I am still learning defi, trying to learn hard, but still learning. Interested to know what you all think would be the killer thing that will move defi to mainstream mass adoption eg:
– Much better and more simple UX
– Regulation or, if not regulation, then much more assurances on smart contract quality, eg a quality mark
– Under rather than over collateralisation
– An AI that automatically optimises for me so I dont have to think nothing
– And probably a load of better ideas than these
Thanks all in advance.
ease of access
The majority of people don’t care if it’s DeFi, TradFi, FinTec, NeoBank as long as it’s a simple app on their phone that they can easily (and legally) use. I guess this includes both UX and regulation
When it comes to mainstream adoption of DeFi, there are a lot of factors to consider like you mention. One of the key areas that can make a big difference is user experience. As a team with a passion for design and UI/UX, we believe that creating a sophisticated crypto investment app that is easy and intuitive to use can be a game changer.
For example, many non-custodial wallets lack features like dollar-cost averaging (DCA), which is a popular way for traditional investors to enter the market over time. By incorporating DCA into our app, we can provide an on-ramp for more investors to participate in DeFi.
However, we also recognize that we’re still in the early days of building our product. That’s why we’re actively seeking feedback and engaging in conversations with the DeFi community to understand their needs and pain points. By listening to feedback and continuing to iterate on our design, we hope to create a product that truly serves the needs of the DeFi community and beyond.
Perhaps that’s still the biggest missing piece of the puzzle, projects who are listing to what the community is asking for.
A better user experience.
Obfuscation of back end technical stuff and a simple easy to use front end.
Fair points. I am big on UX and also infrastructural tools that make building easier as well.
I am big on Infrastructure tooling this year. Standing out in that sector is Bware Labs rn. Builders of Blast API, offering the fastest API services in Web3.
Solutions like these allow devs easily build and innovate which in turn fosters mass adoption and birthing of new ideas
Tbh it’s looking like it’ll be AI. Ocean Protocol has talked about extracting your trading data and using AI to optimize it. As an added benefit these data can even be sold and bought in their marketplace.
The ideas are there, implementation is what we are looking forward to now.
Simplicity.
For most the biggest barrier is having to deal with wallets and keys and chains and bridges, they just wanna put money someplace and make it do something. ERC-4337 might fix that complexity with account abstraction.
I’m working to improve UX and, definitely, SECURITY in DeFi. I believe that these two aspects combined would drive us towards mass adoption. People can get lost when they see multiple chains, DeFi protocols, and more. My goal in developing my DeX Aggregator is to make swapping, bridging, and analyzing DeFi easier, faster, and more reliable while adding layers of security to ensure that our users don’t fall into rugs, honey pots, and other similar scams. To me, these are key factors when discussing DeFi.
Account abstraction
The user experience must be improved, and scalability problems that prevent the network from supporting more users and transactions must be resolved, in order for DeFi to achieve widespread adoption. This is being solved by layers like OP, ARB, MATIC, CTSI, etc.
Better UX, better ID management, better interoperability.
Gamestop, the immutable passport, play to earn, which will facilitate digital ownership in an age where you stream what they have and you own nothing.
Also irresponsible monetary policy in U.S., but only if that’s not followed by tyrannical defi policies.
Easy, wrappless and bridgeless swaps. A simple and easy to use DeFi platforms. I would have straight away said “Zetachain”, but starboy is still in testnet phase.
I know several people that are investing in crypto on Robinhood, but don’t have the time or patience to learn about defi. For them, it would have to be a simple app that does everything for you. They would not care about chasing the highest APY, and would want the quickest and safest option to earn a little interest on their coins.
As almost every other person is saying, user experience matters a lot. Dapps don’t feel like the regular financial apps that people are used to using. Part of this is as a result of the building tools available for Web3 development and why I’m counting on Blockchain OS to make a big difference and bring us closer to traditional apps standard.
•User experience
•Vote Liz Warren out of the office
• Reversible transactions in case of mistakes and scams
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Easy fiat on-ramp for me, and platforms like DAFI protocol, Zyberswap, etc are implementing this. Things just got easier.
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-real world usecase
– protocols that are safe
– assets that are actually safe
– Most importantly accessible in and out of real world. let me cash out crypto at ATMs in the whole world and we’re fine. Too bad even cash won’t be able to be cashed out soon with CBDCs approaching
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No point in anything when even stablecoins depegs, 1% of the whole BTC supply is in the hands of a single person and 99,99999% of the coins are just useless imaginary things that might rug any day. Let’s hope in ETH after the shanghai dump
Privacy and self-custody. With the current market condition and regulation talks, I think users will tend to focus on self-custody to keep their data safe.
That’s the million dollar questions!
>Much better and more simple UX
This is for sure the most important point, but I believe we came a looooong way already! Anyone that have been around for a while should remember how of a pain it was to yield farm manually! Now it’s easy with tons of aggregators. I personally use Kalmar.
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Regulation or, if not regulation, then much more assurances on smart contract quality, eg a quality mark
While interesting, I believe that we are miles away from this. The best quality mark we have is each one’s DYOR and looking for code auditors reputation (eg. Certik) and proof of reserves too (Dia have been doing it on chain on LSDs).
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Under rather than over collateralisation
This I disagree as it brings an HUGE extra layer of risk! Most of people are risk averse, so I believe this would back fire on the short/mid term!