Understanding DeFi for New Users

Challenges in Onboarding New Users to DeFi

• Objective of onboarding over 100 million new users is hindered by existing obstacles.
• Decentralized Finance (DeFi) appears intimidating to newcomers due to complex features.
• Major complexities include:
  • Gas fees that can vary significantly between transactions.
  • Multiple blockchains leading to confusion for users.
  • Various token types, including wrapped and unwrapped tokens.
  • Slow bridging processes complicating asset transfer.
  • Slippage issues affecting trade execution.
  • Diverse wallet choices, with distinctions between EVM and non-EVM wallets.
  • Concerns regarding wallet addresses and security.
  • Difficulty in distinguishing genuine tokens from counterfeit ones.
  • Limited access through desktop-only platforms.
  • Varied swapping options and the nuances of yield farming.

Introduction to DeFi Solutions

• The call to action focuses on developing products that tackle these barriers directly.
• DeFi.app is introduced as a solution that simplifies the DeFi landscape.
• The platform aims to remove complexity by offering a user-friendly interface.
• Promises to make the DeFi experience more approachable and less daunting for new users.

Challenges in Onboarding New Users to DeFi

• Objective of onboarding over 100 million new users is hindered by existing obstacles.
• Decentralized Finance (DeFi) appears intimidating to newcomers due to complex features.
• Major complexities include:
  • Gas fees that can vary significantly between transactions.
  • Multiple blockchains leading to confusion for users.
  • Various token types, including wrapped and unwrapped tokens.
  • Slow bridging processes complicating asset transfer.
  • Slippage issues affecting trade execution.
  • Diverse wallet choices, with distinctions between EVM and non-EVM wallets.
  • Concerns regarding wallet addresses and security.
  • Difficulty in distinguishing genuine tokens from counterfeit ones.
  • Limited access through desktop-only platforms.
  • Varied swapping options and the nuances of yield farming.

Introduction to DeFi Solutions

• The call to action focuses on developing products that tackle these barriers directly.
• DeFi.app is introduced as a solution that simplifies the DeFi landscape.
• The platform aims to remove complexity by offering a user-friendly interface.
• Promises to make the DeFi experience more approachable and less daunting for new users.

The Potential of DeFi

• DeFi's growth has been immense, with nearly $100 billion locked in protocols since "DeFi summer."
• Approximately 450 million users are ready to adopt DeFi, hindered by complex interfaces and poor user experiences.
• To achieve mainstream adoption, DeFi needs to become user-friendly, allowing anyone, even those unfamiliar with technology, to engage easily.

Challenges Faced in DeFi Adoption

• Current DeFi experiences involve navigating multiple Layer 1s and Layer 2s, each with unique gas tokens.
• Users face risks such as managing private keys, falling for malicious links, and handling complex transaction processes.
• The onboarding process for new users has not improved and may have deteriorated, deterring potential participants from using DeFi products.

Market Demand and User Engagement

• Current users are envious of early adopters who share their profitable experiences, such as significant airdrops.
• There is a strong desire for access to DeFi products like perpetuals, AI tools, gaming, and meme tokens, which are not available on traditional exchanges like Coinbase or Binance.

Introduction of DeFi.app

• DeFi.app aims to eliminate barriers with a decentralized web2 interface, making DeFi accessible to the general public.
• The application is designed to be intuitive and user-friendly, enabling even those without technical expertise to participate in DeFi.