Simplifying the path to Web3

In July to September 2022, a series of enhancements were made to the onboarding flow of the Crypto.com DeFi Wallet. The aim was to streamline the process, reducing the number of stages from 8 to 5. As a result, the conversion rate experienced a significant jump, increasing from 29% to 59%.

However, the new flow introduced a significant risk to users. Unlike before, where users were not forced to backup their wallets, the updated flow deferred the backup process further. This meant that users could have assets in their wallet without ever having seen or backup their recovery phrase. This raised concerns about user security and highlighted the need to prioritize the onboarding experience in the Web3 space.

The design team recognized that "speed" alone shouldn't be the sole measure of onboarding success, especially when the industry as a whole is striving to onboard billions of users to the complex world of Web3. The goal was to explore how the Crypto.com DeFi Wallet could go beyond merely accelerating the time it takes to reach the home page. The focus was on onboarding users not just to the tool itself but to a journey where the app seamlessly integrates with their Web3 experience from day one.

The problem at hand was to determine how the Crypto.com DeFi Wallet could provide a superior onboarding experience that went beyond speed. The aim was to onboard users not only to the tool but also to a journey where the app seamlessly integrates with their Web3 experience. This was crucial for the industry to successfully onboard the next waves of users.

1. Understand the journey of novices entering the Web3 space.
2. Identify the challenges faced by users when engaging with a non-custodial wallet and the broader Web3 ecosystem.
3. Determine the essential elements that novices need to stay safe and well-equipped in this new frontier.
4. Strike a balance between educating users and avoiding overwhelming them with information.
5. Explore the narratives that would attract Crypto.com App users to switch over and start using the DeFi Wallet.

To address these objectives, a mixed-method approach combining user interviews and surveys was employed.

A qual-quant sequence was utilized, where user interviews provided qualitative insights to identify hurdles and user needs. This was followed by a user survey that gathered quantitative data to validate the defined problem space and uncover patterns in how novices overcome challenges when navigating Web3.

Participants were sourced from opted-in emails, community channels, and Usertesting.com.

User interviews included 4 existing users and 4 non-users. User surveys involved 400 existing users and 10 non-users. All participants shared the same attribute, they've just started exploring Web3 within the past 3 months.

This approach provided insights into the onboarding experience and challenges faced by new users.

Insight #1

Onboarding to Web3 is intertwined with onboarding to CeFi due to the reliance on fiat on/off-ramps. A user-friendly fiat on/off-ramp is crucial for successful Web3 wallet onboarding.

External factors, such as concerns about crypto volatility and legality, impact user adoption. Prioritizing onboarding from CeFi platforms can be strategic, leveraging users already familiar with crypto.

Product Opportunities for Insight #1

1. Rethinking onboarding from Crypto.com App to Crypto.com DeFi Wallet as a synergy rather than cannibalization. Recognizing the mutual benefits of integrating the two apps, this opportunity emphasizes the growth potential of transitioning users from centralized exchanges to the decentralized world while leveraging the sophisticated fiat on/off-ramp of the Crypto.com App to enhance Web3 activities.
2. Diversifying fiat on/off-ramp options on DeFi Wallet to reduce dependencies on CeFi. With the current limited options requiring linkage to the Crypto.com App, users may face additional steps and KYC processes. Introducing more accessible options like Moonpay, which offers various payment methods, can enhance user experience and broaden the user base.

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Insight #2

The first-time experience of creating a Web3 wallet can be daunting, but users' willingness to explore drives them to seek help and overcome the initial challenges.

The industry as a whole acknowledges this issue and is working on innovative solutions, such as Account Abstraction and MPC. While these infrastructure-level advancements may not be fully understood by the general public, they will shape the technology's maturity and market adoption. As wallet builders, it is crucial to align our back-end and front-end with these evolving infrastructures while considering users' preference for a balance between security and accessibility. Timing is key in advocating higher security methods, taking into account user-defined notions of "security" and their readiness for such advancements.

Product Opportunities for Insight #2

1. Allow wallet-less browsing - currently we are blocking people from taking a peek. Would it be more inviting if users can create or import a wallet later, and learn what kind of use cases they can adopt from this DeFi Wallet app first?
2. Offer additional backup options, such as cloud backup, that are user-friendly and prompt users to backup at the appropriate timing. Rather than simply being an annoyance, prompting users to backup their wallets when they have no assets can be ineffective. Advocating for more secure backup methods will ensure users have backups across a spectrum of security, eliminating the issue of users solely relying on paper backups.

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Insights #3

Beginners entering the Web3 space have varying levels of readiness due to their different experiences in the crypto landscape.

When it comes to learning, we can identify three patterns of learning approach.

Learning curves are ubiquitous in Web3, and successfully navigating them is crucial for proper operation. The sequence of approaching the Web3 learning curve is significant, with each milestone reinforcing integrity and supporting the desired use case.

Similar to learning a new language, starting with the basics and progressing to real-world application mirrors the journey of becoming a crypto-native.

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Product Opportunities for Insight #3

1. Develop an onboarding experience akin to language learning, where users are guided through essential steps: introducing themselves (understanding wallet addresses and recovery phrases), greeting others to make connections (connecting to DApps and signing a message), and touring around a new city (exploring public chain functionalities).
2. Redefine incentives beyond monetary rewards, emphasizing the fulfillment of learning something new. By celebrating users' acquisition of knowledge and skills during the onboarding process, the experience can tap into intrinsic motivation, fostering deeper engagement with Web3.

The research conducted served as a catalyst for designing and developing various projects to enhance the DeFi Wallet onboarding experience.

Informed by the valuable insights gained, initiatives such as Cloud Backup, expanded fiat on-ramp options, and a mission program to educate users on Web3 concepts were introduced. These efforts aimed to further improve user experience, increase usability, and enhance customer satisfaction. It is important to note that this research marked just the beginning of a continuous journey, with further projects and developments planned to build upon the insights and drive the evolution of the DeFi Wallet.

Through this project, valuable lessons were learned regarding the importance of tailoring onboarding experiences to diverse user needs. The insights gained from this study have influenced the approach to future projects, highlighting the significance of understanding user journeys and providing the necessary support and education for users entering the Web3 space.

In conclusion, this case study showcases the value added through improved usability and customer satisfaction in the onboarding process of the DeFi Wallet. By considering the complexities of the Web3 space and tailoring the onboarding experience to diverse user needs, the aim was to onboard users not just to the tool but to a journey that aligns with their exploration of Web3. The experience gained from this project will guide future efforts in refining the design based on ongoing user research.