- OCTOBER/NOVEMBER: Genesis NFT #1 launch to raise funds.
Common Wealth: Building a successful all-in-one Web3 investing platform, attracting 63k users in its first 3 weeks
August 2022
Node.js, Next.js, React, TypeScript, PostgreSQL, Solidity
Product Manager + 5 developers + 2 UX designers + 1 DevOps
Product Workshop, UX Research, Product Design, Web Dev, Product Management, Blockchain, DevOps
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A few stats (on the Priceless Fund part of the Common Wealth project) for a starter š
- Just 11 weeks from idea to launch.
- 1.64 million missions completed by users – that’s 3,291 missions/hour!
- 63,000+ registrations on Common Wealth application.
- The Common Wealthās X account grew to ~100k followers. There were 13,000,000+ Free Fund impressions on Xā¦
- ā¦ and overwhelmingly positive feedback from users.Ā
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Learn moreĀ š
Let’s start from the basics.
There are two main problems when it comes to early-stage blockchain startup investing:
- Limited access to investment opportunities: The ability to invest in the most interesting blockchain projects at an early stage is reserved for a narrow group of people (influencers, VCs) – the mythical “1%”.
- High barriers to entry for new investors: Web3 applications are often user-unfriendly and difficult for new users to get involved.
Common Wealth is changing the game. Itās an all-in-one investment platform that radically transforms the playing field and gives everyone a chance to invest in interesting blockchain projects, challenging the VCās status quo.
Why they chose usĀ
So, why did Common Wealth choose to work with us? We talked to Tony Kelly, a key player at Common Wealth, last April. He shared their reasons for picking Pragmatic Coders over other development companies.
Pragmatic CodersāI was attracted to themābecause you seemed to be product-first.
Duration:
Business challenge
Common Wealth came to Pragmatic Coders with a vision: a user-friendly crypto product that even beginners could navigate. They had a strong leadership team well-versed in the crypto market and its users.
However, due to the app’s unique nature, the initial biggest challenges were organizing all their concepts, refining the app idea, and understanding how blockchain technology could be integrated.
We teamed up with Common Wealth to tackle these challenges and create something truly new and exciting.
The timeline
Across our entire collaboration with Common Wealth, we launched multiple times.
Why?
We believe in the value of collecting user feedback as soon as possible – be it with UX research or multi-stage launches. By iterating quickly, we ensure the final product hits the mark.
2022
Designing, prototyping, and laying the technical foundations
2023
Website & public reveal
- APRIL/MAY: Second Genesis NFT Sale launch to reach wider audiences.
- NOVEMBER/DECEMBER: Start of Open Beta/Early Access to get user feedback.
2024
Launches, launches
- FEBRUARY 21, 2024: The Priceless Fund promotion launch.
- Alpha fund launch
- TGE/IDO - WLTH token launch
Product creation process
Product Discovery Workshop
We kicked off our work with Common Wealth by holding a Product Discovery Workshop. This workshop helped us get on the same page about the product and turn their ideas into a solid plan, plus:
- Clarify team responsibilities and roles,
- Establish the main customer segments,
- Prepare a high level system architecture diagram,
- Define the MVP scope that can be estimated and split into smaller user stories (through User Journey Mapping).
UX research
Time constraints and limited access to our target audience (back then, the project was still in stealth mode) made thorough market research impractical at the outset.
To address this challenge, we leveraged our blockchain expertise and past research with similar users to build the information architecture and low-fidelity mockups.
Despite the limitations, we didnāt want to give up on user testing, too.
We conducted initial tests with low-fidelity mockup. Participants included web3-savvy individuals from our client’s team alongside Pragmatic Coders’ employees with varying levels of crypto knowledge. This mix of testers helped us spot and fix various issues, including the login challenge:
- Blockchain platforms typically rely on wallet logins. On the contrary, we aimed for a user-friendly experience for both crypto veterans and newcomers who donāt have wallets and/or donāt know how to use them.
- Our solution? Based on the feedback, we implemented two login methods, we created two ways to log in:
- Experienced users can use their wallet to log in.
- New users can create an account with just an email address.
Benefits for the client
- Easier to join: By fixing the login problems, we made it much simpler for new users to start using the app.
- Better user experience: The feedback we got helped us suggest many improvements, from small wording changes to big layout updates.
This approach helped us create an app that works well for both crypto experts and beginners.
Product design
We paid very, very close attention to designing the Common Wealth platform in a way thatās as user-friendly as possible.
Challenge
Crypto platforms often assume users already understand Web3 and cryptocurrency terms.
Result? A tough entry barrier for newcomers: if users don’t understand how to use the platform or whatās currently going on within it, they’re less likely to stick around and invest.Ā
Solution
- Keep it simple: We use clear, easy-to-understand language. We avoid complicated tech words. We also make sure to keep users in the loop about what’s happening in the app, especially when something is in progress.
- User testing revealed that some users didn’t understand certain labels. To address this, we add tooltips to provide additional information where needed.
- Borrow ideas from other industries: We looked at how other apps solve similar problems. For example, when designing the staking feature, we checked out other Web3 apps, banking apps, and even leasing calculators for ideas.
- Stay flexible: The Web3 world changes fast, so we do too. We talk to Common Wealth to understand their business needs, and we always listen to what users are saying. User testing has been super helpful, and we plan to keep doing it. We also keep good records of our designs and changes to help us manage updates.
Benefits for the client
- More engaged users: By making the app easier to understand, users keep coming back, even when they’re not actively investing. This led to excitement about the project and good reviews, and we believe it will result in increased revenue.
- Saved time and money: The app changed a lot during development. But, in most cases, our focus on intentional design prevented us from developing features that would have to be scrapped later.
Web development
What we built:
- Web application that allows users to invest in blockchain projects.Ā
- Gamification system to promote the app. The gamification system was based on completing missions (for example, liking a Common Wealthās X post) for which users received XP. The winners received exclusive NFT airdrops. The system was accompanied by an admin panel that allowed us to verify whether a user has actually completed a mission.
Challenge
- Preparing the platform to handle very high traffic
- Platform integration with crypto wallets
- Ensuring accessibility across all platforms
- Tight deadlines
Solution
Launching the app by February 21st was a tough challenge, but our team stayed focused and organized to meet this deadline. We only had seven weeks, so we had to strategically prioritize features to build the gamification system, integrate blockchain technology, and create the admin panel.Ā
We used a ready-made open source headless CMS to define missions within the app. To handle high user traffic smoothly, we implemented a queue system, resulting in almost zero downtime for the application. While integrating Wagmi’s wallet system presented some bug challenges, our team’s thorough testing and creative problem-solving ensured compatibility with a wide range of wallets. We also automated cross-browser testing, guaranteeing consistent functionality across all browsers without needing a dedicated QA tester.Ā
By implementing improvements nearly every day, we made the application faster and more enjoyable for our users.
Blockchain
What we built:
- Project’s ERC20 token (WLTH) and its distribution system
- NFT collections: We created two NFT collections (Genesis NFT Series 1 and Genesis NFT Series 2) and facilitated their public sale. This enabled the client to raise funds for project development.
- Genesis NFT staking mechanism: Mechanism for locking purchased NFTs on a smart contract allows users to accrue rewards and collect them later.
- Staking for discount: Mechanism where users can lock up their WLTH tokens for a certain period of time in exchange for a reduced carry fee.
- Bonus WLTH staking: Mechanism where users can lock up their WLTH tokens to receive a reward in the form of additional tokens from the unsold portion of the public sale.
- DeFi investment solution: It lets users invest in blockchain projects and collect profits.
- Investment NFTs: NFTs represent the user’s investment/profits related to a specific fund.
- Platform fees distribution mechanisms
- Vestings: Token vesting mechanisms for different stakeholder groups.
- WLTH price oracle: Mechanism to retrieve the current price of the WLTH token from the Uniswap decentralized exchange.
- Ā
Challenge
Finding and testing many different EVM-type blockchains quickly was a big challenge. The client’s innovative app idea meant we had to look at various blockchain platforms to find the best fit. Some options involved new, untested products, which led to problems like uploading contracts and dealing with outdated documentation.
Solution
Our strong understanding of the NFT space let us adapt to frequent concept changes. To make sure the app would work well in the future, we focused on flexible solutions that could be easily changed.
Using our experience and knowledge, we used various tools to speed up the process of evaluating blockchains. We carefully looked at all available resources to find good solutions and suggest the best blockchain option to the client.
Benefits for the client
- The client got code that followed the best practices in the industry. This helped the app successfuly pass a security audit.
- Building the platform helped the client launch their token and project in the market
Pragmatic CodersāI was attracted to themābecause you seemed to be product-first. You talked about product, you didn't talk about software development, you talked about product.
Coming over here and having the team go, 'We saw this, we think this is a better way of doing this,' and you go, 'Ooh. That's 10x better than the way we were going to do it, and we didn't even realize that was a problem'āthat's the kind of solution-oriented approach you want to have in a partner.
Product management
Challenge
Our mission was to simplify complex topics:.
- Develop a user-friendly crypto app with a sophisticated tokenomics system and interdependencies between its components.
- Transition from a centralized to a fully decentralized solution.
- Leverage Web2 & Web3 for an intuitive experience for both advanced and beginner users.
- Monitor the market and respond to emerging opportunities (both business and technical).
- Deliver best-in-class UX for smooth Web3 adoption.
- Navigate market and stakeholder expectations to deliver solutions that were good enough for the moment.
Solution
We addressed these issues by:
- Creating clear descriptions and diagrams so everyone had a shared understanding of the topic.
- Holding relatively frequent face-to-face meetings to build both understanding and relationships within the team, which ultimately led to better overall comprehension.
- Iterating on key application elements multiple times while conducting user research through prototypes.
- Launching a beta version of the application to gather user feedback through surveys and interviews.
- Continually evaluating which elements of the solution were necessary to achieve our goal (limiting waste).
The client benefited in several ways. They gained peace of mind knowing we shared the same goals and were delivering a top-quality product (confirmed by beta and production feedback) and confidence in the chosen direction (due to user interest, app engagement, and user feedback). Lastly, because we handled the development, the Common Wealth could focus on their big-picture goals.
Results
The product we created has three main parts:
- A user-friendly web app
- Advanced blockchain connections
- A smooth user experience
This combination helps Common Wealth reach their business goals.
What’s next?
The future is bright!
Common Wealthās 2025 roadmap includes building a standalone NFT marketplace, incorporating more gamification mechanics, and introducing investment automationāĀ just to name a few.
Common Wealth is a truly innovative endeavor, and we hope Pragmatic Coders will continue to support them on their amazing journey.
Can we help you they way we helped Common Wealth?
Since 2014, weāve been a leading force in Polandās software scene, building market-proven mobile and web apps. Our diverse portfolio spans various industries, including innovative solutions for the crypto market.
We can help you build an app from scratch or improve your current product. You can start with a small team and scale it according to your needs.
Ready to discuss your idea? Hit the āSEND FORMā or “SCHEDULE” buttons below and hop on a call with our team.
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