Improving token withdrawals for community-led platforms with DAOHQ
Improving token withdrawals for community-led platforms with DAOHQ
Improving token withdrawals for community-led platforms with DAOHQ
DAOHQ?
Yup! DAOHQ is a one-stop shop to find, invest and vote in DAOs (Decentralised Autonomous Organisations) - collectively owned blockchain platforms working towards shared goals. DAOHQ seeks to become the marketplace for purchasing and/or investing in DAO tokens.
For this particular task/project, I served as the UX designer and researcher. I was tasked with proposing a solution to improve token withdrawals.
DAOHQ is a one-stop shop to find, invest and vote in DAOs (Decentralised Autonomous Organisations) - collectively owned blockchain platforms working towards shared goals. DAOHQ seeks to become the marketplace for purchasing and/or investing in DAO tokens.
For this particular task/project, I served as the UX designer and researcher. I was tasked with proposing a solution to improve token withdrawals.
Role
Designer
Year
2022
Role
Designer
Year
2022
How was the problem solved?
To solve this, the potential users will have to swap the token for another token with supported withdrawal. Users can also sell the token(s) for the local currency fiat equivalent before withdrawing. It was also important that all end points return an error if the token is missing on the exchange.
With these, I was able to visualise the solution in a few steps as seen below.
//The first steps of the process - when a user initiates a withdrawal
// Step 2 - decision stage
// Step 3 - Final steps to completing token withdrawal
What went into this?
Quite a few things were part of the process that led to the final solution. A quick summary of everything can be seen below.
Objectives and success metrics
Identify weak points in similar flows from other sites in the same niche.
Ensure seamlessness and ease of use.
Improve existing patterns and logic to boost adoption and retention.
The challenges
Not all tokens were supported for direct withdrawal.
Token(s) to be withdrawn must be traded on specific exchange platforms/wallets that have the token listed.
Potential delays in transactions and fluctuating fees.
In most countries, there are regulations regarding crypto based transactions.
The assumptions and imperatives
Users must already own a wallet and have it linked to DAOHQ.
User must have a linked payment method i.e bank account or external wallets like PayPal, etc.
User must understand the differences between swap - exchange for another token, sell - exchange for fiat and withdraw - send fiat or equivalent to a traditional bank account or external fiat wallet.
User must've bought a DAO token before initiating a withdrawal.
What next?
You can view the full user experience and process flow for much smoother experience. You can also visit the DAOHQ website to learn more about DAOs.
What was the problem?
DAOHQ users can purchase their favourite DAO tokens and need a way to withdraw the local fiat equivalent of the token directly into their bank accounts. Seeing as cryptocurrency platforms are usually complicated to navigate, how can we make token withdrawal seamless while boosting adoption and retention of proposed solutions?
DAOHQ users can purchase their favourite DAO tokens and need a way to withdraw the local fiat equivalent of the token directly into their bank accounts. Seeing as cryptocurrency platforms are usually complicated to navigate, how can we make token withdrawal seamless while boosting adoption and retention of proposed solutions?
How was the problem solved?
To solve this, the potential users will have to swap the token for another token with supported withdrawal. Users can also sell the token(s) for the local currency fiat equivalent before withdrawing. It was also important that all end points return an error if the token is missing on the exchange.
With these, I was able to visualise the solution in a few steps as seen below.
//The first steps of the process - when a user initiates a withdrawal
How was the problem solved?
To solve this, the potential users will have to swap the token for another token with supported withdrawal. Users can also sell the token(s) for the local currency fiat equivalent before withdrawing. It was also important that all end points return an error if the token is missing on the exchange.
With these, I was able to visualise the solution in a few steps as seen below.
//The first steps of the process - when a user initiates a withdrawal
// Step 2 - decision stage
// Step 2 - Decision stage
// Step 3 - Final steps to completing token withdrawal
// Step 3 - Final steps to completing token withdrawal
What went into this?
Quite a few things were part of the process that led to the final solution. A quick summary of everything can be seen below.
Objectives and success metrics
Identify weak points in similar flows from other sites in the same niche.
Ensure seamlessness and ease of use.
Improve existing patterns and logic to boost adoption and retention.
The challenges
Not all tokens were supported for direct withdrawal.
Token(s) to be withdrawn must be traded on specific exchange platforms/wallets that have the token listed.
Potential delays in transactions and fluctuating fees.
In most countries, there are regulations regarding crypto based transactions.
The assumptions and imperatives
Users must already own a wallet and have it linked to DAOHQ.
User must have a linked payment method i.e bank account or external wallets like PayPal, etc.
User must understand the differences between swap - exchange for another token, sell - exchange for fiat and withdraw - send fiat or equivalent to a traditional bank account or external fiat wallet.
User must've bought a DAO token before initiating a withdrawal.
What's next?
You can view the full user experience and process flow for much smoother experience. You can also visit the DAOHQ website to learn more about DAOs.
What went into this?
Quite a few things were part of the process that led to the final solution. A quick summary of everything can be seen below.
Onjectives and success metrics
Identify weak points in similar flows from other sites in the same niche.
Ensure seamlessness and ease of use.
Improve existing patterns and logic to boost adoption and retention.
The challenges
Not all tokens were supported for direct withdrawal.
Token(s) to be withdrawn must be traded on specific exchange platforms/wallets that have the token listed.
Potential delays in transactions and fluctuating fees.
In most countries, there are regulations regarding crypto based transactions.
The assumptions and imperatives
Users must already own a wallet and have it linked to DAOHQ.
User must have a linked payment method i.e bank account or external wallets like PayPal, etc.
User must understand the differences between swap - exchange for another token, sell - exchange for fiat and withdraw - send fiat or equivalent to a traditional bank account or external fiat wallet.
User must've bought a DAO token before initiating a withdrawal.
