Binance Financial Product User Onboarding
With the gamification user onboarding UX design, the user engagement increased by 32%
My Role
UX Designer & Researcher
Full-time Employee
My Skills & Tool
UX Design, Data Analysis, Survey, User Interview, User Flow, Persona, Figma, SQL
Meet My Team
Lida Lee, Product Manager
Sinem Suslu, Europe Marketing Specialist
Lorenzo Capone, Operation Specialist
Lucas Z, UI Designer
Siu Seth, Motion Designer
Project Status
Shipped in 04/2022
Project Overview
Binance Fan Tokens offer utilities with exclusive benefits and experiences to sport fans
Binance Fan Tokens are digital tokens issued on the BNB* Chain that allow fans to engage with their favorite sports teams, esports teams, and entertainment organizations in new and exciting ways. These tokens are not cryptocurrencies in the traditional sense, as they don't have their own blockchain and cannot be used for general payments. Instead, they function more like utility tokens that grant holders access to exclusive benefits and experiences.
*BNB, which stands for “Build and Build” (formerly called Binance Coin), is the blockchain gas token that fuels transactions on BNB Chain.
Onboarded Non-trader Users
The Binance Fan Token was a new product and users were not used to the utility usage
Boosted User Engagement
User onboarding gamification was adopted to encourage users to explore all the utilities
Problem
Low User Adoption Rate: Unexpected 70% Drop-Off
Binance Fan Token, a new product, had a low user adoption rate due to various reasons. Firstly, its target users were F1 and football fans who were not familiar with blockchain token utilities. Secondly, these users were not used to the platform, making it challenging for them to navigate effectively. Lastly, the platform offered five utilities, which was too many for new users to comprehend, leading to a low utility usage rate.
Solution
5 Steps Gamification User Onboarding with Incentives
It was hard for users to explore all the five utilities and complete the compliance-related tasks. However, after the gamification user onboarding task was shipped, the proportion of users using all utilities once increased significantly by 32% in the next month.The outstanding result is due to the cross-functional (XFN) collaboration between the marketing and product design teams when launching new gamification features. This partnership played a crucial role in achieving remarkable product success.
Research Insight 1
The order in which users use Utility for the first time will affect the learning effect
Users need more basic knowledge to use some utilities than others. How to arrange the order of using utilities so that users can have a step-by-step learning experience
The utilities “Vote” and “Buy NFT” are the onboarding keys to save users’ learning time to make revenue on the platform
The main purpose of users of the Binance Fan Token platform is to purchase sets of NFTs and generate cash rewards. To purchase NFTs, you can pay with Fan Token. Therefore, participating in Vote to obtain Fan Token and purchasing NFT are the basic steps to obtain cash rewards.
Comparison: Sort by the possibility of completion
The utility “Vote” requires less asking price and time to complete than “Buy NFT” so the possibility of completion is higher
To "Vote" and "Buy NFT", you must complete the two steps of registration and KYC user identity verification. However, in order to "Buy NFT", users need to consider the amount, so users need extra thinking time. Users "Vote" do not need to pay extra, and the voting content is familiar to users, such as the logo design of the home stadium of the voting event, so it usually only takes 3 minutes to complete the task. On the contrary, "Buy NFT" needs to consider the NFT combination that the user already owns and the current purchase cost, so users usually need to spend 20 minutes thinking about it.
Image: Comparison: Sort by the possibility of completion
Research Insight 2
65% of the users were sports fans who were familiar with the level-based game and the reward for completing each level
During that time, Binance Fan Token had issued on-chain fan tokens for F1 teams and various European football teams. As a result, the user base primarily consisted of sports fans who were familiar with elements such as collection, voting rights, and incentives that are commonly found in sports games. In order to attract and onboard users effectively, I adopted a gamification strategy for creating the Binance Fan Token user experience.
Image: I made the user archetype based on my primary research to communicate with internal stakeholders
Onboarding user flow ideation
Leveraged gamification for the sport fans to incentivize task completion
During that time, Binance Fan Token had issued on-chain fan tokens for F1 teams and various European football teams. As a result, their user base primarily consisted of sports fans who were familiar with elements such as collection, voting rights, and incentives that are commonly found in sports games. In order to attract and onboard users effectively, they adopted a gamification strategy for creating the Binance Fan Token user experience.
Metrics & Results
Onboarding page went live and results in an astonishing 32% increase in Binance Fan Token usage
Our team were wondering how many users could complete the onboarding tasks within a week. My hypothesis was that 1/5 more users would be able to finish the tasks because they would become more familiar with the utilities, and sports fans would be more interested in participating in Binance Fan Token campaigns. Surprisingly, when the onboarding page was launched, there was a staggering 32% increase in the usage of Binance Fan Token utilities.
Metrics 1
20%
of the users to finish the onboarding tasks
Metrics 2
25%
of the users to experience every utility at least once when onboarding
Secondary Problem & Solution
The completion rate increased by 18% through UX behavior study and A/B testing, with quick tweaks with developers
As a UX designer, I was able to enhance the task completion rates despite having limited time and developer resources at my disposal．
Before
Horizontal
After
Vertical
Component variation
To enhance the feeling of immediate satisfaction for users, clear and visible feedback was designed
Providing clear instructions and automated directions can significantly enhance the ease with which users can follow them.
Final Design Craft Shipped
A mobile-friendly experience to increase user completion rates with a straight-through level design
Gamification User Onboarding Increased 32% user engagement
Takeaways
Temptation bundling combines instant gratification with beneficial activity can effectively increase the user onboarding rate
The order in which users use Utility for the first time will affect the learning effect. The difficulty of this project is that most of the Fan Token Utilities are new. During the use process, not only should the process be simple and easy to understand, but also users should be encouraged to want to continue using it. To increase user onboarding, Temptation bundling combines instant gratification with beneficial activity.