Wallets serve as the key tools for everyone to use crypto. They’re how people get into DeFi and send tokens. If a user’s first wallet experience is scary or hard, they might give up on crypto entirely.
This article is directed at wallet developers, and here are my suggestions on what needs to be improved:
Simplifying Crypto On and Off-Ramps:
Buying crypto directly from your wallet isn’t always easy. Some wallets now include options to purchase crypto, but they often ask you to fill out a long form, submit your government ID, and then wait for 1 or 2 days for verification. This process can be slower than using a regular crypto exchange. Nowadays, people want things to happen faster.
Network Management:
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Managing networks within wallets is inconvenient, requiring users to manually add and switch between networks.
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Users can’t easily connect to multiple DApps on different networks at the same time.
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The process of switching between and adding networks should ideally happen automatically without users needing to intervene.
Beginner-Friendly Private Key Storage:
- Many users find it challenging to store their private keys securely, potentially leading to loss of access to their wallets.
Hardware Wallet Accessibility:
- Hardware wallets are secure but are not widely available outside the US and can be expensive equality to buying a mobile in most countries.
Security:
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Wallet security is still a work in progress, leading to ongoing security issues.
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Users often lack clarity about the transactions they’re signing, making them vulnerable to malicious actions.
Specialized Wallets:
- Specialized wallets for different user groups, such as NFT traders, token traders, and DeFi enthusiasts, are not common. Some argue for more tailored wallet solutions.
Mobile Wallet Connectivity:
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Mobile wallets often have a poor in-app explorer experience.
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Their connectivity to Dapps is still a hassle.
To Dapp Developers
Increase the number of wallets supported.
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DApps typically support only a few wallets, limiting user choices and accessibility.
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Expanding the range of supported wallets can enhance user choice and accessibility.
***Conclusion: ***User experience and ease of use are undeniably vital factors for any product, including crypto wallets. It’s evident that many wallets still fall short in these aspects. This could be attributed to their historical focus on serving developers and DeFi enthusiasts, given that the majority of their users belong to these groups. Nevertheless, it’s now imperative to redirect attention towards enhancing the experience for a broader user base.
If there are any additional points or ideas that I may have overlooked, please feel free to share them.
Reference:
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