This article will discuss recent events in the Solana memecoin space, and why simplicity is more important than ever with regards to onboarding new individuals into crypto. Viral animal memecoin $MOODENG has rejuvenated the market in the past two weeks, and other coins such as $PESTO have followed suit with incredible gains as well. Before the Moo Deng phenomenon, memecoin activity was far from its peak as many coins on pump.fun failed to graduate past the bonding stage. However, Moo Deng has now changed that sentiment within such a short span of time as more and more coins are maturing, and it seems like a net positive for the entire space. Even if you didn’t get into $MOODENG, it’s great to see the memecoin ecosystem receive a much-needed jolt of energy as we head into the final few months of 2024.
Moo Deng has also brought an incredible amount of attention to the consumer crypto app Moonshot. Moonshot enables users to buy memecoins with Apple Pay, and I’ve seen several examples of people having their first crypto experience through the app. Just take a look at this exchange between X users @based16z and @batzdu:
The power of simplicity in consumer crypto is evident, and Moonshot accomplishes exactly that. The app makes it easy for anyone to trade memecoins, and there’s no need for a crypto wallet with the use of Apple Pay. The speed at which the crypto space moves is incredible and unlike no other industry, and the key to unlocking the best user experience for all is through simple consumer crypto apps.
As I’ve stated in previous articles, I’m a strong believer in making UX/UI as simple as possible for individuals using consumer crypto dapps. This is why I believe L2s are not a great fit for consumer crypto dapps intended to reach large audiences, as there’s simply too much friction within the UI/UX as there’s always a necessity to swap tokens among other limitations. It’s not nearly as user-friendly for people new to crypto, and the best use-cases often put blockchain technology in the background while the product itself is the star of the show. This is seen in Moonshot and another great example is Polymarket, the incredibly popular prediction markets platform that lets anyone sign up for an account via email.
Making consumer crypto simpler is key to onboarding the next generation of crypto users, and just as the popular saying goes, less is more. The fewer actions a user has to take, the better off they are; it’s great to see apps like Moonshot and Polymarket decreasing the friction required to participate in crypto. As always, thank you for reading and be sure to subscribe to stay up to date with the latest news in crypto.
