The promise of Web3, with its spotlight on decentralization, has redefined the global internet landscape as we know it, offering more control and security to users. However, the journey towards widespread adoption has been marred by a few significant roadblocks, with one of the major ones being the continual delivery of poor user experiences (UX).
To elaborate, a vast majority of today’s Web3 platforms, especially decentralized exchanges (DEX), offer a notoriously poor UX characterized by complex interfaces and convoluted processes that can deter even the most enthusiastic of adopters. This issue is not just a stumbling block for the non-tech-savvy but a barrier preventing the technology from reaching mainstream users, who find these platforms either exclusively usable by experts or terribly frustrating in general.
For instance, many popular DEX platforms still employ complicated operational setups, requiring clients to know the intricacies involved in connecting their software/hardware wallets, transferring assets in accordance with their relevant token standards, among others. Safety against cyber attacks is another concern, when we speak about the entire UX.
Why does Web3 Need to Adapt?
At the heart of the challenges outlined above is a fundamental UX-centric problem, i.e. Web3 platforms are generally designed with the technically adept in mind, neglecting the vast majority who are less so. The steep learning curve associated with blockchain technologies, combined with interfaces that seem to eschew intuitiveness for complexity, means that less-technical users are often left behind. This digital divide not only hampers user adoption but also stifles the potential for Web3 to become a universally accepted evolution of the internet.
Thus, for Web3 to truly break out of its perceived niche and appeal to a wider audience, platforms must undergo a paradigm shift in their underlying design philosophy. This means simplifying navigation, streamlining processes, and eliminating jargon that can alienate those not versed in blockchain terminology. A prime example of this evolution towards a better UX is MANTRA, a DEX at the forefront of bridging the gap between Traditional Finance (TradFi) and Decentralized Finance (DeFi).
MANTRA’s commitment to user accessibility, intuitiveness, regulatory compliance, and risk management has served as a testament to its dedication to providing users with a secure and sustainable platform. By proactively collaborating with global regulators, MANTRA has combined a user-friendly interface with various novel features, making DeFi accessible and appealing to a broader spectrum of institutional as well as retail participants.
The platform’s innovative approach is evident in its initial offerings, which include yield-bearing DeFi products and a Central Limit Order Book (CLOB) DEX. The latter isn’t merely a platform for facilitating swaps but rather a gateway for trading tokenized traditional financial products like debt, equities, and other real-world assets (RWAs). Moreover, MANTRA offers live 24/7 support for its users, allowing them to resolve any queries (technical or otherwise) in a matter of minutes.
Most recently, MANTRA announced the launch of its Chain Hongbai Testnet, marking a significant step in its mission to integrate DeFi with traditional markets and attract non-crypto native users and institutions. The Hongbai Testnet aims to attract more users and decentralized applications to MANTRA’s ecosystem, further solidifying its position as a major player in the tokenized RWA space.Â
Looking Ahead
Recent findings on Web3 adoption indicate an upward trend, with a study from last year revealing that an impressive 315 mainstream brands launched a total of 526 Web3 projects between the first quarter of 2022 and 2023. This research underscores the sustained enthusiasm and investment in Web3 technology, noting that 40% of these projects extended beyond a year. Moreover, the study’s authors predict a significant rise in the real-world application of Web3 technologies in the next five to six years.
Similarly, a growing forum of experts believe that as individuals continue to grasp the power of decentralization on a global scale, the Web3 market will only continue to garner more and more mainstream traction, with some projections estimating the space to become worth $177+ billion by 2033. Â
Therefore, as platforms continue to refine their user interfaces and make Web3 more accessible to the average person — as has been the case with MANTRA — it is reasonable to see an acceleration in adoption rates. This growth stands to not only benefit individual offerings but also contribute to the overall maturity and sustainability of the Web3 ecosystem.
