This week on Coffee with Calyptus, we sit down with Gagan Gehani, Director of Product Management at Veera and former Coinbase leader, to explore his journey in Web3. We discuss the challenges of balancing security with usability, navigating global regulatory landscapes, and uncovering the untapped potential of emerging markets like India and Africa. Don’t miss his candid take on the future of crypto!
What first drew you to this space, and what keeps you motivated to work in Web3, even during downturns?
Well, being in tech - you hear stories from when social media was just starting or even further back - the browser wars and they feel almost: mythical. When I first discovered Web3, it felt like the beginnings of the potential new wave at par with the internet itself and social media, the whole read → read + write → read + write + own paradigm.
Talking specifically of downturns, it is the ultimate proof of work in my opinion. There seem to be a lot of people who suddenly wake up with conviction in the space during upswings who were not onboard or “sold on the Web3 idea” just a few short months ago so that’s the motivation I suppose, to have PoW when things look bright again for the space.
You mention spending over 1,000 hours in Discord servers to really understand user motivations in crypto. What are some surprising insights you’ve gained from these interactions, and how have they influenced your product strategies?
First of all, I think I’ll add Telegram to that statement as Telegram has taken over a lot of the community action since I wrote this statement.
Surprising insight, I would say:
- Most crypto users are rather underallocated to BTC, which is counterintuitive. Most feel they have missed the runup and expect other assets to somewhat follow the trajectory or until a few years ago (including me) to hilariously think that BTC is the Myspace and others will take over. I was laughably wrong and so are most crypto users I would say.
- Most communities are customers. A lot of Web3 projects claim to have communities of loyal users but there is an unsaid understanding on both of their ends that most are airdrop farmers and exit liquidity. Real communities are far in between and when there is, it is magic and the price action inevitably follows.
- Holders >> users. Most users haven’t used the products of the token that they hold.
In terms of the influence these have had on my choices:
- Explain utility in terms that they understand i.e. Web2.
- Issue short-term utility as that is the name of the game, not ideal but you have to keep the current community engaged.
- Build really simple experiences by abstracting out the underlying infrastructure layer; most users don’t care and most of the next 100s of millions of on-chain users won’t too.
What are some unique challenges in designing secure, user-friendly products for crypto users?
- Balance between self-custody (user control) and recovery mechanisms for lost keys/passwords - users want both full control and safety nets.
- Onboarding friction vs. security - each added verification step increases dropout risk.
- Gas fee explanations - helping users understand network costs and transaction priorities without overwhelming them, as this is a departure from the Web2 model. I feel this will be abstracted out soon with the app paying for the gas in the background for most products.
- Update management - securing automatic updates while preserving wallet access if updates fail.
You’ve advised Web3 startups on product strategy. Based on your experience, what common mistakes do you see new crypto startups making, and how can they avoid them?
Product-Market Fit:
- Over-focusing on token economics before proving the core value prop.
- Building for the ecosystem rather than mainstream users.
- Assuming crypto-native features alone create sustainable value that can drive retention.
User Experience:
- Making users understand blockchain mechanics to use basic features.
- Overwhelming interfaces with technical jargon and crypto-specific terms.
- Complex onboarding that results in user drop-off before they experience value.
Security & Risk:
- Prioritizing speed over security audits.
- Weak key management and recovery systems.
Working in diverse regions—from Dubai to Mumbai—gives you a global perspective. What are some key cultural or regulatory differences that you think impact Web3 adoption globally?
Web3 is fairly new for most jurisdictions so I do understand the hesitation from the regulators. UAE happens to be a leader in terms of regulatory clarity and acceptance and the results are there to be seen if you look at the talent and capital that they have attracted.
I think cultural differences are playing and will continue to play a big role in the on-chain adoption. Take Africa and India for instance, both these ecosystems have a knack of leapfrogging technological adoptions and I think the same will happen when both these populace come on-chain - I am talking remittance, grants, micro-investments.
Solidity Challenge 🕵️♂️
Would you feel safe putting your funds in this contract? Why?
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Solidity Challenge Answer ✅
Answer: The withdraw function is prone to reentrancy as it does not follow the CIE pattern.
