Alternative UI for non-DeFi-native users

Ideas
1

Hi, I am putting an idea here to see what the community members feel about it. I have personally struggled to use the protocols being a newbie to defi space. After speaking to a bunch of people - I see this as a common issue and hence I am proposing this.

I and my team would like to build an alternate UI for the Compound protocol that is friendly towards users with no or little Defi knowledge. Specifically, we noticed the following pain points that we would like to solve with our UI.

  1. Users do not get a clear idea of what they can do after connecting their wallet, and why they would be interested in supplying and borrowing certain assets in the first place.
    We want to solve this by having an assistive UI, that walks them through the process of borrowing and supplying dummy assets and explaining (a) what they can do with the borrowed assets and (b) how they would earn by supplying the assets already present in their wallet.

  2. Non-DeFi-native users do not understand the jargons and the graphs. They are unable to decide which assets to borrow and supply, and what the terms and conditions for these transactions would be.

Our UI would prominently display small bites of information in layman’s language, that encourage or discourage supplying or borrowing a certain asset. On clicking borrow or supply, the UI would display in simple language, what that would mean, explaining terms like liquidation threshold. This helps the user makes decisions without studying all the detailed data. Examples of such information would be - “XYZ asset has a high utilisation rate, which means the borrowers would be paying a higher interest rate on an average.” This is of-course meant to help people just get started in DeFi with Compound. All the detailed information in the current UI of compound(https://app.compound.finance/) would also be available at a click so that as people learn about DeFi, they can make better decisions by utilising other granular details of an asset. We will also make sure to either remove the jargons or explain them wherever they are mentioned in the UI.

This will lead to the growth of users and most importantly arm them with knowledge and confidence without them going through a series of lessons.

Would love to know what do you guys think about it?

2

Buddy, I really like this idea. I am new to this space and going through a bunch of tutorials makes me sad. Would love to see more!

3

Hi @Sejal and welcome to the Compound community! I personally think that this is a great idea. The Compound community, and also the greater DeFi community, and also the greater crypto space is in need of user education. Globally, there are so many people that are aware of the crypto ecosystem but do not have the knowledge and therefore confidence to get started using it!

I want to let you know and also remind anyone else that reads this that the Compound protocol is an open DeFi protocol running on the Ethereum blockchain. There is no one that needs to give you permission to create your own interface that interacts with it! You can go ahead and create an interface that enables easy access to it just like you could create your own web browser that interfaces with TCP and HTTP!

I’m excited to see what you build and I am happy to provide product feedback =]

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