Crypto news: Coinbase’s UX problem
CEO Brian Armstrong has acknowledged a problem with the user experience (UX) of Coinbase’s main app for NFTs, dApps, and Layer 2s. He describes it as “broken” and urges users to provide feedback for improvement. The UX of the Coinbase wallet app also needs work. It is likely that Coinbase’s apps, particularly the wallet and Web3 and Layer 2 services, will undergo a revamp in the coming months or years. A simplified user interface is necessary to make crypto tools more accessible to mainstream users.
The Layer 2 solution from Coinbase
Coinbase has launched its own Layer 2 solution called Base, based on Ethereum. Despite being recently launched, it already registers over 600,000 transactions per day on its blockchain. However, only just over 800,000 addresses have been registered on Base’s blockchain, suggesting that the transactions may be generated by a small number of users. It is possible that Coinbase’s upcoming features will involve Base as a Layer 2 for transacting ETH or stablecoins at a lower cost.
UX key to mainstream adoption
The user experience of crypto tools is crucial for mass adoption. Coinbase was initially designed to make it easy for everyone to enter and operate in the crypto sector. However, there is still a lot of work to be done in making the UIs of crypto tools easier and more intuitive, particularly for retail users. During bull runs, when many inexperienced users enter the market, user-friendly tools are essential to enable their participation and retention.
The evolution of Coinbase
Founded in 2012, Coinbase initially focused on Bitcoin but later integrated other cryptocurrencies. It aimed primarily at retail users and later expanded to international users. During the 2017 bull run, Coinbase played a significant role in introducing people to the crypto markets. In recent years, Coinbase has also developed institutional services. However, it may be shifting its focus back to retail users in anticipation of another bull run. The upcoming innovations from Coinbase will determine whether it can attract and retain new users with user-friendly tools.
Hot Take
The acknowledgement of Coinbase’s UX problems and the commitment to improvement is a positive step towards making crypto tools more accessible to mainstream users. Enhancing the user experience is crucial for mass adoption and will likely drive the evolution of Coinbase’s apps. The launch of Base as a Layer 2 solution also shows Coinbase’s determination to provide cost-effective and efficient transactions. As the crypto industry continues to grow, it is essential for platforms like Coinbase to prioritize user-friendly interfaces to ensure a seamless onboarding experience for new users.
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