Project Overview
Problem Statement
XTOKEN Terminal is a platform designed to provide DeFi and NFT projects with seamless and permissionless access to financial primitives. The platform enables users to easily access decentralized financial services and liquidity pools, allowing them to maximize their returns and optimize their investment strategies.
DeFi and NFT projects often struggle to access decentralized financial services due to the complexities of the underlying infrastructure. Additionally, many projects face liquidity issues, making it difficult to execute trades and optimize investment strategies.
Objectives
Design objective for XTOKEN Terminal is to create a user-friendly platform that allows DeFi and NFT projects to easily access a wide range of financial primitives without any restrictions or intermediaries.
Project Scope
Web app, Mobile app
Tools
Figma, InVision, Miro
Role
UX Designer (Research, Visual
Design, Interaction Design, User
Testing)
View Life Site
The Approach
To help DeFi and NFT projects, I first look at the current situation. To figure out what users need by understanding the problems of the project, making sure financial tools are easy to access. Then focus on making the user experience better and include features that make interactions simpler. This method includes understanding the needs of target audience and stakeholders, and making sure our goals are the same as theirs.
Research
Research Plan
Research helps to identify the current challenges and pain points that DeFi and NFT projects are facing when it comes to accessing financial primitives. This information is crucial for developing a platform that meets the needs of users and solves their problems.
To ensure the research stays on track and better guide the responsive website design later, it is important to create a research plan before diving into the research phase. I listed research goals, research questions, assumptions, methodologies, participants, and timeline in my research plan.
Research Goals
Identify the current challenges faced by DeFi and NFT projects in accessing financial primitives.
Determine the requirements for building a platform that provides seamless and permissionless access to financial primitives
Identify the key features and functionalities that are needed to ensure a user-friendly experience for users
Understand the needs and expectations of the target audience and stakeholders.
Evaluate the competitive landscape and identify areas of opportunity for differentiation.
Assumptions
There is a growing demand for decentralized finance and NFT projects.
Users want to have greater control and transparency over their financial transactions.
Existing platforms are limited in their ability to provide seamless and permissionless access to financial primitives
Methodology
Secondary Research (Market Research, Competitive Analysis)
Primary Research (User Interviews)
Market Research
As I embark on designing XTOKEN Terminal I recognize the importance of conducting comprehensive market research. This research will help me to understand the current trends and challenges in the DeFi and NFT markets, identify the needs and expectations of users, and evaluate the competitive landscape.
Market Analysis
Overall: DeFi and NFT market continues to rise with multiple competitors entering the field.
Total locked value (TLV) in DeFi reaching over $110 billion and the NFT market growing to over $2 billion in the first quarter of 2021.
However, there are several challenges in the markets, including high gas fees, limited interoperability between different blockchain networks, and the need for more user-friendly interfaces.
User Analysis
Overall: Transaction speed, low fees is still the benchmark users are most concerned about.
DeFi and NFT markets are looking for platforms that offer low fees, fast transaction speeds, and seamless integration with different blockchain networks.
Users are also looking for platforms that offer a wide range of financial primitives, such as lending, borrowing, staking, and trading, and that provide a user-friendly and intuitive interface
Technical Analysis
My analysis of blockchain infrastructure and layer-2 solutions revealed that there are several technologies that could be used to build a scalable and secure platform for XTOKEN Terminal, including Ethereum, Polkadot, and Layer-2 solutions such as Optimism and Polygon.
These technologies offer different benefits and drawbacks, such as scalability, security, and interoperability, and it will be important to evaluate these factors when choosing a technology stack for the platform.
Regulatory Analysis
Overall: Regulation is still far and in between among regulatory bodies.
There are several legal and compliance requirements for operating a DeFi and NFT platform, including anti- money laundering (AML) and know-your-customer (KYC) regulations. It will be important to ensure that XTOKEN Terminal complies with these regulations to minimize legal risks and ensure the platform is accessible to users in different regions.
Competitive Research
I conducted a comprehensive competitive research to evaluate the strengths and weaknesses of existing platforms in the DeFi and NFT markets. Based on the knowledge I gathered from market research, I analyzed 3 direct competitors as shown below. competitive research revealed that there are several strengths and weaknesses of existing platforms in the DeFi and NFT markets. XTOKEN Terminal aims to address these challenges by providing a seamless and permissionless access to financial primitives, as well as unique features such as cross-chain liquidity pools. By focusing on user-friendly interfaces and cross-chain interoperability, XTOKEN Terminal could differentiate itself from existing platforms in the market.
User Interview
To gain insights into the needs and pain points of potential users for XTOKEN Terminal I conducted a user interview plan. Here is my plan and the results of my user interviews:
I created an Interview Guide to facilitate the user interview process, Identify potential users through social media channels, DeFi and NFT forums, and other relevant communities. I also created a questionnaire with open-ended questions to gain insights into users' needs and pain points in the DeFi and NFT markets.
Assumptions Validated
Users are looking for a platform that offers low fees and fast transaction speeds. Validated. 4/5 users, as high gas fees and slow transaction times can be a major barrier to entry in the DeFi and NFT markets. This is a strength for XTOKEN Terminal, as we will prioritize low fees and fast transaction speeds to provide a better user experience than our competitors.
Cross-chain interoperability is important to users. Validated. 5/5 users are interested in innovative financial primitives, such as liquidity pools and yield farming, as these can help them maximize their returns.
The ability to use NFTs as collateral or for other financial primitives is of interest to users. N/A. users are interested in the ability to use NFTs as collateral or for other financial primitives.
I created an Interview Guide to facilitate the user interview process, Identify potential users through social media channels, DeFi and NFT forums, and other relevant communities. I also created a questionnaire with open-ended questions to gain insights into users' needs and pain points in the DeFi and NFT markets.
Research Synthesis
Empathy Map
To synthesize the qualitative data gathered from user interview, I created an empathy map to identify patterns across users, uncover insights, and generate needs.
Insights
Users in the DeFi and NFT markets are often tech-savvy and familiar with blockchain technology, but may still be intimidated by complex financial instruments.
Users are looking for platforms that offer low fees and fast transaction speeds, as high gas fees and slow transaction times can be a major barrier to entry.
Users are interested in innovative financial primitives, such as liquidity pools and yield farming, as these can help them maximize their returns.
Needs
A user-friendly interface that is easy to navigate and understand.
Low fees and fast transaction speeds to make trading and interacting with assets more accessible.
Security measures to ensure that user assets are safe and transactions are secure.
User Persona
Since I have gathered a bunch of knowledge of the audience, as well as their goals and needs, I use the user persona to represent key audience segments. Creating user personas is important in the design process of any platform or product because it allows me to better understand our target audience. By creating user personas, I can develop a clearer picture of who the users are, their goals, behaviors, and motivations, and tailor the platform to meet their needs
Strategy
How Might We
To define the problem I am going to solve, I created Point-of-View (POV) Statements that allow me to ideate in a goal-oriented manner, and How-Might-We (HMW) Questions to frame the ideation in the brainstorm session for solutions. The statements and questions are generated based on the insights and needs I gathered in my Empathy Map.
How might we make xToken Terminal more user-friendly for DeFi and NFT users?
How might we integrate innovative financial primitives into xToken Terminal?
How might we make xToken Terminal more secure for users?
Product Goals
With HMW questions and brainstormed solutions, I decided to list project goals that will both serve as a guide for the future development of the product and a rubrics for determining what features to include in the website. By focusing on these product goals, xToken Terminal can create a platform that is responsive to the needs of its users, provides valuable services and features, and helps to drive innovation in the DeFi and NFT spaces.
Design
Wireframe
I then developed wireframes and prototypes to visualize the product's architecture and functionalities. This helped to ensure that the product's design is intuitive, easy to use, and meets user need. It also meant I was able to examine my ideas before making digital prototypes.
Prototype and Testing
HI Fidelity Mock-up
Once I had a visual direction of the layout, I started to add more details and precisions to the sketches by turning them into high-fidelity mockups.
Home Page
The XToken home page is designed to give users an exciting introduction to various DeFi services. We've designed a user-friendly Mining section for our reward program. The Origination section has eye-catching visuals to show token pricing and vesting options. The Liquidity Auction is coming soon, and we've included hints in the design to build excitement. The Native Collateralization section is the main feature, allowing users to borrow crypto using their native token. We've made sure the design is easy to understand, with clear explanations and a simple sign-up process
Origination Terminal
The Discovery section shows a table of active pools that users can interact with. Users can also switch to check out pools they personally created.
Create Pool Section
Users can create their own personal pool offering
Pool Detail Page
Users can check out different pool parameters and edit these parameters.
Mobile Screens
The Sign up process for new users is through social signups.
Usability Testing
After I finished designing screens that are necessary for users to finish tasks, I created a high fidelity prototype, this helps me to simulate the user experience and test how users interact with the platform, identifying any usability issues or areas of confusion. I can use this information to refine the platform's design and functionality, optimizing the user experience and improving adoption rates.
Tasks includes:
Task 1: Participate in yield farming or liquidity provision using the platform's integrated protocols
Task 2: Check the price of specific assets in real-time and set alerts for price changes.
Task 3: View the details of completed transactions, including fees and timestamps.
Conducting the Usability Test
I then conducted both in-person and remote usability testing with 5 participants, and created transcripts for each participant based on my observation of their interaction with the prototype. I jot down their mistakes, slips, and confusions they expressed in the process. This transcript is a perfect raw material for summarizing the patterns of user’s interaction with the prototype.
Affinity Map
The results from the usability testing could be summarized by creating an affinity map. Like the empathy map, it is effective in helping us find patterns and frustrations when users are interacting with the prototype, and identify areas of improvements based on priority levels.
Affinity mapping allows me to group related ideas together and identify the key themes that emerged from the data. By using this technique, I can gain a deeper understanding of the users' needs, pain points, and behaviors, and use these insights to inform the design of xToken Terminal.
Patterns
4/5 Users have difficulty navigating the platform and finding the features they need.
4/5 Users express a strong desire for more customization options and flexibility in the platform
4/5 Users are confused about the purpose and benefits of certain features and how to use them effectively
Insights
Users value simplicity and ease of use in a platform.
Users appreciate platforms that allow for customization and personalization.
Users want clear explanations and instructions for features, and prefer to learn by doing rather than
reading.
Recommendations
Simplify the navigation and design of the platform to make it more intuitive and user-friendly.
Allow for more customization options and personalization features to better meet user needs
Provide clear explanations and instructions for all features, with options for interactive learning and feedback.
Conclusion and Impact
Active Users
Since October 2022, TE Academy’s comprehensive study programs have brought over 3000 active users to the Optimism Collective. After months of studying, students have minted 1000+ NFT proofs reflecting personal achievements and students keep these account-bound NFTs forever.
The TE weekly newsletter shares the most relevant token engineering developments with 5K+ subscribers with an 40% open rate, and features Optimism in every edition
TE Newsletter
The TE weekly newsletter shares the most relevant token engineering developments with 5K+ subscribers with an 40% open rate, and features Optimism in every edition.
Conclusion and Impact
Problem Statement
In conclusion, designing xToken Terminal has been a challenging and rewarding experience. The platform is now in a good position to provide DeFi and NFT projects with seamless and permissionless access to financial primitives. I am proud of the work I have done and the results achieved
Next Steps
I will need to continue testing the platform with users and make adjustments based on their feedback. This will ensure that the platform is always meeting the needs of its users.
Expansion of features:
We will need to continue to add new features to the platform to make it more robust and versatile. This will help xToken stay competitive in the market and provide value to users.
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© 2024 Tosin Ariyo
Project Overview
Problem Statement
XTOKEN Terminal is a platform designed to provide DeFi and NFT projects with seamless and permissionless access to financial primitives. The platform enables users to easily access decentralized financial services and liquidity pools, allowing them to maximize their returns and optimize their investment strategies.
DeFi and NFT projects often struggle to access decentralized financial services due to the complexities of the underlying infrastructure. Additionally, many projects face liquidity issues, making it difficult to execute trades and optimize investment strategies.
Objectives
Design objective for XTOKEN Terminal is to create a user-friendly platform that allows DeFi and NFT projects to easily access a wide range of financial primitives without any restrictions or intermediaries.
Project Scope
Web app, Mobile app
Tools
Figma, InVision, Miro
Role
UX Designer (Research, Visual
Design, Interaction Design, User
Testing)
View Life Site
The Approach
To help DeFi and NFT projects, I first look at the current situation. To figure out what users need by understanding the problems of the project, making sure financial tools are easy to access. Then focus on making the user experience better and include features that make interactions simpler. This method includes understanding the needs of target audience and stakeholders, and making sure our goals are the same as theirs.
Research
Research Plan
Research helps to identify the current challenges and pain points that DeFi and NFT projects are facing when it comes to accessing financial primitives. This information is crucial for developing a platform that meets the needs of users and solves their problems.
To ensure the research stays on track and better guide the responsive website design later, it is important to create a research plan before diving into the research phase. I listed research goals, research questions, assumptions, methodologies, participants, and timeline in my research plan.
Research Goals
Identify the current challenges faced by DeFi and NFT projects in accessing financial primitives.
Determine the requirements for building a platform that provides seamless and permissionless access to financial primitives
Identify the key features and functionalities that are needed to ensure a user-friendly experience for users
Understand the needs and expectations of the target audience and stakeholders.
Evaluate the competitive landscape and identify areas of opportunity for differentiation.
Assumptions
There is a growing demand for decentralized finance and NFT projects.
Users want to have greater control and transparency over their financial transactions.
Existing platforms are limited in their ability to provide seamless and permissionless access to financial primitives
Methodology
Secondary Research (Market Research, Competitive Analysis)
Primary Research (User Interviews)
Market Research
As I embark on designing XTOKEN Terminal I recognize the importance of conducting comprehensive market research. This research will help me to understand the current trends and challenges in the DeFi and NFT markets, identify the needs and expectations of users, and evaluate the competitive landscape.
Market Analysis
Overall: DeFi and NFT market continues to rise with multiple competitors entering the field.
Total locked value (TLV) in DeFi reaching over $110 billion and the NFT market growing to over $2 billion in the first quarter of 2021.
However, there are several challenges in the markets, including high gas fees, limited interoperability between different blockchain networks, and the need for more user-friendly interfaces.
User Analysis
Overall: Transaction speed, low fees is still the benchmark users are most concerned about.
DeFi and NFT markets are looking for platforms that offer low fees, fast transaction speeds, and seamless integration with different blockchain networks.
Users are also looking for platforms that offer a wide range of financial primitives, such as lending, borrowing, staking, and trading, and that provide a user-friendly and intuitive interface
Technical Analysis
My analysis of blockchain infrastructure and layer-2 solutions revealed that there are several technologies that could be used to build a scalable and secure platform for XTOKEN Terminal, including Ethereum, Polkadot, and Layer-2 solutions such as Optimism and Polygon.
These technologies offer different benefits and drawbacks, such as scalability, security, and interoperability, and it will be important to evaluate these factors when choosing a technology stack for the platform.
Regulatory Analysis
Overall: Regulation is still far and in between among regulatory bodies.
There are several legal and compliance requirements for operating a DeFi and NFT platform, including anti- money laundering (AML) and know-your-customer (KYC) regulations. It will be important to ensure that XTOKEN Terminal complies with these regulations to minimize legal risks and ensure the platform is accessible to users in different regions.
Competitive Research
I conducted a comprehensive competitive research to evaluate the strengths and weaknesses of existing platforms in the DeFi and NFT markets. Based on the knowledge I gathered from market research, I analyzed 3 direct competitors as shown below. competitive research revealed that there are several strengths and weaknesses of existing platforms in the DeFi and NFT markets. XTOKEN Terminal aims to address these challenges by providing a seamless and permissionless access to financial primitives, as well as unique features such as cross-chain liquidity pools. By focusing on user-friendly interfaces and cross-chain interoperability, XTOKEN Terminal could differentiate itself from existing platforms in the market.
User Interview
To gain insights into the needs and pain points of potential users for XTOKEN Terminal I conducted a user interview plan. Here is my plan and the results of my user interviews:
I created an Interview Guide to facilitate the user interview process, Identify potential users through social media channels, DeFi and NFT forums, and other relevant communities. I also created a questionnaire with open-ended questions to gain insights into users' needs and pain points in the DeFi and NFT markets.
Assumptions Validated
Users are looking for a platform that offers low fees and fast transaction speeds. Validated. 4/5 users, as high gas fees and slow transaction times can be a major barrier to entry in the DeFi and NFT markets. This is a strength for XTOKEN Terminal, as we will prioritize low fees and fast transaction speeds to provide a better user experience than our competitors.
Cross-chain interoperability is important to users. Validated. 5/5 users are interested in innovative financial primitives, such as liquidity pools and yield farming, as these can help them maximize their returns.
The ability to use NFTs as collateral or for other financial primitives is of interest to users. N/A. users are interested in the ability to use NFTs as collateral or for other financial primitives.
I created an Interview Guide to facilitate the user interview process, Identify potential users through social media channels, DeFi and NFT forums, and other relevant communities. I also created a questionnaire with open-ended questions to gain insights into users' needs and pain points in the DeFi and NFT markets.
Research Synthesis
Empathy Map
To synthesize the qualitative data gathered from user interview, I created an empathy map to identify patterns across users, uncover insights, and generate needs.
Insights
Users in the DeFi and NFT markets are often tech-savvy and familiar with blockchain technology, but may still be intimidated by complex financial instruments.
Users are looking for platforms that offer low fees and fast transaction speeds, as high gas fees and slow transaction times can be a major barrier to entry.
Users are interested in innovative financial primitives, such as liquidity pools and yield farming, as these can help them maximize their returns.
Needs
A user-friendly interface that is easy to navigate and understand.
Low fees and fast transaction speeds to make trading and interacting with assets more accessible.
Security measures to ensure that user assets are safe and transactions are secure.
User Persona
Since I have gathered a bunch of knowledge of the audience, as well as their goals and needs, I use the user persona to represent key audience segments. Creating user personas is important in the design process of any platform or product because it allows me to better understand our target audience. By creating user personas, I can develop a clearer picture of who the users are, their goals, behaviors, and motivations, and tailor the platform to meet their needs
Strategy
How Might We
To define the problem I am going to solve, I created Point-of-View (POV) Statements that allow me to ideate in a goal-oriented manner, and How-Might-We (HMW) Questions to frame the ideation in the brainstorm session for solutions. The statements and questions are generated based on the insights and needs I gathered in my Empathy Map.
How might we make xToken Terminal more user-friendly for DeFi and NFT users?
How might we integrate innovative financial primitives into xToken Terminal?
How might we make xToken Terminal more secure for users?
Product Goals
With HMW questions and brainstormed solutions, I decided to list project goals that will both serve as a guide for the future development of the product and a rubrics for determining what features to include in the website. By focusing on these product goals, xToken Terminal can create a platform that is responsive to the needs of its users, provides valuable services and features, and helps to drive innovation in the DeFi and NFT spaces.
Design
Wireframe
I then developed wireframes and prototypes to visualize the product's architecture and functionalities. This helped to ensure that the product's design is intuitive, easy to use, and meets user need. It also meant I was able to examine my ideas before making digital prototypes.
Prototype and Testing
HI Fidelity Mock-up
Once I had a visual direction of the layout, I started to add more details and precisions to the sketches by turning them into high-fidelity mockups.
Home Page
The XToken home page is designed to give users an exciting introduction to various DeFi services. We've designed a user-friendly Mining section for our reward program. The Origination section has eye-catching visuals to show token pricing and vesting options. The Liquidity Auction is coming soon, and we've included hints in the design to build excitement. The Native Collateralization section is the main feature, allowing users to borrow crypto using their native token. We've made sure the design is easy to understand, with clear explanations and a simple sign-up process
Origination Terminal
The Discovery section shows a table of active pools that users can interact with. Users can also switch to check out pools they personally created.
Create Pool Section
Users can create their own personal pool offering
Pool Detail Page
Users can check out different pool parameters and edit these parameters.
Mobile Screens
The Sign up process for new users is through social signups.
Usability Testing
After I finished designing screens that are necessary for users to finish tasks, I created a high fidelity prototype, this helps me to simulate the user experience and test how users interact with the platform, identifying any usability issues or areas of confusion. I can use this information to refine the platform's design and functionality, optimizing the user experience and improving adoption rates.
Tasks includes:
Task 1: Participate in yield farming or liquidity provision using the platform's integrated protocols
Task 2: Check the price of specific assets in real-time and set alerts for price changes.
Task 3: View the details of completed transactions, including fees and timestamps.
Conducting the Usability Test
I then conducted both in-person and remote usability testing with 5 participants, and created transcripts for each participant based on my observation of their interaction with the prototype. I jot down their mistakes, slips, and confusions they expressed in the process. This transcript is a perfect raw material for summarizing the patterns of user’s interaction with the prototype.
Affinity Map
The results from the usability testing could be summarized by creating an affinity map. Like the empathy map, it is effective in helping us find patterns and frustrations when users are interacting with the prototype, and identify areas of improvements based on priority levels.
Affinity mapping allows me to group related ideas together and identify the key themes that emerged from the data. By using this technique, I can gain a deeper understanding of the users' needs, pain points, and behaviors, and use these insights to inform the design of xToken Terminal.
Patterns
4/5 Users have difficulty navigating the platform and finding the features they need.
4/5 Users express a strong desire for more customization options and flexibility in the platform
4/5 Users are confused about the purpose and benefits of certain features and how to use them effectively
Insights
Users value simplicity and ease of use in a platform.
Users appreciate platforms that allow for customization and personalization.
Users want clear explanations and instructions for features, and prefer to learn by doing rather than
reading.
Recommendations
Simplify the navigation and design of the platform to make it more intuitive and user-friendly.
Allow for more customization options and personalization features to better meet user needs
Provide clear explanations and instructions for all features, with options for interactive learning and feedback.
Conclusion and Impact
Active Users
Since October 2022, TE Academy’s comprehensive study programs have brought over 3000 active users to the Optimism Collective. After months of studying, students have minted 1000+ NFT proofs reflecting personal achievements and students keep these account-bound NFTs forever.
The TE weekly newsletter shares the most relevant token engineering developments with 5K+ subscribers with an 40% open rate, and features Optimism in every edition
TE Newsletter
The TE weekly newsletter shares the most relevant token engineering developments with 5K+ subscribers with an 40% open rate, and features Optimism in every edition.
Conclusion and Impact
Problem Statement
In conclusion, designing xToken Terminal has been a challenging and rewarding experience. The platform is now in a good position to provide DeFi and NFT projects with seamless and permissionless access to financial primitives. I am proud of the work I have done and the results achieved
Next Steps
I will need to continue testing the platform with users and make adjustments based on their feedback. This will ensure that the platform is always meeting the needs of its users.
Expansion of features:
We will need to continue to add new features to the platform to make it more robust and versatile. This will help xToken stay competitive in the market and provide value to users.
Browse Other Projects
Giveth
Building the Future of Giving
Giveth
Giveth aims to facilitate seamless global giving, rewarding those driving positive
See More
Token Engineering
Token Engineering Academy wanted to establish itself as an immersive learning platform.
See More
Vaulty Banking Mobile App
Vaulty
Vaulty is a digital bank with a vision to provide a seamless, secure, and user-friendly mobile banking experience for its customers
See More
Project Overview
Project Scope
Web app, Mobile app
Tools
Figma, InVision, Miro
Role
UX Designer (Research, Visual
Design, Interaction Design, User
Testing)
Problem Statement
XTOKEN Terminal is a platform designed to provide DeFi and NFT projects with seamless and permissionless access to financial primitives. The platform enables users to easily access decentralized financial services and liquidity pools, allowing them to maximize their returns and optimize their investment strategies.
DeFi and NFT projects often struggle to access decentralized financial services due to the complexities of the underlying infrastructure. Additionally, many projects face liquidity issues, making it difficult to execute trades and optimize investment strategies.
Objectives
Design objective for XTOKEN Terminal is to create a user-friendly platform that allows DeFi and NFT projects to easily access a wide range of financial primitives without any restrictions or intermediaries.
View Life Site
The Approach
To help DeFi and NFT projects, I first look at the current situation. To figure out what users need by understanding the problems of the project, making sure financial tools are easy to access. Then focus on making the user experience better and include features that make interactions simpler. This method includes understanding the needs of target audience and stakeholders, and making sure our goals are the same as theirs.
Research
Research Plan
Research helps to identify the current challenges and pain points that DeFi and NFT projects are facing when it comes to accessing financial primitives. This information is crucial for developing a platform that meets the needs of users and solves their problems.
To ensure the research stays on track and better guide the responsive website design later, it is important to create a research plan before diving into the research phase. I listed research goals, research questions, assumptions, methodologies, participants, and timeline in my research plan.
Research Goals
Identify the current challenges faced by DeFi and NFT projects in accessing financial primitives.
Determine the requirements for building a platform that provides seamless and permissionless access to financial primitives
Identify the key features and functionalities that are needed to ensure a user-friendly experience for users
Understand the needs and expectations of the target audience and stakeholders.
Evaluate the competitive landscape and identify areas of opportunity for differentiation.
Assumptions
There is a growing demand for decentralized finance and NFT projects.
Users want to have greater control and transparency over their financial transactions.
Existing platforms are limited in their ability to provide seamless and permissionless access to financial primitives
Methodology
Secondary Research (Market Research, Competitive Analysis)
Primary Research (User Interviews)
Market Research
As I embark on designing XTOKEN Terminal I recognize the importance of conducting comprehensive market research. This research will help me to understand the current trends and challenges in the DeFi and NFT markets, identify the needs and expectations of users, and evaluate the competitive landscape.
Market Analysis
Overall: DeFi and NFT market continues to rise with multiple competitors entering the field.
Total locked value (TLV) in DeFi reaching over $110 billion and the NFT market growing to over $2 billion in the first quarter of 2021.
However, there are several challenges in the markets, including high gas fees, limited interoperability between different blockchain networks, and the need for more user-friendly interfaces.
User Analysis
Overall: Transaction speed, low fees is still the benchmark users are most concerned about.
DeFi and NFT markets are looking for platforms that offer low fees, fast transaction speeds, and seamless integration with different blockchain networks.
Users are also looking for platforms that offer a wide range of financial primitives, such as lending, borrowing, staking, and trading, and that provide a user-friendly and intuitive interface
Technical Analysis
My analysis of blockchain infrastructure and layer-2 solutions revealed that there are several technologies that could be used to build a scalable and secure platform for XTOKEN Terminal, including Ethereum, Polkadot, and Layer-2 solutions such as Optimism and Polygon.
These technologies offer different benefits and drawbacks, such as scalability, security, and interoperability, and it will be important to evaluate these factors when choosing a technology stack for the platform.
Regulatory Analysis
Overall: Regulation is still far and in between among regulatory bodies.
There are several legal and compliance requirements for operating a DeFi and NFT platform, including anti- money laundering (AML) and know-your-customer (KYC) regulations. It will be important to ensure that XTOKEN Terminal complies with these regulations to minimize legal risks and ensure the platform is accessible to users in different regions.
Competitive Research
I conducted a comprehensive competitive research to evaluate the strengths and weaknesses of existing platforms in the DeFi and NFT markets. Based on the knowledge I gathered from market research, I analyzed 3 direct competitors as shown below. competitive research revealed that there are several strengths and weaknesses of existing platforms in the DeFi and NFT markets. XTOKEN Terminal aims to address these challenges by providing a seamless and permissionless access to financial primitives, as well as unique features such as cross-chain liquidity pools. By focusing on user-friendly interfaces and cross-chain interoperability, XTOKEN Terminal could differentiate itself from existing platforms in the market.
User Interview
To gain insights into the needs and pain points of potential users for XTOKEN Terminal I conducted a user interview plan. Here is my plan and the results of my user interviews:
I created an Interview Guide to facilitate the user interview process, Identify potential users through social media channels, DeFi and NFT forums, and other relevant communities. I also created a questionnaire with open-ended questions to gain insights into users' needs and pain points in the DeFi and NFT markets.
Assumptions Validated
Users are looking for a platform that offers low fees and fast transaction speeds. Validated. 4/5 users, as high gas fees and slow transaction times can be a major barrier to entry in the DeFi and NFT markets. This is a strength for XTOKEN Terminal, as we will prioritize low fees and fast transaction speeds to provide a better user experience than our competitors.
Cross-chain interoperability is important to users. Validated. 5/5 users are interested in innovative financial primitives, such as liquidity pools and yield farming, as these can help them maximize their returns.
The ability to use NFTs as collateral or for other financial primitives is of interest to users. N/A. users are interested in the ability to use NFTs as collateral or for other financial primitives.
I created an Interview Guide to facilitate the user interview process, Identify potential users through social media channels, DeFi and NFT forums, and other relevant communities. I also created a questionnaire with open-ended questions to gain insights into users' needs and pain points in the DeFi and NFT markets.
Research Synthesis
Empathy Map
To synthesize the qualitative data gathered from user interview, I created an empathy map to identify patterns across users, uncover insights, and generate needs.
Insights
Users in the DeFi and NFT markets are often tech-savvy and familiar with blockchain technology, but may still be intimidated by complex financial instruments.
Users are looking for platforms that offer low fees and fast transaction speeds, as high gas fees and slow transaction times can be a major barrier to entry.
Users are interested in innovative financial primitives, such as liquidity pools and yield farming, as these can help them maximize their returns.
Needs
A user-friendly interface that is easy to navigate and understand.
Low fees and fast transaction speeds to make trading and interacting with assets more accessible.
Security measures to ensure that user assets are safe and transactions are secure.
User Persona
Since I have gathered a bunch of knowledge of the audience, as well as their goals and needs, I use the user persona to represent key audience segments. Creating user personas is important in the design process of any platform or product because it allows me to better understand our target audience. By creating user personas, I can develop a clearer picture of who the users are, their goals, behaviors, and motivations, and tailor the platform to meet their needs
Strategy
How Might We
To define the problem I am going to solve, I created Point-of-View (POV) Statements that allow me to ideate in a goal-oriented manner, and How-Might-We (HMW) Questions to frame the ideation in the brainstorm session for solutions. The statements and questions are generated based on the insights and needs I gathered in my Empathy Map.
How might we make xToken Terminal more user-friendly for DeFi and NFT users?
How might we integrate innovative financial primitives into xToken Terminal?
How might we make xToken Terminal more secure for users?
Product Goals
With HMW questions and brainstormed solutions, I decided to list project goals that will both serve as a guide for the future development of the product and a rubrics for determining what features to include in the website. By focusing on these product goals, xToken Terminal can create a platform that is responsive to the needs of its users, provides valuable services and features, and helps to drive innovation in the DeFi and NFT spaces.
Design
Wireframe
I then developed wireframes and prototypes to visualize the product's architecture and functionalities. This helped to ensure that the product's design is intuitive, easy to use, and meets user need. It also meant I was able to examine my ideas before making digital prototypes.
Prototype and Testing
HI Fidelity Mock-up
Once I had a visual direction of the layout, I started to add more details and precisions to the sketches by turning them into high-fidelity mockups.
Home Page
The XToken home page is designed to give users an exciting introduction to various DeFi services. We've designed a user-friendly Mining section for our reward program. The Origination section has eye-catching visuals to show token pricing and vesting options. The Liquidity Auction is coming soon, and we've included hints in the design to build excitement. The Native Collateralization section is the main feature, allowing users to borrow crypto using their native token. We've made sure the design is easy to understand, with clear explanations and a simple sign-up process
Origination Terminal
The Discovery section shows a table of active pools that users can interact with. Users can also switch to check out pools they personally created.
Create Pool Section
Users can create their own personal pool offering
Pool Detail Page
Users can check out different pool parameters and edit these parameters.
Mobile Screens
The Sign up process for new users is through social signups.
Usability Testing
After I finished designing screens that are necessary for users to finish tasks, I created a high fidelity prototype, this helps me to simulate the user experience and test how users interact with the platform, identifying any usability issues or areas of confusion. I can use this information to refine the platform's design and functionality, optimizing the user experience and improving adoption rates.
Tasks includes:
Task 1: Participate in yield farming or liquidity provision using the platform's integrated protocols
Task 2: Check the price of specific assets in real-time and set alerts for price changes.
Task 3: View the details of completed transactions, including fees and timestamps.
Conducting the Usability Test
I then conducted both in-person and remote usability testing with 5 participants, and created transcripts for each participant based on my observation of their interaction with the prototype. I jot down their mistakes, slips, and confusions they expressed in the process. This transcript is a perfect raw material for summarizing the patterns of user’s interaction with the prototype.
Affinity Map
The results from the usability testing could be summarized by creating an affinity map. Like the empathy map, it is effective in helping us find patterns and frustrations when users are interacting with the prototype, and identify areas of improvements based on priority levels.
Affinity mapping allows me to group related ideas together and identify the key themes that emerged from the data. By using this technique, I can gain a deeper understanding of the users' needs, pain points, and behaviors, and use these insights to inform the design of xToken Terminal.
Patterns
4/5 Users have difficulty navigating the platform and finding the features they need.
4/5 Users express a strong desire for more customization options and flexibility in the platform
4/5 Users are confused about the purpose and benefits of certain features and how to use them effectively
Insights
Users value simplicity and ease of use in a platform.
Users appreciate platforms that allow for customization and personalization.
Users want clear explanations and instructions for features, and prefer to learn by doing rather than
reading.
Recommendations
Simplify the navigation and design of the platform to make it more intuitive and user-friendly.
Allow for more customization options and personalization features to better meet user needs
Provide clear explanations and instructions for all features, with options for interactive learning and feedback.
Conclusion and Impact
Active Users
Since October 2022, TE Academy’s comprehensive study programs have brought over 3000 active users to the Optimism Collective. After months of studying, students have minted 1000+ NFT proofs reflecting personal achievements and students keep these account-bound NFTs forever.
The TE weekly newsletter shares the most relevant token engineering developments with 5K+ subscribers with an 40% open rate, and features Optimism in every edition
TE Newsletter
The TE weekly newsletter shares the most relevant token engineering developments with 5K+ subscribers with an 40% open rate, and features Optimism in every edition.
Conclusion and Impact
Problem Statement
In conclusion, designing xToken Terminal has been a challenging and rewarding experience. The platform is now in a good position to provide DeFi and NFT projects with seamless and permissionless access to financial primitives. I am proud of the work I have done and the results achieved
Next Steps
I will need to continue testing the platform with users and make adjustments based on their feedback. This will ensure that the platform is always meeting the needs of its users.
Expansion of features:
We will need to continue to add new features to the platform to make it more robust and versatile. This will help xToken stay competitive in the market and provide value to users.
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© 2024 Tosin Ariyo
© 2024 Tosin Ariyo