SKRILL CRYPTO STAKING

The Skrill crypto staking experience

COMPANY

Paysafe

ROLE

Product Designer

EXPERTISE

UX/UI Design

YEAR

2022

Overview

Following the successful launch of its crypto exchange, the Skrill digital wallet witnessed significant success and a rapid expansion of its user base. Recognising the potential for further growth and profitability, Skrill aimed to enhance its crypto exchange by introducing new functionalities and reward mechanisms tailored to the evolving needs of its freshly joined users. In the dynamic landscape of cryptocurrency. This is why crypto staking was undoubtedly the next big feature on the Skrill's crypto exchange roadmap.

Team and scope

As the Product Designer, I collaborated closely with a couple of Product managers and one pod of 7 Software engineers and a couple Directors of engineering from different product areas. The duration of the project was around 2 quarters (Q4 and Q1) from discovery to launch.

Design challenge

To better address the staking functionality, my team and I identified the following focused design challenge:
"Design a crypto staking experience within the Skrill digital wallet, empowering users to seamlessly engage in staking while fostering confidence in their understanding of the process and potential rewards."
This helped us keep the team and stakeholders aligned on the future goal and vision for the feature.

Research

For discovering this feature I used the following main research methods:


  • User Surveys: Conducted surveys to gauge user interest in cryptocurrency staking and understand their preferences and pain points.

  • User Interviews: Interviewed a diverse group of Skrill users to gather insights into their knowledge and expectations regarding crypto staking

  • Competitor Analysis: Studied existing crypto staking platforms to identify best practices and areas for improvement.


In the following paragraphs, I aim to provide a summary of the research findings that significantly influenced the development of the final UX solution.

User personas

After conducting a couple of in-depth user interviews and analyzing existing data on Skrill's user profile base from various markets around the world, I identified two primary persona types that emerged as the focal point for the staking feature. Through these interviews and data analysis, I synthesized insights into the behaviors, needs, and pain points of the vital Skrill users engaging with crypto assets and created the following personas

Competitive analyses

Continuing my discovery dived into examining the various crypto exchanges offering staking services. By analyzing the strengths and weaknesses of the biggest competitors in the market, I aimed at gaining valuable insights into industry trends, best practices, and areas for innovation. This discovery activity provided a comprehensive overview of the competitive landscape, and empowered our team with valuable insights for designing the staking experience on our platform. The most important insights that we got from competitors were the following:



  • Strive to provide a crypto staking service that is locking the funds and paying out rewards for periods ultimately between 2 weeks to 1 month

  • Ultimately have no, or at least very low penalties when users unstake their funds, due to their need for liquidity and feeling secure with the platform

  • Keep the experience simple and do not overwhelm with lots of terms unknown to the average Skrill user

Business constraints

During the discovery we encountered a significant business constraint coming from our partnership with Crypto.com as our service provider. Due to this collaboration, we faced limitations in offering a wide array of different cryptocurrencies for staking within our MVP. We were constrained to just a couple of cryptocurrencies available on the Crypto.com exchange. Furthermore we were going to be limited to the provider's APY yields and staking periods. This was an unconvinient challenge, but also gave us a clear framework for operating further.


Survey results

Given the business constraint, we managed to use the remaining scheduled interviews and conducted an in-app survey to collect user feedback on their preferences regarding the most beloved cryptocurrencies for staking. The results can be seen on the picture bellow.


Designing the solution

After gaining valuable knowledge and insights from our research activities and nailing down the requirements I continued towards refining a user flow for incorporating the staking experience in our Skrill crypto exchange and started experimenting with the wireframing. It was also the time when I started very close collaborating with the engineering team members, who were always available to provide crucial feedback on my ideas.

User Flows:
Wireframes:

Final Design

After aligning all the team members and stakeholders on the project objectives and the desired design direction by gathering feedback on the low-fi wireframes I confidently continued working on delivering the final UI and UX design of the staking experience. The following screenshots show a sneak peak into the experience I created for the Skrill users.