RCN August 2020 Recap
Tags: Lending, Fintech, Ethereum, Blockchain, Finance

UX/UI Improvements

Last month two big components of the RCN Credit Marketplace were improved. The Cards View for loans were replaced by a List View and the action dialogues were changed to be more intuitive. This will bring a slicker platform and a better user experience. In the case of the loan List View, users will be able to see and compare a larger number of loans simultaneously, saving them time and effort. The design upgrade enables users to filter loans according to several attributes, including currency, amount, duration, and interest rate. In future iterations, the sort function will be added, helping search loans according to any parameters chosen.

The “Actions dialog” redesign resulted in a huge improvement in the usability of the platform as a whole. These improvements are a result of the feedback obtained in user testing performed previously, where some inefficiencies and user friction were identified surrounding key processes. For that reason, the action dialogues were adjusted along with its user interface (UI) and four other updates such as:

More details: The dialogs involved in lending, payment, deposit and withdraw, have a new “more detail” section, which collapses information about the exchange rate, liquidation price, tx cost, user’s wallet address, and oracle. The intention was to reorganize the secondary data by hierarchy and place them inside a drop-down component. This way, users will see the most important information first, then if they want to see more details click on the section and the information displays. Though, the visible items may vary a little according to the dialog they interact.

The dialogs involved in lending, payment, deposit and withdraw, have a new “more detail” section, which collapses information about the exchange rate, liquidation price, tx cost, user’s wallet address, and oracle. The intention was to reorganize the secondary data by hierarchy and place them inside a drop-down component. This way, users will see the most important information first, then if they want to see more details click on the section and the information displays. Though, the visible items may vary a little according to the dialog they interact. New loading button: It was changed from below the dialogue title to the button itself. This provides a clearer way to measure the time that a transaction takes to complete.

It was changed from below the dialogue title to the button itself. This provides a clearer way to measure the time that a transaction takes to complete. Mobile sticky button: on the mobile version, a sticky button was added in the action dialogues. This way users can use the button without scrolling and it will always be available on the screen.

on the mobile version, a sticky button was added in the action dialogues. This way users can use the button without scrolling and it will always be available on the screen. “Pay instalment” button: This button is especially important because it fills exactly the instalment amount when a user wants to repay a loan. Otherwise, the “Loan Repaying” dialog will show the instalment number, the corresponding amount and the due date in case they need to check.

It’s relevant to mention that the design iteration process was initiated with data research to filter the most important information and distribute them in the best way inside the dialogues. This was done by categorizing data from primary to secondary and then grouped by hierarchy. The result is that users can find useful information in every flow inside the Credit Marketplace without discarding any data.

Instalments

The new feature instalment added within the borrow section enables borrowers to choose if they want to pay their loan in instalments and set a maximum of six when they start to create it. The first version of this feature allows 15 days fixed duration instalment scheme. This means that a loan with a 60 days duration will have four instalments and 90 days will have six and so on. Also, there’s an alongside card where users can check all the loan’s terms, including instalment numbers and their corresponding amount and due date. Once the loan is created, users can verify all the loan parameters in the Loan Detail. Within it, the “Instalments” section details all the information such as dates and amounts of past and future payments.

Credit Marketplace’s Social Media Campaign

The Collateral’s marketing campaign’s focus was changed from the RCN Protocol to the RCN Credit Marketplace, highlighting its features, use cases and advantages over other platforms. The three most important competitive edges are Efficiency, Customizability and Stability. This applies for both parties, borrowers with the P2P DeFi Loans and lenders with DeFi and CeFi loan options. Accordingly, all the headers and biographies on social media networks were updated to be in tune with this.

P2P DeFi loans allow choosing the terms without spread between parties and stable APR.

The heart of the campaign message shows that P2P loans offer more Efficiency because of the nonexistence of spread between the borrower and the lender. The platform doesn’t charge any extra fees for its use, either. It then pursues to communicate the Customizability that this type of loan has, allowing users to choose their terms, including their APR. Finally, the Stability that a P2P DeFi loans offer for its fixed interest rate during the loan’s lifetime.

The main objective pursued was to position the RCN Credit Marketplace as the first crypto lending and borrowing platform to offer both types of products, DeFi and CeFi. This is reflected in the campaign’s slogan and main hashtag, #GetEveryFi. Moreover, the project will be promoted through Content Marketing, AMAs and Events appearances, Media Outlets’ Reach Out and Crypto & DeFi Information Platforms’ Listings, whenever possible.

RCN at Chainlink’s Smart Contract Virtual Summit

The RCN presentation at Chainlink’s Smart Contract Virtual Summit allowed the protocol to create awareness in this ecosystem’s specialized audience. It was explained how RCN connects DeFi and CeFi worlds in emerging economies with a unique proposal like RCN Protocol v4.0 Diaspore and the RCN Credit marketplace, both with their characteristics and benefits. It was highlighted the advantages of both types of loans and their differences from other ecosystem options.

You can watch the entire presentation here:

RCN presentation at Chainlink’s Smart Contract Virtual Summit.

A quote worth to mention is: