Canada’s first regulated Crypto exchange
Wealthsimple is Canada’s first regulated crypto exchange. In October 2022, we launched our most requested feature, staking, making us the first in Canada to offer this service.
But wait, what is staking? To put it very (very) simply, staking is a method of using crypto to earn more crypto. Users can stake their coins with just a couple of taps, and the rewards will automatically be added to their accounts.
Client: Wealthsimple
Role: Product design lead
Timeline: January - May 2023
Client's insights
After three months of beta release, 20 user interviews, and analysis of 800+ survey responses, we identified three key areas for feature improvement:
Make it intuitive
Simplify the feature by enhancing entry points, refining flows, and ensuring logical progression.
Build trust
Boost confidence in crypto by providing clear and timely information.
Bring delight
Create an exciting experience for users, celebrating their loyalty despite crypto lock-in periods.
Staking 2.0: More coins, new pages and auto-staking
We released staking for Cardano and Polkadot, and also implemented auto-staking for all of our staking coins. Additionally, we redesigned each coin's dedicated page to highlight the most relevant details for our users. We made sure these pages included scalable design patterns, further building our brand presence.
Bringing clarity and delight through a rewards center
We added a centralized hub, place where users can easily view and track the total amount of staking rewards they’ve earned across a variety of coins. In addition to being able to view their lifetime rewards, users are also given the convenience of staking directly from this page. If they don't already own a particular coin, they are first taken through the purchase flow before being routed to the staking flow
Results
While specific numbers and percentages remain confidential, it is undeniable that the updates to the staking flow, the introduction of auto-staking, and the integration of the two new coins—Cardano and Polkadot—have proven to be a significant success.
Credits
Product design: Ainara Sainz
Product management: Varun Jain
Content: Sam Avishay
Development: Kit Armstrong, Amelia Kang & Gabe Wright.
A big thank you to everyone else who has collaborated on this feature since launch!
Made with 🤑 by Wealthsimple.