Staking

My Picture
Crypto Investment

Overview

The challenge was to simplify a complex context like staking for the Brazilian retail audience.


Details

Role: Product Designer

Client: Mercado Bitcoin

Duration: 18 mon, Jan 2024

Tools: Figma, Research


Context

Staking is a system in the blockchain world that works like a passive-earnings investment. You lend your crypto to help the network function, and it pays you regularly for it.

But this is not something that just anyone can do. It’s highly technical and normally requires a large amount of crypto.

That’s where we came in. How could we offer this service to a retail market that knows little or nothing about crypto and blockchain?


MVP

I joined this squad when it was already in progress. So the first challenge was to quickly learn about the project. There were already prototypes and some documentation left by the previous designer.

Part of my job here was to support the dev team and help them deliver what had already been defined as the MVP. I helped document what wasn’t ready and defined what hadn’t been defined yet, mostly closing some gaps.

It was basically the investing journey of the app. The withdrawal journey wasn’t ready, so I stepped in as quickly as I could and, after a few weeks, we launched.

My Picture

The results? Not so good.

The goal was that by the end of the year, 20% of our eligible user base would have invested. We ended up with 9.6%.


Staking 2.0

What now? Research! We dove in to understand why our customers weren’t investing. We conducted interviews, checked all the tickets and comments with our operations team, and found two main pain points.

1: They couldn’t understand the product.
2: The withdrawal time was too long (15 days).

The first thing we did was tackle the 15-day withdrawal period. There were some improvements to be made in the backend, I designed a new module in the backoffice to make the operation smoother, we changed third parties, and made some minor adjustments in the frontend.

While doing this, I was also exploring ways to make the product easier to understand, to invest, and to withdraw. With the help of an AI tool called Birdie, we were able to process all comments about the product across different touchpoints (app store, social media, tickets, CSAT) and gain a very good understanding of what was going on.

My Picture

The main goal here was to tackle the first pain point (people weren’t understanding the product). So we created a product page with detailed information, a simulator, an explainer video, and an FAQ. We also added more information about profitability on the customer portfolio page.

Results: We went from 10.8% to 17% just a few weeks after that, almost reaching last year’s goal in only a few months. We also brought in a new crypto, and it reached 8.3% in just one month!


New Assets, Even Better UX

With these new results, we gained momentum to make it even better. We wanted to make the checkout even easier and faster. So we did three things:

My Picture

With this, we were able to reduce the steps in the journey and remove friction from the process. Users could now complete an investment even faster and more easily.

The step “Pay in the Bank” was actually powered by Pix, the instant-payment system developed and backed by the Brazilian government that became globally known lately. It’s fast, free, and available 24/7. Because of that, this step turned out to be even faster than the traditional “Deposit Money” flow.

My Picture My Picture

You can see the MVP on the left and the latest version on the right.


Next Level Performance Tracking

The product is now a stable and profitable part of the company’s portfolio, but it’s far from finished. Users needed a way to track their rewards (passive earnings) over time and compare them with benchmarks.

My Picture

So we improved tracking so users could clearly see their profits, and we created a History page to track every investment in the product and every reward.

Now we are working on the third screen of this last image, a place where users can compare the performance of each crypto reward with global benchmarks and see their allocation distribution.

This also became a business opportunity, because we are able to show users which cryptos they hold that are eligible for staking but are not yet staked, encouraging them to invest more.


Final Thoughts

I’m very happy with the evolution of this product. We were able to make something very complex from the blockchain ecosystem accessible to thousands of people who otherwise would never have invested or earned money from it.

Also, it became a very important product for the company, generating revenue and contributing by providing key components that other products could use.