If you’ve followed the Indian crypto scene in the past year, you might think the only thing that matters is the next big token launch or airdrop. Headlines are dominated by price spikes, token burns, and regulatory crackdowns.
But beneath the noise, I believe a quieter change is occurring, which has little to do with tokenomics and everything to do with user experience (UX).
The Token Obsession
To be honest, the Indian crypto market has been obsessed with tokens. From meme coins to utility tokens, the focus has been on speculation and short-term gains.
This is not unique to India, but the risks here are amplified by a lack of regulatory clarity and a population that is still getting comfortable with digital finance.
Tokenomics, as we all know, is the art and science of designing token supply, distribution, and incentives. But in India, it’s often a distraction.
Most users don’t care about the nuances of burning, staking, or liquidity pools.
They want to know:
- Is this app safe?
- Can I send money to my cousin in Dubai without a headache?
- Will I lose my savings overnight?
UX: The Real Differentiator
Indian crypto projects that prioritise intuitive, accessible, and trustworthy design will outlast those that chase token hype.
The reason behind this could be that crypto is still new to most Indians.
According to Chainalysis’ 2023 Global Crypto Adoption Index, India ranked first in grassroots adoption, but much of this is driven by curiosity and FOMO rather than a deeper understanding.
If we look at the most successful Indian crypto platforms like, CoinDCX, CoinSwitch, WazirX their growth wasn’t powered by innovative tokenomics.
Instead, it was their focus on flawless onboarding, vernacular support, and transparent fee structures.
CoinSwitch, for example, ditched order books for a simple “buy/sell” interface, making crypto as easy as ordering food on Swiggy.
Isn't that UX in action?
Real-World Relevance
Regulatory uncertainty remains, as in December 2023, the Financial Intelligence Unit (FIU) issued compliance notices to several offshore exchanges, causing panic among users.
Indian platforms responded by:
- Doubling down on KYC, customer support, and educational content.
- CoinDCX launched “Earn,” a fixed-return product with clear, jargon-free terms.
- Mudrex introduced “Coin Sets,” allowing users to invest in thematic baskets, much like mutual funds.
Hence, these are UX solutions to real user pain points that even global giants have started taking note.
Coinbase’s failed attempt to enter India in 2022 was a lesson in the importance of local UX. Their global app didn’t support UPI, India’s ubiquitous payment system, leading to user frustration and regulatory pushback.
In contrast, homegrown apps that integrated UPI and offered multilingual support continued to grow.
Why UX Matters More Than Ever?
India’s digital landscape is unique because over 700 million internet users, but digital literacy remains patchy.
The trust in financial institutions is low, all thanks to scams and banking failures. Moreover, adding to this a complex regulatory environment, which makes the user much more confused.
This is where UX becomes existential. If users don’t understand your product, they won’t use it, no matter how ingenious your tokenomics are. If they don’t trust your platform, they won’t store their wealth there.
If onboarding is a nightmare, they’ll drop off before their first transaction.
UX is much more than pretty interfaces. It’s about clear language, robust security, responsive support, and features tailored to Indian realities. On top of my had would be - vernacular languages, low minimum investments, and easy fiat on-ramps.
The projects that get this right will surely build lasting trust and loyalty.
The Road Ahead is Beyond Tokens
It’s tempting to believe that the next bull run will be driven by a new crop of Indian tokens.
But the smarter bet is on platforms that make crypto invisible, where the technology sweeps into the background and users can focus on what matters: saving, investing, and transacting with confidence.
A 2024 report by the Internet and Mobile Association of India (IAMAI) found that “ease of use” was the top factor driving crypto adoption, ahead of returns or token variety.
Meanwhile, the Reserve Bank of India’s pilot CBDC app, which focused on seamless UX, saw over 1.3 million user downloads in 7 months of their pilot launch.
The UX-First Future
Indian crypto projects have a choice: chase token trends or build products that people want to use.
The winners will be those who put UX at the centre of their strategy. In a market as vast and diverse as India, it’s indeed a survival rather than mere design.
Edited by Annette George
