Shao emphasized that the current landscape of decentralized finance (DeFi) is riddled with usability issues. He pointed out that it is crucial to provide a unified user experience that eliminates the need for users to juggle multiple products. By integrating various functionalities into a single platform, users can interact with DeFi without diving into complexities like gas fees and different wallet types.
2. Importance of Holistic Approach
Shao highlighted the need for a holistic approach to user experience in crypto. He argued that partial solutions fail when other aspects of the user journey are not addressed. Users should not be expected to learn multiple tools to accomplish a basic task such as making a transaction. A seamless integration of services can significantly improve user satisfaction and accessibility.
3. Simplifying Onboarding with Pass Keys
Shao talked about using pass keys as a secure and user-friendly method for onboarding new users. This approach allows users to create wallets without managing complex seed phrases. The added security layer not only simplifies the onboarding process but also helps reduce the risk of phishing attacks, making it a safer entry point for new users into the crypto space.
4. Eliminating Transaction Complexity
According to Shao, the process of engaging in transactions across multiple chains often poses barriers to entry. He proposed a model that abstracts away the complexities involved in cross-chain transactions, allowing users to focus on their asset choices without worrying about underlying technical processes like bridging. This simplification encourages more participation from users who might otherwise shy away from the intricacies of DeFi.
5. Prioritizing User Accountability
Shao strongly believed that companies in the DeFi space must take responsibility for user experiences. He argued that users shouldn't be left to navigate complexities such as potential losses during transactions. Due diligence must be exercised by product developers to ensure the entire user journey is smooth, thereby fostering user trust and satisfaction in the platform.
6. Social Recovery Mechanism Implementation
In discussing wallet recovery options, Shao shared that their product implements a social recovery mechanism. This allows users to designate trusted contacts that can assist in recovering funds in the event of lost access to their wallets. This user-centric recovery feature addresses a significant concern for newcomers, who may feel uneasy about losing access to their funds.
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