Problems
At the time, crypto investment products all had a high barrier to entry. Across the planned launch countries, the estimated SOM was ~$12.3M.
Launching an MVP savings app
Timeline2023
TeamJunior Designer, 2 iOS Devs, Web Dev, Backend Dev, Smart Contract Dev, CTO
RoleSr. Product Designer
ResponsibilitiesUser Research, Ideation, Feature Prioritisation, UI Design and Prototyping, API Architecture, Smart Contract Architecture, Managing Developers
Goal
Make DeFi investing more accessible to everyday people as an alternative to bank deposits.
Insight
People trust established financial brands, but a high promised reward can draw them to a new product. Clear deposit terms and a small first deposit let users receive a reward, build confidence and share their experience.
Making crypto feel invisible in a familiar banking app required deep technical understanding, close developer collaboration and unconventional solutions.
Key Tasks
Guide users to their first deposit, keep crypto behind the scenes, and design the smart contract and the reward model.
Crypto adoption in our target markets ranged from 1% to 4%. Estimated MVP reach of 15,000 first-deposit users in year one, increasing adoption by 0.03% against the 4% benchmark.
Build a system that could scale into a marketplace.
My role
Ideation. As the sole Product Designer at Retearn, I worked closely with founders and led the initiative to design the entire app experience. I conducted user interviews, mapped user journeys, and designed small, progressive quick wins so that we could iteratively enhance the user experience.
In addition, I created three different tones of voice for crypto-native, non-crypto, and intermediate users.
Validation. I designed prototypes to validate ideas and assumptions through usability testing and to support decision-making during stakeholder meetings.
Design Execution. I created user journeys, wireframes, prototypes, design specs, and all assets needed for development, working alongside front-end and back-end developers.
The Challenges
Users
The challenge was to design a flow for people with no knowledge of DeFi while providing enough information for experienced users.
In addition, we did not know our target audience in the first month. The choice was between crypto, non-crypto, and middle audiences.
External
Changed the blockchain twice during development due to sudden changes in the market.
Terra > Solana > TON
Internal
As I was the only person working full time, I held all the product context. The rest of the team was distributed and plugged into the project as needed.
Design Approach
Identifying the user problem
High world inflation
The rise in inflation was causing people to panic as they saw their savings rapidly disappearing. Escalating prices of goods and services created anxiety.
The desire for stability and financial security encouraged people to seek new financial strategies and explore alternative ways of saving and investing.
High entry threshold for DeFi investments
Most DeFi investment products in 2022 were not adapted for users encountering cryptocurrency for the first time.
TrueFi and Compound protocols offered high profitability, but required an advanced level of experience and a large amount of money invested over a long period of time. This left the opportunity to use these tools mostly to people deep in the industry.
Exploring multiple solutions
Exploration 01
Funding and savings choices
I explored how to compare funding methods, fees and savings products without overwhelming first-time investors.
Exploration 02
Visualising inflation and potential growth
I studied different ways to explain how inflation affects savings and how potential returns could protect purchasing power.
Exploring technical constraints
Finalising the user journey
Crypto winter
External challenges and two pivots | Terra > Solana > TON
June 2022. We originally planned to develop our project on the TerraUSD stablecoin. However, two weeks after our launch, Terra crashed dramatically and we had to change our plans and priorities.
November 2022. Our second plan was to build the system using a Solana or ETH crypto wallet and smart contract. However, after the unpredictable crash of FTX, we decided to step aside from this idea.
December 2022. Finally, we chose TON Blockchain because it had a lot of investment and infrastructure, looked like a supernova, and also offered the opportunity to win a grant.
