This was a design challenge I worked on while applying to Rain, a licensed and trusted crypto exchange based in the Middle East with a global customer base. I created and simulated all the below sections on my own.
Business Goals
Develop a staking feature that provides mutual benefits for both users and the business.
Collaborate with major partners to list their coins/tokens, enhance token liquidity, and strengthen the exchange's credibility.
Encourage users to deposit and hold their tokens on the platform, utilizing it as a savings account.
User Goals
Earn rewards by staking tokens instead of holding assets that generate no returns over the long term.
Increase their token holdings through a staking program with competitive APY.
Access a program offering flexible asset redemption options, such as weekly, monthly, quarterly, or yearly intervals.
Business Needs
Implement a staking program that integrates partner tokens seamlessly, supports custom APY rates, and leverages validator nodes.
Design a user-friendly program resembling traditional savings accounts to simplify adoption.
Build trust and reliability in the staking program by eliminating user barriers and uncertainties.
User Needs
Access a credible program for storing crypto assets, with daily visibility of rewards.
Utilize a practical tool to track rewarded balances and quickly redeem tokens when needed.
Leverage a comprehensive dashboard for managing and reviewing investments over time.
Market Overview
Bitcoin
Bitcoin’s price has dropped by 73.48% from its all-time high of $69,145 (Nov 2021) to $17,836 (June 2022).
Bitcoin Dominance has decreased from 75.04% to 42.28%.
Altcoins
The total market cap for altcoins (excluding Bitcoin) has declined by 75.32%, from $1.706 trillion (Nov 2021) to $432.27 billion (June 2022).
Current Altcoin Dominance: 57.72%.
Stablecoins
USDT Dominance reached an all-time high of 9.48% (June 2022). Other stablecoins (USDC, BUSD, DAI, etc.) have also grown steadily during the bear market.
Opportunity
Since late 2021, the market has been in a bearish phase. Bitcoin and altcoins have seen reduced inflow, while stablecoin inflow has increased, indicating that traders and retailers are holding assets rather than cashing out to fiat.
As the crypto winter approaches, this is an opportune moment to help users preserve their assets through a staking program that acts as a savings account. By participating in staking, users can:
Safeguard their assets during the bear market.
Double their potential profits by increasing token quantity and benefiting from value appreciation after the bear market, especially with Bitcoin halving in 2024.
Staking offers users a secure way to hold crypto assets while generating passive income over the long term. It’s the ideal solution for navigating uncertain markets and preparing for future opportunities.
Consider how to introduce a new feature in locations that align with user behaviors while seamlessly integrating it into the existing patterns and interfaces.
