Cryptocurrency Exchange// Optimising a Deposit Widget

UX Research, UX Design

This project was for the cryptocurrency exchange, rhino.fi, and it took 3 weeks to complete. I was responsible for conducting the UX research and managing the UX design process of this project. I worked alongside a cross-functional team including a Product Manager, Front End Engineer, and QA Engineer.

Problem Statement : Some new users are dropping off after opening the deposit widget without making a deposit to the platform.

Redesigning the deposit widget to simplify the deposit flow increased conversion of new users to making their first deposit by 15%.

Context
DeFI (Decentralised Finance) is an ecosystem in which users trade funds on a variety of (block)chains - (different assets exist on different chains and users tend to want to access a large variety of them.) One of the biggest challenges in DeFi is moving funds from one chain to another, it’s a complicated and time consuming process, and on top of this you are charged fees to do it and they can sometimes be extremely high. It’s even common for users to make mistakes during the process and lose all their funds as a result (a very painful experience!). As a platform rhino.fi aims to make trading in DeFi easier by allowing users to deposit funds from 14 different chains into an account on their platform and then trade seamlessly between them for minimal fees.

Business Goals
In Q1 rhino.fi set the goal to onboard 1 million new users by the end of Q4. A user will be considered onboarded when they have visited the platform, connected their wallet, deposited funds and made their first trade.

Problem Statement: Some new users are dropping off after opening the deposit widget without making a deposit to the platform.

Challenges

• Depositing funds and holding them on a platform is normal for large centralised exchanges (Coinbase, Kraken) but less common for decentralised platforms, so rhino.fi have to educate new users on how the platform works.

• rhino.fi is a relatively small exchange, this can be an obstacle when trying to build trust with new users so they feel safe enough to deposit their funds to the platform.

Our Goal
In order to increase the number of users onboarding we wanted to optimise the depositing section of the onboarding journey to get more users through it. We knew from looking at the data that we were experiencing drop off so we wanted to investigate how UX improvements might reduce them. We set the bar of success at anything above a 10% increase in users opening the deposit widget completing a deposit.

Key Findings

• Users who hadn’t already connected their wallets were forced to exit the deposit flow and were less likely to return and make a deposit.

• Users weren’t aware of the full variety of chains they could deposit funds from as we were only displaying the chain they already had funds on in their connected wallets.

• Users were confused by the deposit widget as they weren’t expecting to have to make a deposit.

• Users didn’t fully understand the mechanics of the platform and the fact that funds were self-custodial, which is something that they like.

• Users often didn’t remember exactly how much of a token they had, and struggled to figure out how much they wanted to deposit.

Ideation
I took the finding from research back to my team and conducted and ideation session in which we explored the problems users were having an came up with some possible solutions. We then evaluated the solutions based on impact and technical feasibility to decide which ideas we wanted to test with users.

Chosen Concepts

1. - Active buttons over error states

2. - Displaying all available networks at the start of the flow

3. - Adding a help article

4. - Adding suggested deposit amount buttons

5. - Reminding user that funds are self-custodial