Plan, design, and execute a series of experiments to test a Bitcoin DeFi product
ConsenSys portfolio company, Liquality, was contemplating a new product as either a complement to their crypto exchange product or as a pivot for the venture. I delivered a concept testing/validation process for their team.
After the Liquality team and I spent a few weeks brainstorming ideas for Bitcoin "DeFi" services, I put together a research project to gather feedback for a product concept. The research method was observation of users talking us through prototypes. I created the low fidelity prototypes and moderated all of the sessions. We showed two different versions of an interest-bearing Bitcoin service to each respondent, which ultimately helped us gauge and compare the potential appeal of the concepts in addition to gaining insight into how users perceive and make decisions about using new crypto services.
To wrap-up the research, I put together an affinity mapping exercise for the team which resulted in some modifications to our product design and a decision to move forward with another round of research.
Low Fidelity screens I created as rapid prototypes for our user sessions
The affinity Map I put together To compile and analyze Qualitative Data
The Landing Page Experiment
We were encouraged by the info that our concept testing sessions generated and decided to go further by running a landing page experiment to generate data that would more closely simulate a real world presentation of the service.
After planning the experiment, I designed and developed a landing page while a Liquality product manager worked on ad campaigns and an analysis of the customer acquisition data we generated.
The landing page for our concept, hodl Keep
A few pages from the written analysis
This particular research project was completed around the same time that I completed another product validation research project for the company (also listed in the work section of my home page). The Liquality team was trying to decide between putting resources into one product concept or the other, and also the possibility of working on both products.
To add a little more degree of difficulty to the decision, factors other than research results came into play. This product concept, a Bitcoin DeFi service, did appear to have much more potential to appeal to users. But it would require developing features that the team had not worked with before, which would add some new risks.
So the team ultimately decided to stick with their current alpha product, cross-chain cryptocurrency exchange, which scored lower in areas of potential appeal but was more feasible for the team to execute.