How can you onboard new DeFi and Web3 users?

DeFi and Web3 are arising technologies with the eventuality to revise the way we interact with the fiscal system and the internet. They offer a number of benefits, similar as access, translucency, effectiveness, sequestration, security, and commission. DeFi can give fiscal addition, reduce costs, and increase openings for everyone. Web3 can give people more control over their own data, sequestration, and online gests .To accelerate the relinquishment of DeFi and Web3, we need to educate the public, make better structure, and develop clear and probative regulations. By doing so, we can make the benefits of these technologies available to everyone and produce a further indifferent and inclusive fiscal system and internet.

First - catch the attention by tapping on the pain. Second - you educate people about how your product makes their life better. Third - onboarding them by creating an incredible EXPERIENCE. Fourth - well, just invest in the community and ensure the highest retention rate.

Consider creating glossary pages and how to guides for beginners and build from there. Glossary pages help newbies get a quick grasps of a new term. I don’t want to read a 10-page technical paper just to put a meaning to oracles or bridges. A simple 2 to 3 paragraph glossary can introduce beginners to an unfamiliar term. You can follow up from here with beginners’ guide, how-to guides.

Onboarding to DeFi and Web3 requires distinct strategies due to their unique values. For DeFi, true ownership and permissionless transactions are appealing, yet it's vital for users to already possess a digital wallet with assets. A gradual transition from Traditional Finance (TradFi) to Centralized Finance (CeFi) to DeFi could ease users into the decentralized realm. Conversely, for Web3, the focus should be on the app or game, subtly integrating Web3 elements through rewards. First, the app needs to retain users without Web3. By day 15, informing users of the value they've accrued in a digital wallet and outlining the various utilities the coins offer (governance...) can organically introduce them to the Web3 framework.

You can't package web3 and DeFi together for a beginner. The complexity of DeFi is unavoidable. Defining its benefits to a 'new user', who we have to assume has little to zero knowledge of crypto or blockchain, let alone wrapping Eth and using cross chain bridges to access the ZKSync Era or Optimism DeFi protocols, without first spending considerable time up river, explaining, showing and educating on the most basic of blockchain benefits - ownership, traceability and censorship - is pointless. Start small. Start simple. Start with a story.

I think in Web3 there are some people that like to talk about how complex the technology is and enjoy geeking out a bit, nothing wrong with that, but not so great for onboarding new users. I think the best way to onboard people is to stop talking about the technical aspect of “How It Works” and focus on the “It Works” part and the benefits. I don’t know the intricate details of how my ATM card works or the backend technology and don’t really care as long as it works. The best way to onboard new users is to improve the user experience to the point where they wouldn’t even realize they are using a new technology. Make it super simple.

Learning the jargon is part of learning something new. We have to make sure that while using the terminology we include analogies and comparisons from our every day lives to explain what we are taking about. You don’t have to dive deep into the tech when introducing people but rather explain what it can make easier or solve for them.

Web3 is being built by degens, but this technology serves a non crypto-native people also. Forget about your ego that wants to be the most intelligent person in the room. Instead, simplify everything: your tone of voice, communication, visuals. As Jobs said: "Be young, hungry, and foolish". Based on that thesis HELP people use your brainchild eventually. But first, ensure transparency & ease.

In my experience with DeFi and Web3, breaking down complex jargon has been key to welcoming newcomers. Simplification doesn't mean diluting concepts but making them accessible. Analogies, like comparing wallets to bank accounts or smart contracts to vending machines, bridge understanding. This approach demystifies the technology, encouraging broader adoption. Engaging with the community through workshops and forums, I've seen firsthand how clear communication fosters a welcoming environment. It's about building bridges from the familiar to the novel, easing the transition into the decentralized web for all users, regardless of their technical background.

We have heard this a lot now. Yeeh Jargons are not taking you anywhere, people need trust. Founders with avatar as their identity and gibberish twitter handle is not going to build the trust. You should be someone who is having the credibility

I think also being transparent and being clear about how to be safe in this space is going to be paramount, without scaring people off of course. It’s been interesting to see (particularly in the NFT hype days for example) how easy it was to see media coverage of them being pyramid schemes, fast dangerous money makers etc and not always providing a balanced article. Which ultimately put people off the space before they’ve even entered it. We have scams currently in web2, there’s not a huge amount of difference except they’re taking different forms. So knowing how to keep yourself safe is key and trusted education has a huge part to play in that.

Adoption is still a code to be cracked. Having guidance and support is for sure helpful for curious people who are willing to adopt the technology but are afraid to do so by their own. Community forums are very common nowadays and you could also create an AI model customized for your company for users to have support 24/7.

There are so many channels for guidance and support in Web3. Unlike in traditional Web2, where Blogs and FAQs provide guidance and chat bots and email provide support, Web3 has a plethora of channels like Twitter DMs, Discord Channels & Tickets, Telegram, WhatsApp, etc. There are also community moderators who are like an additional level between the brand/project and the community. Gamified campaigns encourage people to participate and learn too. While there are many ways to engage in Web3, it can also be daunting to new entrants and thus early support and guidance is important.

There are a lot of different quest platforms that will help you onboard users through a simple gamified approach. Invest some time in developing a few interactive sessions and you will save endless hours on personalized support.

Understanding digital asset tax and accounting considerations is vital to navigate the risks and challenges in the DeFi and Web3 space. Additionally, volatility in the digital asset market can impact tax implications. Educating users on tax implications for transactions involving volatile assets is essential. Guidance from reliable sources to comprehend tax implications, maintain accurate records, and assess capital gains or losses for tax reporting is crucial. Seek expertise, stay updated on regulations, and conduct due diligence before engaging in digital asset activities.

"Never overpromise, but underdeliver". This simple issue kills your projects at the root. Positive Experience is always about getting more, than you expected. This is what makes us happy.

The UX-UI role is hot in Web3 for a reason. When the underlying technology is complex, user experience is crucial. Keep the focus on the product and how it benefits users. It's like medicine: you take it, feel the effect, even if you don't fully understand its chemical composition.

Start from a mobile-first perspective. Assume that most users will use your service on a phone. Stay away from annoying large menus and make sure your service or website is fast. If people get annoyed by your platform, you already lost them. They are 1 click away from spending their money on your competitor's platform!

Conduct tests with your ambassadors, team members, and early users, gathering feedback on calls and screencasts. Stack data and regularly revisit it. Any marketing manager should be involved.

When you are done (you think you are) with your interface, show it to your mom, a few non-tech friends, your spouse, and some random users on the Internet. If they can't complete a simple flow from the first attempt, go back to a drawing board, your UI is not simple enough to deliver a top-notch UX.

Don't refrain from using bold warning pop-ups and double-check the user's intention. During a completely new experience it's better to be safe than sorry. Yes, it might make UI a bit clumsy which you'd like to avoid, but there are ways to make it less impactful on your conversion rates yet still make sure users are informed and warned.

Saving people from (often costly) mistakes in Web3 is worth more than everything. Everyone who enters Web3, wallets, transactions, swaps, seed phrases, etc., will eventually make a mistake. If you can guide people through this jungle, you will have lifetime fans. No matter what your target audience is, always assume people encounter your topic for the first time. Explain the risks, at all times. State the obvious. If a staking platform offers exceptionally high rewards, still mention it is risky. People like ZachXBT and BTCSessions, tend to do well on social media since they explain the risks and provide additional information to the often encrypted headlines. Therefore, they have a large number of followers and a close community.

Addressing risks in DeFi and Web3 is essential for informed participation. Users must be aware of security risks; safe practices are vital. Privacy concerns are paramount in a space where data is a valuable asset. Compliance with evolving regulations ensures legal safety. Scalability and interoperability are technical challenges affecting performance and user experience. Volatility in crypto markets requires an understanding of financial risk. Educate users on these aspects, guiding them to reliable information sources for continual learning. Encourage due diligence and critical thinking before engaging with any platform or product. This proactive approach helps users navigate the ecosystem safely and confidently.

Explain in simple terms - Avoid jargon. Highlight benefits - Emphasize benefits like transparency, accessibility and financial inclusion. Suggest beginner-friendly apps - Recommend user-friendly exchanges, wallets and dApps to start. Provide educational resources - Share guides, videos and tutorials at their level. Encourage asking questions - Welcome their questions and provide support. Build their confidence - Guide them, provide encouragement to feel secure. Get them involved - Suggest communities and events to engage with. Make it relatable - Compare to familiar services, give real-life examples. Focus on user experience - Complexity hinders adoption. Ensure smooth onboarding.

Lessons from Altcoin season 2021 - Protect Users 1. Learn ?? how to write smart contracts or hire a smart contract developer. Don’t just fork code. Many people were forking and not recognizing how to adapt the code to their project needs. A good example was all of the Safemoon forks. The original contract was on PancakeSwap Router V1 and many people saw the gains made by the project and forked the code; however PancakeSwap V1 was hard coded not allowing for updates and this created tons of issues and errors because of the PancakeSwap V2 upgrade. 2. Deploy on Testnet 1st and make sure to have the smart contract audited. Several NFT projects lost hundreds of thousands and possibly millions due to not having smart contracts properly audited.

Imagine being able to handpick individuals whose passions align with your project's ethos and goals. Sounds a bit tedious and manual as a user acquisition strategy? This UA approach could solve it: Wave Mints. The Wave Mint strategy was successfully used to launch the 1337 skulls pixel art project in late 2022 as a free mint, but the way they pulled it off is timeless. ? The communities targeted during the waves are chosen based on similar projects to attract holders who will engage seriously with the project ? In the sequential wave minting, different groups are invited to mint NFTs in sequence, with each wave lasting anywhere from a few minutes to a couple of days to avoid gas wars

Writing for LVMH on web3 has shown me what a brand can achieve with an education tailored around projects, departments and issues that resonate with the person or people you are trying to 'onboard'. All the web3 education in the world isn't worth a dime if it isn't actionable on a daily basis. If the benefits aren't visible. If the advantages aren't on show. How you educate your marketing department (community building, token-gated content, exclusive experience) isn't how you educate the HR or finance department.

The crypto world is undergoing a pivotal change. Historically, its complexity limited its appeal to tech-savvy individuals. Now, there's a growing trend towards making dApps and other crypto-related software as user-friendly as Web2 applications. This evolution is essential for mass adoption, as seamless interaction becomes a priority. Projects embracing this approach are paving the way for wider blockchain adoption, breaking down barriers that previously hindered its mainstream acceptance.