DeFi Tracking Must be a Good User Experience

Learn about Defi, how Defi tracking with Dexfolio is a whole new level and how #Dexfolio is creating the best user experience in the Defi space, with its user-focused approach to #Defi Tracking.

DeFi Tracking Must be a Good User Experience

The stellar rise of a cryptocurrency over the last few years has not been without its problems. One of those is the complexity of use, leading to a perception that it is a specialist field rather than an option for everyday use.

Therefore, it is imperative that all aspects of decentralized finance must offer a user-friendly experience. Traders must be able to manage their digital assets quickly and easily to break through the negative stereotypes in the wider community.

Survey results show wary attitudes towards crypto

The 2018 ING International Survey of mobile banking and cryptocurrency identified a perception in the wider community that crypto was risky, difficult to understand, and therefore not suitable for everyday use. Not surprisingly, people aged 65+ had the least knowledge of cryptocurrency, while those in their 20s and 30s were the most likely to invest.

However, it was not all bad news; 25% of survey respondents said they intended to buy some cryptocurrency in the future, and since then, we've seen the explosive growth of DeFi, so it's fair to say that attitudes are changing, even if consumer appetite for risk has a way to go.

Crypto assets seen as risky

At the time of the survey, the majority of respondents saw cryptocurrency as too risky to be taken seriously as an investment option.

  • 65% said they would prefer to invest in real estate
  • 46% saw shares as less risky
  • 35% agreed that the future of online spending lies in cryptocurrency

While these results have likely altered a little since the survey was undertaken, it appears that community acceptance of crypto as an everyday finance option still has a way to go.

Does decentralized finance change things?

Decentralized finance has experienced massive growth over the past couple of years, and now there are thousands of DeFi assets to make up a full portfolio. Investors can become liquidity providers to liquidity pools, choose from a plethora of crypto wallets and coins, and undertake borrowing or lending activities. There are plenty of other opportunities as well; quite clearly, DeFi is gaining acceptance.

The industry has responsibility for community acceptance

But the industry is partly responsible for the ongoing acceptance of the DeFi world in the wider community. Developers are working to make it more accessible for average people and easier to manage a DeFi portfolio, helping to remove the perception that it's a specialized field or inaccessible to the average person.

Dexfolio's app aims to do just that with its people-first portfolio tracker that makes managing a DeFi portfolio easy and enjoyable.

Tracking DeFi assets must be easy and enjoyable

Community acceptance of DeFi will improve as first-time users discover that it's not difficult or time-consuming to track their portfolio, connect multiple wallets, check their historical returns, or explore options on other DeFi protocols besides the one they started on. 

Happy users spread the word

As a user, when you can see all your DeFi assets in one place and it's easy to check the total value of your DeFi portfolio, it's motivating and empowering to continue your crypto journey. And when you're satisfied with the way it's working, you're more likely to tell other people about your experiences. That's how acceptance grows.

Mobile tracking is a key to acceptance

The ING International Survey for cryptocurrency and mobile banking found that mobile bankers are the most likely to embrace cryptocurrency. These are the people who already use their mobile devices for banking on the go.

An app for DeFi

At Dexfolio, we recognized the need for a mobile tracking app specifically designed for DeFi rather than a desktop application that has been adapted for mobile use, or a centralized banking application that has been adapted for DeFi use.

In our view, it's important for users to have the option to track a portfolio on the go, conduct transactions, or access their data. We wanted to create the best user experience on the market while offering the flexibility to manage a DeFi portfolio from anywhere. Try the DeFi tracker app and enjoy the free account at https://www.dexfolio.org/blog-posts/best-defi-dashboard

Users want easy-to-use resources

During our extensive consultation with the Dexfolio community, we discovered that users want tools that can track their DeFi assets quickly and easily.

As we step up along with other developers, together we will play a part in the growth of the industry and its acceptance as a viable finance option. As we make DeFi more accessible and easier to understand, we will see more people embrace it, and we can see exciting times ahead.