Opinion: Token fans want a bull run. We need to fix the user experience first
Written by Mel Gelderman
Posted on July 5th, 2023
Mel Gelderman explains how “the UX problem” is holding the token space back, and why we need to find a solution to reach mass token adoption.
As the token market trends down, token fans are crying out for a fresh price catalyst. In previous years, nascent innovations like DeFi and NFTs have helped the market surge. While it would benefit the space to see a new innovation take off, if we want to bring in more active users, I think it’s important that we prioritise solving another issue: user experience.
UX issues in the token space 😐
It’s easy to forget this point when only hardcore believers are sticking around, but we saw many UX issues during the 2021 market rally. Ethereum’s soaring transaction fees priced out regular users—while Layer 2 should help solve this, it could be time for the ecosystem to take off. We’ve also seen repeated issues with Web3 wallet management. Countless users have lost funds due to mistakes and attacks. Sadly, we’re yet to see the improvements we need for a world where 1 billion people use tokens daily.
As the space has evolved, builders have started laying the foundations for a future where tokens live across multiple networks. Yet even experts struggle with moving tokens from one place to another today. This is not an inviting space for new adopters.
A more accessible token economy ✌
We’re trying to solve these problems with our new token.com app experience. token.com abstracts complications away from the user; we handle the difficult bits in the backend and focus on offering a simple way to discover tokens. Dare I say, it also looks and feels magical. We want to build a more relatable way to experience tokens and incrementally improve the experience.
Token enthusiasts generally believe that the token space will see a revival. But they rarely agree on what “the next catalyst” will be. To me, whatever the next innovation is, it’s clear that getting sticky users will also require better UX. That’s why we’re so confident in what we’re building at token.com. Here’s to a more accessible token economy for everyone.
Please note: Investing in cryptoassets is risky. Due to the volatile nature of the cryptocurrency market, investors run the risk of losing their funds when they make an investment. Returns from cryptoasset investing are not guaranteed, therefore users should always be aware of the risks.