Understanding the Dai User: Insights into Adoption

14th June 2019

UX Tips for Building with Dai

Earlier this month, we published our Dai In Numbers Momentum Report, an exploration into the metrics of Dai usage based on data observed on the Ethereum blockchain. The report details how the Dai economy has grown in activity and diversity. As Ethereum developers add new Dai integrations regularly, more users onboard to blockchain technology and major Dai use cases gain visibility.  

It’s extremely encouraging to follow the acceleration of Dai adoption and discover where and how Dai is being used, especially in the area of decentralized finance. As we gain new partners and continue to learn about the ways in which people are building on the MakerDAO protocol, it’s also inspiring to see how UX design teams across the globe are treating the various Dai integrations.

Because we know that great product experiences, as a whole, not only play a large role in Dai becoming a building block for decentralized applications, but also contribute to increased adoption, we decided to gain more insight into Dai users. By learning why people use Dai, including their motivations and goals, we can respond to any hurdles by crafting user experiences that solve problems, produce desired results, and inspire trust. Moreover, by choosing to publish our findings in a guide we call The Desire for Dai, UX teams at organizations choosing to integrate Dai can do the same.

Why Share What We’ve Learned?

The Maker community is large and dynamic, and we want to do all we can to inspire everyone in it, from MKR holders and Dai users to developers and supporters. Additionally, we know that both the Maker Protocol and Dai can be complicated. While users of any product or platform want a seamless experience whenever and however they engage, Dai users desire even more—precisely because of the complexity that surrounds the popular stablecoin. Many people discover Dai because of problems centralized currency cannot fix, after all. When trying to solve a current problem, the last thing they want is to deal with is a new problem. The Desire for Dai can help eliminate user frustration and provide a seamless experience.  

While this guide is geared toward UX teams, those outside the design sphere will find it informative!  

Dai was a hit at Money 20/20 Europe this month.

A Sneak Peek at The Desire for Dai

The Desire for Dai consists of a series of posts that take a deep look at the insights our UX design team has gathered and the patterns they discovered after talking to several Dai users. Each post also includes recommendations to help leverage the insights.

Who we spoke to

The team spoke directly to 10 Dai users to gain insight into their motivation to adopt the stablecoin. Those discussions resulted in 15 hours of raw interview data, which helped us to understand our users deeply, as well as broadly.

What we learned

We identified three main patterns of desire, each detailed in the series:

  1. Patience and self-control with their Dai
  2. Control and autonomy over their Dai, no matter what
  3. Freedom to send and receive value with their Dai

Those patterns suggest that users could balk at adoption due to anxiety, fear, or confusion. We believe, however, that foundational design principles rooted in overcoming those hurdles can help create experiences that reduce friction moving forward.

Additionally, from each desire pattern, we pulled six insights. Because we asked Dai holders to describe their experiences in a manner similar to a story arc, we were able to derive a chain of events in their lives that clearly illustrates the problematic events and emotional hurdles that lead to them exchanging for Dai.

Finally, we were able to make four assumptions regarding non-negotiable requirements potential Dai holders demand.

What’s Next?

The Dai Credit System is ripe for innovation. We believe that a deep understanding of Dai holder desires, combined with the use of fundamental design principles focused on helping users solve problems and reach their goals, will result in the creation of products that fully realize the vision of Dai.

Dive into The Desire for Dai now:

Understanding the Dai UserDownload
Dai Desire Part One: Patience & Self-ControlDownload
Dai Desire Part Two: Control Over My Money, No Matter WhatDownload
Dai Desire Pt. Three: Freedom to Send & Receive Payment to and from Anyone, AnywhereDownload

14th June 2019