From: thepipeline_xyz
Phantom, one of the most widely used applications in crypto, will support Monad from day one on its testnet, including a custom-built experience for the Monad community [00:00:08]. The Phantom team has had private access to the Monad testnet for several weeks, preparing for its launch [00:00:22].
Phantom’s Impact on User Experience
Phantom is recognized for its role in onboarding new users to crypto and setting a high standard for user experience (UX) [00:02:50]. When Phantom first launched in 2021, it was a “game changer for Solana” [00:03:14], with many users having Phantom as their first wallet [00:03:22].
Key aspects of Phantom’s smooth and thoughtful UX include:
- Allowing users to manage multiple wallets cleanly [00:03:38].
- Efforts to hide spam tokens and spam NFTs [00:03:43]. This was particularly important in environments with cheaper gas fees, where such attacks are more feasible [00:04:14].
- Protecting users and adapting to environments where gas is cheaper [00:04:30].
Users describe the experience of using the Monad testnet with Phantom as “fast,” “snappy,” and “super clean,” reminiscent of early Solana [00:01:34], [00:01:57], [00:05:28]. It aims to provide a seamless multichain experience without network switching [00:01:55].
The Critical Role of UX for Adoption
The user experience of a chain is paramount for its adoption and usage, with decentralized applications (dApps) largely shaping this experience [00:06:42]. Experts believe there is a “huge opportunity” to onboard many multiples of the current crypto user base, which can only happen with a “smooth overall user flow” [00:07:15].
The “last mile” of UX is considered the most critical for user onboarding and interaction [00:08:00]. This includes:
- The process of creating a wallet [00:08:06].
- Protections the wallet offers regarding user safety and identifying issues [00:08:12].
- Simplifying complex concepts like seed phrases and private keys, which pose a steep learning curve for non-crypto-native users [00:08:30].
- General education and customer support are also crucial [00:10:07].
Phantom’s Approach to User Retention
Phantom prioritizes not only onboarding users but also retaining them within the ecosystem [00:09:33]. The company operates with an “only the paranoid survive” mentality, constantly shipping and improving value, especially during challenging periods for the Solana ecosystem [00:16:17]. This mindset ensures they don’t “take their foot off the gas pedal” regarding innovation [00:16:43], [00:16:46].
Phantom’s adaptability is a “superpower” [00:15:25], allowing it to cater to emerging trends like meme coins [00:13:21]. This involves quickly adapting branding, content, and features [00:13:36].
Innovations for new users and retention include:
- Social Login: New users can onboard using Google or Apple ID with a four-digit PIN, which has seen “tremendous uptick” as the main onboarding option [00:09:58], [00:25:38], [00:25:50]. This utilizes novel auth mechanisms, self-custodial storage, and Shamir secret sharing [00:09:05].
- Trending Token Pages: These pages help users discover meme coins and other tokens based on aggregate user activity, providing a “bit of alpha” [00:23:12], [00:23:46].
- “Discover” Tab and Learn Center: Phantom offers a “Discover” tab with trending items and a deep “Learn Center” (e.g., “Monad 101” articles) accessible directly within the wallet [00:47:15], [00:47:27].
The retention problem is seen as “almost bigger” than onboarding, as Phantom has been downloaded over 30 million times, yet the challenge remains to get users checking their wallet daily and integrate crypto into their everyday life [00:27:27].
Product Development Philosophy
Phantom’s product team focuses on “jobs to be done,” identifying how users are choosing to use Phantom [00:29:15]. This includes core wallet functions like viewing accurate balances, portfolio holdings, and sending/receiving [00:29:30]. A key area of focus is also “discovery” of new things to do and tokens [00:29:37].
Rather than trying to predict specific market metas, Phantom aims to build “primitives” that can be easily adapted to different trends [00:15:05]. They emphasize focusing on fundamentals like user security and safety [00:15:19]. The company strives to package the best of the ecosystem into a palatable experience for mainstream users [00:22:45].
Decisions are often based on a “strong sniff test” developed over years in crypto, allowing them to quickly experiment, learn, and integrate new developments in the ecosystem [00:31:05], [00:31:37].
Future of Crypto UX
The future of crypto UX is seen as:
- Mobile-Oriented: Crypto is increasingly moving towards mobile-first experiences, enabled by fast and cheap infrastructure [00:32:53].
- Multi-Chain with Fewer Wallets: While a multi-chain world is anticipated, there will likely be only a “few handful of ecosystems that really matter” [00:33:14]. The idea of chain-specific wallets will likely fade, similar to how there aren’t chain-specific centralized exchanges [00:33:37].
- Abstraction: Wallets will work to abstract the complexities of crypto without losing its core characteristics [00:34:17]. This includes easy cash in/out, and finding friends or important people via usernames [00:34:41], [00:34:52].
- Social Elements: Social features are expected to be very important, but not necessarily as Twitter clones [00:35:05]. Instead, it will involve building a “very crypto unique concept of a social network” around the nodes in the crypto network [00:35:22].
Advice for Navigating the Crypto Space
For those new to crypto, the following advice is offered:
- Download Phantom: It offers an easy onboarding experience with social login and a Discover tab for current trends and educational content [00:46:55], [00:47:08].
- Be an Explorer: Crypto rewards those who are curious and tinker [00:48:03]. Keeping an open mind and exploring the “fringes” of the technology can lead to a better experience [00:48:10].
- Embrace Community: Engaging with a community of like-minded individuals can make the journey “much easier” and more motivating, providing support through highs and lows [00:55:14], [00:55:29].
- Buy First, Research Later (with caution): For major assets like Bitcoin or Ethereum, some suggest buying a small amount first to have “skin in the game,” as this can significantly accelerate learning and understanding [00:50:00], [00:50:16]. However, this advice comes with a caveat in the “meme coin era” [00:50:38].
A significant challenge that remains unsolved in crypto is user discovery [00:51:49]. There is no “crypto specific search engine” [00:52:23], and existing tools are fragmented, making it hard for users to find what they’re looking for in a crypto-native way [00:53:11], [00:54:19]. Phantom is actively working on solving this data infrastructure and liveness problem [00:53:40], [00:53:50].