key pain points:
06 Retrospective
Next Steps
Given the that we only had 10 weeks on this project, some potential next steps including user testing and ensuring that our features are inclusive to all types of users.
SimpleFi was the inaugural UX research project for Blockchain at Berkeley’s design department. This project taught us how to harness empathetic design to connect with users and identify their challenges. We conducted comprehensive qualitative and quantitative research to extract insights from beginners who often feel overwhelmed by DeFi complexity. Working with and learning from one another, we learned to translate these insights into tangible product strategies. Delving into the intricacies of fostering user trust and comprehension in the DeFi space led to the creation of an intuitive narrative. This project was not only rewarding but also illuminated the importance of user-centric education in the adoption of decentralized financial platforms.
Meet Our Awesome Team