Recently caught a space discussion where people kept circling back to crypto's onboarding challenge. Here's the thing though—our real issue isn't onboarding complexity. It's that there's simply no compelling incentive pulling people in.

Look at the data: the massive waves of new users always spike during bull runs or when yield farming was pumping. When returns dry up, so does the interest. Users don't care about better UI or smoother registration processes if there's no "why" for them at the end. The biggest onboarding moments happened when crypto actually *paid*—when yields were fat and entry timing was right.