Experiencing Coinbase's Onchain Summer with Nouns Coffee š
Onchain Summer Image
This year, Coinbase promoted their Onchain Summer event by having $1 coffees at select locations across the world! Finally using crypto to pay for an IRL item got me stoked!
How it went down
A few weeks ago, I had my first IRL crypto purchaseāpaying for a Nouns blue vanilla latte with USDC on Coinbaseās Base L2! š The process was simple, fast, and, most importantly, a glimpse into how seamless crypto transactions can become in the future. This wasnāt just a fun experienceāit felt like a milestone moment for blockchain adoption.
The Purchasing Experience
Hereās a high-level overview of the general user journey for individuals who had previously created a Coinbase Wallet:
Users scan the provided QR code from Nouns Coffee using the wallet's QR scan feature.
They view the menu DApp on the Base Network and select the coffee they want to purchase.
Users must use USDC on the Base Network to place an order (this is a major potential friction point Iāll expand on in the next section).
After placing the order and executing the transaction, users receive an NFT receipt in their wallet to confirm the sale.
The barista checks their wallet to confirm the USDC was received and then makes your delicious blue vanilla latte š
The overall purchasing experience wasnāt difficult to navigate for Web3 natives. However, I can see potential issues arising at step 3. Since assets like ETH or USDC can exist on multiple EVM-compatible networks (e.g., Optimism, Base, Arbitrum), purchasing the correct version can be challenging. Even as someone experienced in crypto since 2017, I accidentally bought regular USDC when I needed USDC on Base. I can only imagine how daunting this process would be for newcomers or my parents trying to figure it out!
Potential Ways to Improve the Product Offering
To address this pain point and mitigate the risk of users churning, here are a few potential solutions that could leverage AI to streamline the process:
AI Agent for Asset Bridging
Implement an AI agent that runs in the background to automatically bridge assets depending on the sales smart contract's network.
Outcome: Users could purchase any version of the asset (e.g., USDC) without worrying about the native network issue. The AI would handle the bridging seamlessly.
Tradeoffs: While this enhances the user experience, it could increase bridging volumes, which may result in higher transaction fees for users. Additionally, granting more autonomy to the AI agent could introduce potential security risks, such as the possibility of vulnerabilities being exploited in the bridging process.
Metrics:
NS: I would want to see the rate of successful bridged transactions which led to a successful sale per week.
Ex. Support: Daily average time to complete a bridged transaction, Daily error rate for failed bridge, Total amount of bridged assets per week, User retention rate post bridge per week, Weekly volume of negative user feedback via support tickets.
AI-Powered Wallet Prompts
Incorporate an AI component into the Coinbase Wallet where users can simply input a prompt like, āBuy USDC on Base,ā and the wallet automatically completes the steps to purchase the correct asset on the appropriate network.
Outcome: This reduces the cognitive load on users and minimizes errors in asset purchases.
Tradeoffs: The wallet would need robust safeguards to ensure prompts are executed accurately and securely, which could increase development complexity and operational costs.
Metrics:
NS: Percentage of successful transactions completed via AI-powered wallet prompts against overall number of prompts created per week.
Ex. Support: Daily percentage of prompts executed without errors, Weekly percentage of users who continue to utilize prompts after their first successful transaction, Daily total value of assets transacted via AI prompts, Weekly volume of negative user feedback via support tickets.
Final Thoughts š
It might seem small, but itās a massive milestone for the Web3 space. I remember diving into blockchain and smart contract dev courses at USC back in 2017, right as BTC was about to hit $20k. Trying to explain blockchain to my family and dreaming about paying for clothes at Macyās with BTC or ETH felt like sci-fi.
Now, fast forward 7 years, and weāre actually doing itāusing crypto for everyday purchases. Coinbaseās Base network and events like Onchain Summer are paving the way for broader adoption and showing the world the real potential of blockchain technology.
Iām pumped to see where Web3 development takes us next and canāt wait to see the innovative ideas that will shape our future!