Podcast Summary
This episode features Arianna Simpson and Riyaz Faizullabhoy, founders of Bastion, a company focused on improving user experiences in the crypto space. Bastion’s solutions include a custodial wallet infrastructure, a smart transaction routing system, and a data analytics platform. The discussion explores the balance between decentralization and user experience, the potential of web3, and the importance of infrastructure development in the crypto space. The episode concludes with a look at the future of Bastion and the crypto ecosystem.
Key Takeaways
Bastion’s Solutions for Web3
- Bastion’s Offerings: Bastion aims to solve three core problems in web3: clunky and unsafe onboarding, high friction and cost of gas, and lack of data and analytics for businesses. Their solutions include a custodial wallet infrastructure, a smart transaction routing system, and a data analytics platform.
- Smart Transaction Routing: Bastion’s smart transaction routing system routes 70-90% of interactions off-chain, reducing friction and gas costs. This system has helped customers save up to 90% on gas costs.
- Data Analytics and Insights: Bastion’s data analytics platform provides valuable data to businesses to improve their products and user experiences. This platform is crucial for advancing adoption and making lives easier for both new crypto products and non-crypto native institutions.
Decentralization vs. User Experience
- Balance Between Decentralization and User Experience: The discussion explores the balance between decentralization and user experience, with the goal of making decentralization invisible to users and competing with mainstream consumer experiences like TikTok and Venmo.
- Focus on Usability and Adoption: The importance of usability and adoption in the crypto space is emphasized, particularly for institutions and non-crypto native users. The goal is to create seamless, smooth, and secure onboarding experiences for users, both on-chain and off-chain.
Web3’s Potential and Challenges
- Web3’s Potential: The conversation highlights the potential of web3 to enable highly interactive experiences and increase touchpoints for brands, leading to increased brand loyalty and customer empowerment. Ownership and the ability to own tokens or NFTs is seen as a key benefit of web3 that disrupts traditional industries like art and music.
- Challenges in Web3: The discussion acknowledges the need for both infrastructure development and a focus on consumer products in the crypto space. The challenges of onboarding into crypto, including transaction testing, bridging to L2s, and the complexity of adding tokens to wallets, are also discussed.
Infrastructure Development in Crypto
- Infrastructure Development: Key players in the space are focused on improving infrastructure, including protocol layer improvements, building layer twos, and developing key management infrastructure. The importance of infrastructure that can identify the cheapest and fastest chains at any given time is highlighted, with the goal of making the rail invisible to users.
- Role of Bridges: The role of bridges in enabling seamless movement between chains is explored. However, bridges also present security risks, as seen in previous successful attacks.
Future of Bastion and Crypto Ecosystem
- Future of Bastion: The success of Bastion is measured by consumers finding the platform easy to use, even if they are not aware of Bastion’s involvement. The host expresses excitement about Bastion and the potential for easier onboarding of users into the crypto ecosystem.
- Future of Crypto Ecosystem: Real-world use cases are emerging, with companies like Nike and Starbucks building in web 3, indicating a turning point in the adoption of blockchain technology. The future of wallet and key management is discussed, with an emphasis on the need for trust and the responsibility of infrastructure builders to help users trust less in third parties.
Sentiment Analysis
- Bullish: The overall sentiment of the podcast is bullish. The hosts and guests express optimism about the potential of web3 and the role of companies like Bastion in improving user experiences and reducing friction in the crypto space. They also highlight the emergence of real-world use cases and the adoption of blockchain technology by major companies as positive indicators for the future of the crypto ecosystem.
- Neutral: While the sentiment is largely bullish, there are also neutral sentiments expressed. The discussion acknowledges the challenges and complexities of onboarding into crypto, the security risks associated with bridges, and the need for both infrastructure development and a focus on consumer products in the crypto space. These neutral sentiments reflect a balanced view of the current state of the crypto ecosystem and the work that still needs to be done.
