Better wallets are needed to solve Web3’s scaling bottleneck. A lack of user-friendly wallets are hindering mass adoption.
Web3 has an adoption problem: In spite of all the hype, only a tiny fraction of the population has ever used Web3 applications. There are a number of factors that contribute to this including the natural curve of innovation adoption. But for the most part, building a streamlined and easy-to-use front-end interface seems to be low on the priority list for most dApp developers. Even for experienced crypto users, the process of sending and receiving payments – especially in cross-chain environments – can be confusing, time consuming, and anything but “user friendly.”
This has become such a problem that TechCrunch refers to the excitement around Web3 as “irrational exuberance.”
Blockchain 2.0 Needs Better Wallet UIs
This is particularly problematic with newer blockchain ecosystems. Ethereum, for instance, has been around long enough for some users to become comfortable with it, but new projects like Polkadot or Cosmos are still waiting for their “killer app” that will make them more user-friendly.
Wallets, as the tools that hold our cryptos, are the gateways into the blockchain world. If we can’t easily send and receive payments, then we’re not going to be able to use the apps and platforms that exist on these blockchains.
The sticking points preventing Web3 from scaling are primarily user interface (UI) issues – unintuitive designs and complicated user processes. But by making better wallets, we can start to overcome these problems and bring Web3 to the mainstream.
This is why improving the UI of wallets is so important for blockchain 2.0. By making it easier for people to enter the crypto world, we can help to scale these new ecosystems. In a sense, wallets are the key to unlocking the potential of Web3.
Better Wallets, A Better Web3
Multiple mobile, web-based, and browser injection wallets have confronted the issue of cross-chain interactions; Phantom wallet, for example, aims to be the easy-to-use gateway to the Solana ecosystem. Perhaps the most ubiquitous Web3 Chrome extension, Metamask, is a dynamic browser injection wallet and mobile app used by millions, but the developer-friendly, ‘simplistic’ UI is often confusing and clunky for casual ‘retail’ consumers. Clover.Finance’s Clover Wallet, however, has taken on the feat of integrating across a wide range of chains, from Solana to Avalanche’s C-chain, and is quickly becoming the go-to interface for interacting with the Polkadot ecosystem.
While Phantom has become the go-to for the Solana ecosystem, and other wallet providers tend to follow this specialization approach, Clover Finance has taken on the full task of becoming an easy-to-use, multi-chain wallet interface. The Clover wallet – available on mobile, web, and as a browser injection/extension – has full Solana compatibility and is also compatible with the Polkadot Parachain.
Focussing on easy UX for new users, wallets like Clover put emphasis on fiat on/off ramps in order to streamline the experience of buying and selling cryptocurrencies, and technologies like “OAuth” social logins designed to remove the mnemonic phrase process from new user onboarding. These OAuth integrations with popular email services as well as Facebook, Google, and Twitter will make the end-user experience simple, and familiar credentials can act as the ‘keys’ a new user needs in order to interact with dApps and Web3 environments.
Web3 Needs Good UI Everywhere
Perhaps surprisingly, the majority of Internet traffic occurs on mobile devices. This is true for both developed and developing countries. And, it’s only going to become more common as more and more people move to mobile-only Internet usage.
This is a problem for Web3, since most dApps and platforms are not yet optimized for mobile devices. This presents a major barrier to adoption, as people are unlikely to use applications that are not designed for their devices.
Developers are starting to recognize this problem, and there is increasing focus on building dApps that are mobile-friendly. But it will take some time before the majority of dApps are usable on mobile devices.
In the meantime, mobile-first wallets are one way to bridge the gap between Web3 and mobile devices. By making wallets that are easy to use and that work on a variety of platforms, we can make it easier for people to use Web3 applications. Clover, for instance, is available on mobile, web, and as a browser extension.
Better Wallets: Takeaways
Ultimately, people aren’t “irrationally exuberant” about Web3, as some claim. Rather, they are waiting for better user experiences – experiences that wallets like Clover can provide. Beyond the Polkadot ecosystem, all of Web3 needs an upgrade when it comes to user interfaces and the user experience.
The future of Web3 rests on wallets that deliver a powerful user experience. From everyday Web3 interactions and cross-chain transfers, to multi-ecosystem engagement across a range of DeFi, play-to-earn, and ‘metaverse’ gaming environments, users need a streamlined way to interact with every facet of Web3.
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The information provided in independent research represents the author’s view and does not constitute investment, trading, or financial advice. BeInCrypto doesn’t recommend buying, selling, trading, holding, or investing in any cryptocurrencies