The decentralized nature of Web3, highlighted by its focus on control and security for users, has significantly transformed the global internet scene. Yet, the path to universal acceptance has been hindered by some notable challenges, among which is the persistent issue of subpar user experiences (UX).
In simpler terms, many current Web3 platforms, including decentralized exchanges (DEX), have user experiences (UX) that are often criticized for being overly complicated. These interfaces and processes can be off-putting even for tech-enthusiasts. This problem isn’t just an obstacle for those with less technical knowledge; it also keeps the technology from becoming widely adopted, as mainstream users find these platforms either too difficult to use or downright frustrating.
For example, several widely used Decentralized Exchange (DEX) systems continue to have complex setup processes. These procedures demand that users be well-versed in connecting their digital or physical wallets, moving assets according to specific token guidelines, and other requirements. An additional issue is ensuring security against cyber attacks throughout the entire user experience.
Why does Web3 Need to Adapt?
The main issues discussed earlier center around a core UX problem in Web3: most platforms prioritize advanced users, leaving behind the large population with less technical expertise. The significant learning curve required for blockchain technologies and interfaces that favor complexity over intuitiveness can be discouraging for less-technical users, leading to a gap between those who embrace Web3 and those who don’t. This divide not only impedes user growth but also limits the potential of Web3 to become a widely adopted advancement of the internet.
To expand the user base beyond the current niche, Web3 platforms need to undergo a significant change in their approach. Instead of complicated navigation and convoluted processes, they should focus on simplicity and ease of use. Eliminating blockchain jargon that may intimidate newcomers is also essential. A notable example of this UX improvement can be seen in MANTRA, a DEX leading the way in connecting Traditional Finance (TF) and Decentralized Finance (DF).
MANTRA’s dedication to user accessibility, intuitive design, regulatory compliance, and risk management reflects its prioritization of providing a secure and long-term solution for users. Through active collaboration with international regulators, MANTA has blended an easy-to-use interface with innovative features, expanding the reach of Decentralized Finance (DeFi) to include both institutional and individual investors.
This platform sets itself apart with its groundbreaking methods, as shown in its early features such as DeFi products that generate yields and a Decentralized Exchange (DEX) with a Central Limit Order Book (CLOB). Unlike typical DEXs for exchanging tokens, this CLOB DEX functions not just as a swap interface but also serves as an entrypoint for trading tokenized versions of traditional financial assets like bonds, stocks, and real-world assets. Additionally, MANTRA provides continuous customer support around the clock, enabling users to swiftly address any concerns or issues they may encounter.
More recently, MANTRA unveiled the launch of its Chain Hongbai Testnet, signifying a crucial advancement towards merging DeFi with conventional markets and drawing in non-crypto savvy users and financial institutions. The objective of the Hongbai Testnet is to bring in more users and decentralized apps to MANTRA’s ecosystem, fortifying its status as a leading figure in the tokenized RWA sector.
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.
In the same vein, there is an increasing number of voices among experts who hold that as people come to understand the significance of decentralization on a global level, the Web3 market is expected to gain even more mainstream attention, potentially reaching a value of $177 billion or more by 2033.
In other words, as platforms improve their user-friendly features for Web3, making it more accessible to the general public, like MANTRA is doing, it’s likely that we will witness a significant increase in adoption rates. This growth not only helps individual projects but also strengthens the entire Web3 ecosystem, leading to its maturity and long-term sustainability.
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2024-04-12 15:51