Market Research
Product Management
User Research
UXUI Design
Futures Exchange Building
Futures Exchange Building
Futures Exchange Building
/7 weeks
Member
5 Developer
1 Desigenr
1 Stakeholder
5 Developer
1 Desigenr
1 Stakeholder
Tools
Figma, Similar Web
Shadowing, Online ethnography, Competitive market analysis, UT
Responsibility
Lead Product Designer & Owner
Market Research
Task Management
Timeline Management
Parameter Setting
Spec Deifinition
UIUX Design
Prototyping
User Story Planning
QA
Time frame
7 weeks
Summary
* This service has now been rebranded as Aark.digital
After FTX's bankruptcy, derivatives interest in DeFi surged with many competitors emerging.We aimed to launch our MVP within two months to capture this market, leading rapid development focused on core features only.
Through research identifying retail user needs and prioritizing based on user feedback and trading flows, we established clear planning direction.
We successfully launched within two months and secured initial community users and contributors.
Background & Mission
Background & Mission
FTX bankruptcy, seize futures market in 2 months
FTX bankruptcy, seize futures market in 2 months
FTX bankruptcy, seize futures market in 2 months
Following FTX's bankruptcy and the rising volume of derivatives services in DeFi, interest in derivatives exchanges has surged. Anticipating the emergence of numerous competitors, we decided to launch our product within two months to secure first-mover advantage in this market.
Following FTX's bankruptcy and the rising volume of derivatives services in DeFi, interest in derivatives exchanges has surged. Anticipating the emergence of numerous competitors, we decided to launch our product within two months to secure first-mover advantage in this market.
Following FTX's bankruptcy and the rising volume of derivatives services in DeFi, interest in derivatives exchanges has surged. Anticipating the emergence of numerous competitors, we decided to launch our product within two months to secure first-mover advantage in this market.
Competitive Market Research > Competitor Research > Communication > Service Positioning
Competitive Market Research > Competitor Research > Communication > Service Positioning
Approach
Approach
Focus on core areas only for rapid launch
Focus on core areas only for rapid launch
Focus on core areas only for rapid launch
I planned to create an MVP with minimal functionality by referencing other exchanges for quick launch. However, given the prevailing community sentiment that our main competitor's trading experience was inadequate, I decided to incorporate advanced features in select areas.
I planned to create an MVP with minimal functionality by referencing other exchanges for quick launch. However, given the prevailing community sentiment that our main competitor's trading experience was inadequate, I decided to incorporate advanced features in select areas.
I planned to create an MVP with minimal functionality by referencing other exchanges for quick launch. However, given the prevailing community sentiment that our main competitor's trading experience was inadequate, I decided to incorporate advanced features in select areas.
I conducted futures trading myself to understand the user journey and defined the focus areas below.
I conducted futures trading myself to understand the user journey and defined the focus areas below.
I conducted futures trading myself to understand the user journey and defined the focus areas below.
For Business Objective
For Business Objective
Provide a seamless order experience for more frequent, larger trades
Provide a seamless order experience for more frequent, larger trades
Provide a seamless order experience for more frequent, larger trades
As exchange profits are generated from trading volume, I focused on delivering a seamless trading experience to facilitate higher frequency and larger volume trades.
As exchange profits are generated from trading volume, I focused on delivering a seamless trading experience to facilitate higher frequency and larger volume trades.
As exchange profits are generated from trading volume, I focused on delivering a seamless trading experience to facilitate higher frequency and larger volume trades.
For User Needs
For User Needs
Help users manage risk to reduce losses
Help users manage risk to reduce losses
Help users manage risk to reduce losses
Of users' two main concerns—maximizing profits and minimizing losses—I focused on minimizing losses for the MVP stage.
Of users' two main concerns—maximizing profits and minimizing losses—I focused on minimizing losses for the MVP stage.
Of users' two main concerns—maximizing profits and minimizing losses—I focused on minimizing losses for the MVP stage.
Through observation, I found that maximizing profits requires aggressive information provision, which diverges from the exchange's core trading functionality and overlaps with platforms traders already prefer.
Through observation, I found that maximizing profits requires aggressive information provision, which diverges from the exchange's core trading functionality and overlaps with platforms traders already prefer.
Through observation, I found that maximizing profits requires aggressive information provision, which diverges from the exchange's core trading functionality and overlaps with platforms traders already prefer.
Problems
Problems
Identify goal blockers via observation
Identify goal blockers via observation
Identify goal blockers via observation
To identify friction in order placement and risk management, I observed users while maintaining the anonymity of our team. I arranged futures trading tutoring sessions with our internal fund manager to observe heavy traders matching our target persona in realistic trading conditions.
To identify friction in order placement and risk management, I observed users while maintaining the anonymity of our team. I arranged futures trading tutoring sessions with our internal fund manager to observe heavy traders matching our target persona in realistic trading conditions.
To identify friction in order placement and risk management, I observed users while maintaining the anonymity of our team. I arranged futures trading tutoring sessions with our internal fund manager to observe heavy traders matching our target persona in realistic trading conditions.
Through approximately 4 sessions, I obtained the following insights and validated through YouTube live broadcasts that other traders exhibit the same patterns.
Through approximately 4 sessions, I obtained the following insights and validated through YouTube live broadcasts that other traders exhibit the same patterns.
Through approximately 4 sessions, I obtained the following insights and validated through YouTube live broadcasts that other traders exhibit the same patterns.
Problem 01
Problem 01
Inefficient Navigation
Inefficient Navigation
Inefficient Navigation
Observations revealed a mismatch between users' actual trading sequences and the exchange's information layout. This caused even skilled heavy traders to hesitate or struggle after each action, undermining smooth trading experiences and impeding quick responses during risk management scenarios.
Observations revealed a mismatch between users' actual trading sequences and the exchange's information layout. This caused even skilled heavy traders to hesitate or struggle after each action, undermining smooth trading experiences and impeding quick responses during risk management scenarios.
Observations revealed a mismatch between users' actual trading sequences and the exchange's information layout. This caused even skilled heavy traders to hesitate or struggle after each action, undermining smooth trading experiences and impeding quick responses during risk management scenarios.
dYdX trading screen navigation (largest decentralized derivatives exchange):
1 .Data Check > 2. Order Input > 3. Margin Info Review > 4. History
dYdX trading screen navigation (largest decentralized derivatives exchange):
1 .Data Check > 2. Order Input > 3. Margin Info Review > 4. History
Problem 02
Problem 02
Input fields that make users think
Input fields that make users think
Input fields that make users think
On GMX, a decentralized exchange, users can only input order amounts in coin units without fiat currency options, requiring continuous calculation of desired trade amounts in coin terms.
On GMX, a decentralized exchange, users can only input order amounts in coin units without fiat currency options, requiring continuous calculation of desired trade amounts in coin terms.
On GMX, a decentralized exchange, users can only input order amounts in coin units without fiat currency options, requiring continuous calculation of desired trade amounts in coin terms.
Additionally, despite high max leverage usage ratios, users repeatedly adjust sliders to input leverage for each trade.
Additionally, despite high max leverage usage ratios, users repeatedly adjust sliders to input leverage for each trade.
Additionally, despite high max leverage usage ratios, users repeatedly adjust sliders to input leverage for each trade.
GMX (main competitor) - no unit conversion for order amount input
GMX (main competitor) - no unit conversion for order amount input
Binance: drag slider handle for leverage input (universal UI pattern)
Binance: drag slider handle for leverage input (universal UI pattern)
Problem 03
Problem 03
Missing risk management information
Missing risk management information
Missing risk management information
In cross margin configurations where margin is shared across positions, opening new positions alters Margin Usage and Account Leverage values that determine position risk.
In cross margin configurations where margin is shared across positions, opening new positions alters Margin Usage and Account Leverage values that determine position risk.
In cross margin configurations where margin is shared across positions, opening new positions alters Margin Usage and Account Leverage values that determine position risk.
However, existing exchanges fail to provide predicted position value changes when establishing new positions, forcing traders to perform manual calculations.
However, existing exchanges fail to provide predicted position value changes when establishing new positions, forcing traders to perform manual calculations.
However, existing exchanges fail to provide predicted position value changes when establishing new positions, forcing traders to perform manual calculations.
Account Margin section lacking change guidance despite order form completion
Account Margin section lacking change guidance despite order form completion
Solution Seeking
Solution Seeking
3 Solutions
3 Solutions
3 Solutions
Solution 01
Solution 01
Optimizing the flow considering user flow
Optimizing the flow considering user flow
Optimizing the flow considering user flow
Layout Design Principles
Layout Design Principles
Layout Design Principles
I aimed to connect the four core areas (chart, order, margin, my position) in the sequence of chart → order → margin → my position based on the previously observed user flow.
I aimed to connect the four core areas (chart, order, margin, my position) in the sequence of chart → order → margin → my position based on the previously observed user flow.
I aimed to connect the four core areas (chart, order, margin, my position) in the sequence of chart → order → margin → my position based on the previously observed user flow.
To minimize user movement, I positioned the order area, which requires frequent mouse usage and quick response, on the right side , with the highly related margin area placed directly below it.
To minimize user movement, I positioned the order area, which requires frequent mouse usage and quick response, on the right side , with the highly related margin area placed directly below it.
To minimize user movement, I positioned the order area, which requires frequent mouse usage and quick response, on the right side , with the highly related margin area placed directly below it.
Mouse movement when the order area is placed on the left
Mouse movement when the order area is placed on the left
Mouse movement when the order area is placed on the left
Mouse movement when the order area is placed on the right
Mouse movement when the order area is placed on the right
Mouse movement when the order area is placed on the right
Exception Handling
Exception Handling
Exception Handling
For new users who need to check the margin area first for margin deposits, I implemented an Empty State design that elevates the visual hierarchy of the margin area only when there are no deposits.
For new users who need to check the margin area first for margin deposits, I implemented an Empty State design that elevates the visual hierarchy of the margin area only when there are no deposits.
For new users who need to check the margin area first for margin deposits, I implemented an Empty State design that elevates the visual hierarchy of the margin area only when there are no deposits.
This solution uses visual elements such as illustrations to draw user attention and guide them appropriately.
This solution uses visual elements such as illustrations to draw user attention and guide them appropriately.
This solution uses visual elements such as illustrations to draw user attention and guide them appropriately.
Default Case
Default Case
Margin Empty Case
Margin Empty Case
Solution 02
Solution 02
Order in Two Taps
Order in Two Taps
Order in Two Taps
Expand to make decimals easier to read as well
Expand to make decimals easier to read as well
Expand to make decimals easier to read as well
After analyzing other exchanges, I found that various approaches were being used inconsistently—some using dropdown components to change units while others used them to switch markets—which could confuse users.
After analyzing other exchanges, I found that various approaches were being used inconsistently—some using dropdown components to change units while others used them to switch markets—which could confuse users.
After analyzing other exchanges, I found that various approaches were being used inconsistently—some using dropdown components to change units while others used them to switch markets—which could confuse users.
To address this, I separated the unit selection area to create clear visual distinction, and designed an interaction where the selected area expands to reduce the inconvenience of entering long decimal numbers.
To address this, I separated the unit selection area to create clear visual distinction, and designed an interaction where the selected area expands to reduce the inconvenience of entering long decimal numbers.
To address this, I separated the unit selection area to create clear visual distinction, and designed an interaction where the selected area expands to reduce the inconvenience of entering long decimal numbers.
More convenient ordering with a slider
More convenient ordering with a slider
More convenient ordering with a slider
Additionally, I implemented the leverage input using a % button approach instead of a slider, allowing users to easily select their desired leverage. This was inspired by the commonly used 'amount % input' method in spot trading.
Additionally, I implemented the leverage input using a % button approach instead of a slider, allowing users to easily select their desired leverage. This was inspired by the commonly used 'amount % input' method in spot trading.
Additionally, I implemented the leverage input using a % button approach instead of a slider, allowing users to easily select their desired leverage. This was inspired by the commonly used 'amount % input' method in spot trading.
As a result, users can place a trade with just two clicks: the Leverage % button and the Place order button.
As a result, users can place a trade with just two clicks: the Leverage % button and the Place order button.
As a result, users can place a trade with just two clicks: the Leverage % button and the Place order button.
Solution 03
Solution 03
Contextual information through interaction
Contextual information through interaction
Contextual information through interaction
The position information that will change is neither needed nor can be calculated until the order details are entered.
The position information that will change is neither needed nor can be calculated until the order details are entered.
The position information that will change is neither needed nor can be calculated until the order details are entered.
Therefore, I designed the system to display predicted changes in the Margin area once order information is input.
Therefore, I designed the system to display predicted changes in the Margin area once order information is input.
Therefore, I designed the system to display predicted changes in the Margin area once order information is input.
Wireframe & Service Blue Print
Wireframe & Service Blue Print
Implementation planning
Implementation planning
Implementation planning
After establishing the direction, I communicated with stakeholders and developers to understand the overall backend structure and develop a concrete picture of the service.
After establishing the direction, I communicated with stakeholders and developers to understand the overall backend structure and develop a concrete picture of the service.
After establishing the direction, I communicated with stakeholders and developers to understand the overall backend structure and develop a concrete picture of the service.
Test
Test
Basic usability internal testing
Basic usability internal testing
Basic usability internal testing
Due to the nature of exchanges, proper testing is impossible without actual funds in place. Therefore, before launching the testnet for comprehensive testing, I conducted basic usability feedback sessions with internal team members using prototypes.
Due to the nature of exchanges, proper testing is impossible without actual funds in place. Therefore, before launching the testnet for comprehensive testing, I conducted basic usability feedback sessions with internal team members using prototypes.
Due to the nature of exchanges, proper testing is impossible without actual funds in place. Therefore, before launching the testnet for comprehensive testing, I conducted basic usability feedback sessions with internal team members using prototypes.
The collected feedback was prioritized based on impact and resources required, and I communicated with stakeholders to select which feedback to implement.
The collected feedback was prioritized based on impact and resources required, and I communicated with stakeholders to select which feedback to implement.
The collected feedback was prioritized based on impact and resources required, and I communicated with stakeholders to select which feedback to implement.
Feedback 01
Feedback 01
Poor Visual Distinction Between Long/Short Tabs
Poor Visual Distinction Between Long/Short Tabs
Poor Visual Distinction Between Long/Short Tabs
Users found it difficult to clearly recognize what had changed when switching tabs, as the content they need to fill out in the order area remains the same regardless of which tab is selected.
Users found it difficult to clearly recognize what had changed when switching tabs, as the content they need to fill out in the order area remains the same regardless of which tab is selected.
Users found it difficult to clearly recognize what had changed when switching tabs, as the content they need to fill out in the order area remains the same regardless of which tab is selected.
Feedback 02
Feedback 02
Hard-to-Notice Margin Deposit Area
Hard-to-Notice Margin Deposit Area
Hard-to-Notice Margin Deposit Area
Despite Margin Deposit being a critical user funnel, the margin management area required an additional level of navigation to access. As a result, over 80% of test participants failed to discover this area.
Despite Margin Deposit being a critical user funnel, the margin management area required an additional level of navigation to access. As a result, over 80% of test participants failed to discover this area.
Despite Margin Deposit being a critical user funnel, the margin management area required an additional level of navigation to access. As a result, over 80% of test participants failed to discover this area.
Additionally, since our platform supports multi-collateral, there is substantial information to display, but the order margin area was too narrow to properly present all necessary information, according to user feedback.
Additionally, since our platform supports multi-collateral, there is substantial information to display, but the order margin area was too narrow to properly present all necessary information, according to user feedback.
Additionally, since our platform supports multi-collateral, there is substantial information to display, but the order margin area was too narrow to properly present all necessary information, according to user feedback.
Design
Design
Final Design
Final Design
Final Design
Feedback Solution 01
More intuitive with background colors
More intuitive with background colors
More intuitive with background colors
I designed dynamic elements to make tab changes more clearly recognizable.
I designed dynamic elements to make tab changes more clearly recognizable.
I designed dynamic elements to make tab changes more clearly recognizable.
Feedback Solution 02
Feedback Solution 02
Separated margin management page
Separated margin management page
Separated margin management page
After researching all exchanges, I found that decentralized exchanges typically manage margins within the trading screen like our original design, while centralized exchanges use separate pages.
After researching all exchanges, I found that decentralized exchanges typically manage margins within the trading screen like our original design, while centralized exchanges use separate pages.
After researching all exchanges, I found that decentralized exchanges typically manage margins within the trading screen like our original design, while centralized exchanges use separate pages.
Although our platform is a decentralized exchange, we support multi-collateral like centralized exchanges, requiring management of various asset types. Therefore, I added a dedicated margin page similar to centralized exchanges.
Although our platform is a decentralized exchange, we support multi-collateral like centralized exchanges, requiring management of various asset types. Therefore, I added a dedicated margin page similar to centralized exchanges.
Although our platform is a decentralized exchange, we support multi-collateral like centralized exchanges, requiring management of various asset types. Therefore, I added a dedicated margin page similar to centralized exchanges.
However, since separating pages could fragment the user flow, I included a [Manage Margin] button to allow easy navigation to the margin management screen.
However, since separating pages could fragment the user flow, I included a [Manage Margin] button to allow easy navigation to the margin management screen.
However, since separating pages could fragment the user flow, I included a [Manage Margin] button to allow easy navigation to the margin management screen.
Result
Result
Launched in 7 weeks, becoming the second Perp DEX in the market
Launched in 7 weeks, becoming the second Perp DEX in the market
Launched in 7 weeks, becoming the second Perp DEX in the market
By focusing on key areas only, we were able to launch the service one week earlier than originally planned. Additionally, while the margin deposit success rate was less than 10% in existing tests, there were virtually no related customer service issues after the release.
By focusing on key areas only, we were able to launch the service one week earlier than originally planned. Additionally, while the margin deposit success rate was less than 10% in existing tests, there were virtually no related customer service issues after the release.
By focusing on key areas only, we were able to launch the service one week earlier than originally planned. Additionally, while the margin deposit success rate was less than 10% in existing tests, there were virtually no related customer service issues after the release.
Additionally, being an early market entrant allowed us to build a community of approximately 10,000 members at zero acquisition cost through our launch strategy.
Additionally, being an early market entrant allowed us to build a community of approximately 10,000 members at zero acquisition cost through our launch strategy.
Additionally, being an early market entrant allowed us to build a community of approximately 10,000 members at zero acquisition cost through our launch strategy.
Launch Strategy (Trading Competition) Rewards
Launch Strategy (Trading Competition) Rewards
Launch Strategy (Trading Competition) Rewards
Lesson learned
Lesson learned
Expanding Beyond Design
Expanding Beyond Design
Expanding Beyond Design
Since this was my first time leading an entire team project, I was able to engage with and learn about comprehensive product areas including market research, stakeholder communication, and MVP scope definition.
Since this was my first time leading an entire team project, I was able to engage with and learn about comprehensive product areas including market research, stakeholder communication, and MVP scope definition.
Since this was my first time leading an entire team project, I was able to engage with and learn about comprehensive product areas including market research, stakeholder communication, and MVP scope definition.
Furthermore, by contributing to the launch strategy, I was able to grow one step further as a designer with a business perspective.
Furthermore, by contributing to the launch strategy, I was able to grow one step further as a designer with a business perspective.
Furthermore, by contributing to the launch strategy, I was able to grow one step further as a designer with a business perspective.
Additionally my domain expertise significantly improved through the process of understanding complex backend logic unique to DeFi, such as derivatives trading structures and leverage systems, and translating them into user interface design.
Additionally my domain expertise significantly improved through the process of understanding complex backend logic unique to DeFi, such as derivatives trading structures and leverage systems, and translating them into user interface design.
Additionally my domain expertise significantly improved through the process of understanding complex backend logic unique to DeFi, such as derivatives trading structures and leverage systems, and translating them into user interface design.