The Earn Funnel Has a Leak
Behavioral event analysis and codebase review of the Earn (yield/staking) deposit flow. Data covers Feb 23 through Mar 30, 2026 (since external launch). Internal @ramp.network accounts excluded from all metrics.
The Earn deposit funnel converts 79 weekly external users at the top to 4 completions at the bottom. The leak sits almost entirely between the first and second step. Once users commit to reviewing their deposit, 67% follow through. The problem is getting them to that point.
External conversion has been steady at 5-8% since the feature reached real users in late February. Completions are trending up (0 to 5/week). The core problem is Earn being visible and accessible before users have the prerequisites.
79 real users per week, 4 complete a deposit
The feature reached external users around late February. Since then, weekly deposit screen visitors have grown from 39 to 79. Completions are low but trending up.
The feature launched to real users roughly 5 weeks ago. Conversion has been steady at 5-8% throughout. The question is how to move it higher.
Week of March 23, 2026
Where the Review drop-offs go: 7 went back to Deposit to re-enter amounts. 1 session hit Earn / Deposit Error (the two-signature flow failed). 2 sessions ended entirely. The deposit requires two passkey signatures with up to 20 seconds of polling between them.
Why the deposit screen underperforms
Five product-level issues explain the gap between top-of-funnel traffic and completed deposits.
The guided funding prompt only appears for zero-balance users
When a user has no USDC at all, they see a helpful drawer with preset top-up amounts (20/50/Other USDC). But users with $5 trying to deposit $50 get only an inline text error: "Amount exceeds your balance. Top-up to continue." This is a much weaker prompt. The 44 nudge sessions capture only the zero-balance case. The partial-balance population is invisible and likely larger.
The "Earnings" card sends users away from the deposit flow
The deposit screen shows an "Earnings" card with the user's deposited balance and APY. It looks informational, but tapping it navigates to the Portfolio screen. Users tap it to learn more about yield, land on Portfolio, then "Deposit more" sends them back. 89% of these sessions show an immediate round-trip. This accounts for 113 sessions of navigation churn, not real abandonment.
Earn requires USDC on Base - a narrow eligibility
The feature only works with USDC on the Base network, deposited into a single Morpho vault. Users need a self-custody wallet with passkey configured, USDC specifically (not ETH, not other stablecoins), on Base. This is much narrower than "has a Ramp Network wallet." Many Earn sessions also include wallet setup flows, suggesting users haven't met these prerequisites.
The "How it works" content is hidden behind an icon
An explainer drawer exists with useful content about yield, self-custody, and the Morpho vault. But it's triggered by a small question-mark icon in the navigation bar. Only 7 external sessions found it last month (2.4% discovery rate). The content exists; the affordance is invisible.
Earn is discovered through an overflow menu
The primary entry point is the wallet's "More" menu. The dashboard banner is experiment-gated and only shown to users without an existing Earn balance. There is no persistent, prominent entry point for Earn in the main navigation.
Where do the 92% go?
Of 79 external users who visit the Deposit screen, 73 never reach Review. Here's where they go next, annotated with what the codebase reveals.
Net of navigation noise: 113 of these sessions are the Portfolio detour (UI-driven churn, not real abandonment). The hard abandonment population is 91 Wallet exits + 76 session endings + the unfunded users trapped in loops.
Top of funnel is growing, completions are following
The feature reached external users around Feb 23. Since then, Deposit screen visitors have doubled (39 to 79) and completions have grown from 0 to 4-5 per week. Conversion has been steady at 5-8%.
| Week | Deposit Screen | Review | Completed | Entry-to-Review |
|---|---|---|---|---|
| Feb 23 | 39 | 2 | 0 | 5.1% |
| Mar 2 | 41 | 3 | 2 | 7.3% |
| Mar 9 | 46 | 3 | 1 | 6.5% |
| Mar 16 | 69 | 8 | 5 | 11.6% |
| Mar 23 | 79 | 6 | 4 | 7.6% |
The guided funding prompt only catches zero-balance users
Users with no USDC see a helpful drawer with preset top-up amounts. Users with some USDC but not enough get only an inline text error. The actual insufficient-balance population is far larger than the 44 nudge sessions suggest.
56% of external deposit visitors have zero USDC balance. Of those shown the nudge, only 27% continue to the Top Up screen. The deeper problem: roughly half of nudge sessions also include wallet setup flows (Setup Passkey, KYC, "What is self-custody?"). These users haven't even finished onboarding. They're discovering Earn before their wallet is ready.
Four distinct user types visible in the data
Opens Deposit screen, clicks the "Earnings" button (navigates to Portfolio), browses APY info, returns via "Deposit more." May repeat. Never enters an amount. The code confirms this is a UI-driven loop: the SelectButton looks informational but navigates away.
Hasn't finished wallet setup. 44% of Top Up Nudge sessions include Setup Passkey, "What is self-custody?", and KYC flows. These users stumble into Earn while onboarding, hit the zero-balance nudge, browse around, and leave. They're not blocked depositors - they're not depositors at all yet.
Has a configured wallet and some USDC, but not enough for their intended deposit. Hits the inline "Amount exceeds balance" text error (not the guided nudge, which only fires at $0). Contributes to self-loops by retrying smaller amounts. The code gap: the nudge drawer with presets only fires at zero balance.
Has USDC on Base, understands yield, proceeds through the full flow. Near-perfect Review-to-Completion (73%). This cohort has stayed flat at 8-13 users/week even as entry traffic grew 6x. They are likely the fixed pool of crypto-native users.
Existing depositors checking their Earn / Portfolio. Best candidates for incremental deposits, but the Portfolio screen has no targeted "add more" prompt based on their balance or yield performance.
Three root causes
Users reach Earn before they're ready for it
44% of Top Up Nudge sessions include wallet setup flows (Setup Passkey, "What is self-custody?", KYC). These users are still onboarding. They discover Earn through the "More" menu or banner, tap in, hit a zero-balance wall, and leave. They're not failed depositors - they're explorers who haven't set up their wallet yet. The feature is accessible before the user has the prerequisites (configured wallet, USDC, on Base).
The UI offers no trust signals for a skeptical US audience
84% of traffic is US users converting at 8.1%. They see an amount field, percentage presets, and an APY chip. No explanation of how yield is generated, no custody model disclosure, no withdrawal guarantees. The info drawer exists behind an invisible icon that 9 sessions found in a month. After FTX/Celsius/BlockFi, "Earn" in a crypto wallet requires active trust-building, not just a form.
The Deposit screen serves as both discovery and transaction, doing neither well
Users arriving from the "More" menu land directly on a transactional screen (amount input, presets, review button) without context. The "Earnings" SelectButton creates a Portfolio detour loop. The deposit screen is trying to be an informational surface and a transaction form simultaneously, and the navigation architecture compounds the problem.
Ranked by expected impact
Extend the Top Up Nudge to fire on insufficient balance, not just zero
Change the trigger from balance <= 0 to also fire when enteredAmount > balance. Show the deficit as the first preset ("12.50 USDC needed"). The nudge drawer component already exists with presets and Top Up navigation.
Add inline trust content for US users
Below the Annual Estimate, add 3 lines: "Your USDC stays in a Morpho vault on Base. You hold the keys. Withdraw anytime." Replace the invisible info icon with a text link "How does this work?" that opens the existing drawer.
Collapse the Portfolio detour into an inline expansion
Replace the "Earnings" SelectButton's navigation to /wallet/earn/portfolio with an inline expandable showing balance + APY + vault details. Keep users on the Deposit screen instead of bouncing through 131 sessions of navigation churn.
Pre-fill deposit amount with available balance
Default the HeroInput to the user's USDC balance (or offer a prominent "Max" pre-fill). Removes "what amount?" paralysis. If balance is below a threshold, surface the top-up prompt immediately instead of waiting for the user to discover the blocker.
Add two-signature progress stepper
"Step 1 of 2: Authorize USDC access" / "Step 2 of 2: Confirm deposit." During the Permit2 polling wait (up to 20s), show "Confirming on Base network..." instead of a generic spinner. 3 users drop between Review and Completion.
Gate Earn visibility behind wallet readiness
44% of nudge sessions are users still setting up wallets. Consider hiding the Earn entry point (banner, "More" menu item) until the user has: passkey configured, KYC completed, and at least one USDC balance on Base. Prevents wasted sessions and frustrating dead ends for unready users.
Instrument the Deposit screen
Track: amount input changes, which preset tapped, insufficient balance errors shown, nudge interactions, both Permit2 signature steps. Add usdc_balance_bucket and country to screen_view. Without this, you can't measure which interventions work.
Open questions
What is the balance distribution of Deposit visitors?
We know the nudge fires at $0 and 44% of those sessions are users still onboarding. But for users with configured wallets, what's their USDC balance? Instrument usdc_balance_bucket on screen_view.
Does anyone complete the Top Up round-trip?
12/44 nudge sessions reach the Top Up screen. But how many complete a purchase and return to Earn? Need cross-session funnel tracking.
What % of Earn visitors have completed onboarding?
44% of nudge sessions include setup flows. But what about the full 84 weekly Deposit visitors? How many are onboarded vs. still exploring? This determines whether gating Earn behind readiness is the right move.
How do the 4 external error users behave now?
xxcctt99, doganaramaci, eblingcar64, isaacpasdrubal - did they return to Earn after the fix? Small n but these are real users worth tracking.
Is the dashboard banner driving qualified traffic?
47 sessions come from Rewards campaigns. How does banner-sourced traffic convert vs. "More" menu? The banner is experiment-gated - what's the variant split?
What happens to the 41 repeat depositors?
Users returning from Deposit Completed to deposit again. Are they depositing more, or hitting balance walls on the second attempt? This is the healthiest cohort - understand their pattern.