1. Leverage Vertical SaaS Integration

Mike emphasized the importance of adopting the vertical SaaS model in Web 3 applications, particularly within the DeFi space. He explained that vertical integration allows for a suite of products aimed at a specific industry segment, leading to synergies that reduce customer acquisition costs and increase revenue per user. By offering multiple products, businesses can create a more engaging experience for users and foster loyalty, ultimately driving profitability.

2. Address the Complexity of DeFi

Mike pointed out the significant complexity current DeFi offerings impose on users, often requiring them to wire up their own financial solutions. He noted that this presents a barrier for the average person who might be intimidated by these intricate options. Simplifying the user journey through integrated products that abstract away technical complexities is essential for inviting new users into the DeFi ecosystem.

3. Boost User Retention through Integration

According to Mike, user retention is enhanced when users are engaged with multiple products within the same ecosystem. He stated that if users utilize a variety of offerings, their likelihood of remaining within that ecosystem increases, even if one product doesn't meet their full expectations. This leads to lower churn rates, which is a critical factor in sustaining long-term business growth.

4. Improve User Experience to Attract Mass Adoption

Mike indicated that the current state of DeFi is still relatively early and not user-friendly enough for the general population. He referenced the early days of personal computing as a parallel. Just as technology evolved to become more user-friendly, Mike argued that DeFi offerings must mature and simplify the user experience to attract a broader audience, paving the way for mass adoption.

5. Shift Perspectives on Crypto Investment Behavior

Mike raised concerns about the toxicity of the crypto funding landscape, where predatory investor behaviors often overshadow the wellness of the products. He suggested that a cultural shift is necessary to prioritize product development over short-term token marketing. By fostering an environment that encourages ethical investment practices, the overall quality and sustainability of DeFi offerings could improve immensely.

6. Focus on Building Comprehensive Financial Solutions

Mike described Ethery's approach as creating a financial services solution that encompasses the fundamental needs of users: saving, investing, and spending. By rolling out integrated products like Ethery Stake, Ethery Liquid, and Ethery Cash, he stresses that it's crucial to build systems that allow everyday users to navigate DeFi easily and beneficially, thereby fulfilling basic financial needs in a decentralized framework.