The Importance Of Emotional Intelligence In Crypto & More

Welcome back!

This is J264G and this week I’ve got these titbits for you:

• Emotional Intelligence: A lack of EQ seems to hamper dApp growth.

• On-Chain Credit: Credix launches new on-chain credit product.

• USDC Payments: The quest to onboard Coinbase to Solana Pay.

The benefits of Solana are increasingly getting recognised.

However, in order to accelerate that process and make Solana-based products and services well known beyond web3, we need more and better marketing.

3 truths:

1. Marketing ≠ advertising.

2. Innovation without marketing is irrelevant.

3. No one will understand the importance of self custody without marketing.

We have a lot to do to make Solana products and services more accessible, so let's get after it!

Click on any underlined heading / hyperlink to learn more.

Spotlight

Emotional Intelligence

My first blockchain interaction was through MetaMask.

I hated it — still do.

Not only is the user interface clunky, MetaMask is also awkward to use, confusing, and difficult to navigate.

Not to mention that I had to pay a ridiculous amount of fees after stumbling through the long-winded transaction process.

From a business perspective, non-intuitive user interfaces come with a whole host of disadvantages:

• Learning Curve: When users find it challenging to use an interface effectively and proficiently, it can result in a steeper learning curve that requires more time and effort.

• Productivity & Efficiency: A user interface that is not intuitive can slow users down, making it harder for them to perform tasks quickly — leading to a decreased productivity and potentially increased error rates.

• Support Costs: A poorly designed interface can also lead to an increased support ticket rate as users will require additional support or training to understand how to use the product or service.

• Brand Perception: Users often associate a clunky interface with a lack of attention to detail or outdated technology. This can negatively impact a brand's reputation and credibility.

• User Experience: All the above will make it difficult for users to find what they need, leading to a decreased satisfaction with the product or service, and a negative overall user experience.

• User Engagement: In turn, this will discourage users from further engaging with the product or service. That's because users are likely to abandon any website or dApp if they find it challenging to use.

• Competitive Disadvantage: In a competitive market, user experience can be a significant differentiating factor. As such, a bothersome interface can put you at a disadvantage compared to competitors with more user-friendly designs.

Consequently, MetaMask will lose relevance as time goes on.

The team simply doesn't understand the importance of a clean UI that is able to deliver a delightful user experience.

But not only MetaMask will drift into the ether (*pun intended*), many dApps on Solana will do so as well.

The reason is simple: Too many Solana teams spend too much time increasing the friction for new and existing users instead of lowering the barrier to entry.

I can't count the number of times I've seen dApps which ask me to connect my wallet before I can see the entire UI, use a language and terms I don’t understand, or don’t show any transaction confirmations — leaving me in the wind.

Granted, many teams building on Solana are high IQ — but their emotional intelligence (EQ) is often subpar. High EQ teams understand the need to build products and services that people need. Moreover, they are also cognisant of the fact that their offering should be easy to use straight from the outset.

As long as we don’t look at software development from an EQ perspective, no dApp on Solana will achieve PMF outside of the web3/crypto bubble.

Chart Of The Week

News Bites

Shifting Tides: An increasing number of crypto-native users are looking into Solana and the dApps the network has to offer. Particularly, users from Ethereum seem to be growing fond of Solana and the benefits the network provides.

USDC Payments: Coinbase is aiming to introduce gas-free USDC payments with Coinbase Wallet. Having said that, the product doesn't seem mature yet and seems to be cumbersome to use — highlighting the benefits of Solana Pay and its associated payment ecosystem.

Market Innovation: Sujiko — launching on Mainnet in August — will enable users to trade Bitcoin, Ethereum, Solana, and Polygon NFT perpetual futures. This constitutes a market innovation which might be able to significantly increase the number of users on Solana.

On-Chain Credit: Credix has launched the first fully insured on-chain credit product, which might be a great treasury diversification option for crypto-native investors.

Base Security: Light will allow for private smart contracts on Solana’s base layer. By doing so, this will arguably turn Solana into one of the best L1s for ZK.

Caught In 4K

Weekly Take

Keks & Giggles

And that's a wrap!

If you'd like to reach me, respond to this newsletter or reach out to me on Twitter.

Talk soon!

J264G