Challenges in blockchain data
User acquisition and product analytics remain among the biggest challenges in crypto.
In web3, the majority of user activity is pseudonymous. Users interact using crypto wallets independent of email and IRL identifiers. A web3 user’s journey happens across fragmented offchain and onchain platforms. Swapping on a DEX or buying Pudgies on an NFT marketplace happens onchain, outside of the traditional web.
Traditional product analytics cannot see onchain data, so you miss key insights around user acquisition, drop-off, and retention from the large chunk of a user's journey. The best engagement and retention tooling today ignores the rich data on-chain. For example, marketing solutions like Hubspot don’t account for on-chain activities and events, and product analytics platforms like Mixpanel don't natively support blockchain data. Existing tools in Web2 are either unwilling or unfit to support blockchain applications.
For many in web3, uncovering your true growth and retention drivers and acquisition channels is complex. The vast percentage of onchain activity is disconnected from web2 and hard to decipher.
High barriers for onchain attribution and profiling
Web3 projects often need a team of data engineers or analysts to create pipelines and dashboards (using tools like Databricks, Apache Spark, Mixpanel, or Dune). To do this right, you need extensive SQL and data engineering expertise to collect and analyze the data. After all, blockchains are optimized for writes, and reading data efficiently and reliably at scale is hard.
Data is scattered across separate blockchains and offchain sources. Collecting and aggregating data from multiple blockchains and offchain platforms requires fragmented tools and lots of engineering to parse, process, and analyze. Entire teams labour over dashboards instead of user-facing features. Building analytics is beyond the means of scrappy teams in web3.
Teams across web3 are struggling to understand onchain user behaviour. Not every team can allocate resources away from building their core product. As a result, analytics falls by the wayside. The absence of effective tools has made measuring the impact of growth initiatives and targeting users in web3 unnecessarily difficult.
An untapped wealth of insights onchain
Public blockchains provide unparalleled accessibility and insight into user behaviour because their data is public and permissionless. You can observe any onchain users’ holdings and past activity, even when they don’t interact directly with your platform. In Web2, this is unheard of. We need only a better way to tap into it.
Third-party data, cookies and fingerprinting are the foundational building blocks of cohort segmentation in Web2 advertising, and they perform two core functions: attribution and identity.
Attribution refers to granular event analytics around who, how, and when users interact with your apps and websites (funnels, UTM, referral headers).
Identity refers to the sum of user activity used to construct a profile for targeting (country, device, onchain activity).
Web2 attribution and identity infrastructure can be used to construct rich profiles that can be rolled up into user segments that can be targeted more effectively. Wallet addresses, onchain names (e.g. .eth and .sol), attestations, and onchain activity offer a new, meaningful set of attributes that can be used to construct user profiles and segment cohorts. Minting, staking, swapping, and voting are high-intent actions that signal meaningful interest in a subject. Onchain data opens up new doors for you to identify and target real, active users.
Identity and attribution are key ingredients for growth, and linking crypto-native state (wallet addresses and behavior) with Web2 state (app and browser interactions) unlocks a clearer path for growth and retention.
Formo makes it easy to digest web3 data
Formo is a data platform designed for web3 teams that helps you understand your users and how they engage with your app so you can build a better product.
Formo makes it easy to digest web3 data, streamlining data collection, processing, and analysis for data-driven product teams in web3. Focus on building amazing web3 experiences. Leave the data engineering and analytics to us.
Key Features
Here’s a quick overview of what Formo can do: dapp analytics, wallet intelligence, and forms.
Dapp analytics is web3-native product analytics:
Track web3 growth metrics: Track visitor counts, DAU, WAU, MAU, transactions, retention, and churn. Measure engagement and growth over time.
Real-time activity feed: See what users are doing in real-time. Uncover hidden drop-off points and retention drivers.
Onchain Attribution: Identify the top channels and growth initiatives that drive onchain activity. Understand where users come from.
Privacy-friendly: No cookies, no personal data. Just clear, privacy-friendly insights limited to a single device, a single website, and a single day. Formo helps your dapp align with GDPR standards and avoid collecting unnecessary data.
Lightweight script: Our script stays under 1kb, ensuring your site remains fast and efficient.
Wallet intelligence activates your high-intent users and whales:
Wallet profiles: Turn anonymous wallets into high-value users with unified onchain and offchain data. Track usage of specific, high-value wallets on your dapp.
Wallet reputation scoring: Use wallet labels, onchain attestations, and proof-of-personhood to segment and rank your users.
Wallet holdings and activity: View your users’ token holdings and top apps. Find out which of your users are using similar apps.
Token Gated Forms helps you effortlessly launch waitlists, forms, and surveys:
Verified socials: Verify Twitter accounts, Discord usernames, Farcaster, and more.
Token gating: Capture wallet data, token balances, attestations, and other onchain signals.
Zapier integration: Connect Formo with thousands of other apps to get things done faster.
Formo handles the data so you can focus on building
Give yourself and your team data superpowers. Spend less time building analytics, and more time building products. Stop choosing between building analytics and user-facing features.
Formo gives you:
Resilient Infrastructure: Zero-maintenance, high-reliability data pipelines built on a modern data engineering stack. Formo uses industry-leading technologies such as Clickhouse and data streaming.
Universal Data Access: Transform web2 and web3 data into standardized formats. Easily track attribution from initial engagement offchain to transactions onchain.
No-code Analytics: Formo eliminates the need for a dedicated data team of SQL wizards to create dashboards and data pipelines.
Supercharge your growth with data. Leave the complex data engineering to us.
Next steps
Now that you understand the basics, it’s time to supercharge your dapp with data.
Create a workspace
First, sign in to app.formo.so to create your workspace.
Install Formo
With your workspace set up, install Formo on your dapp. The Formo SDK supports Browser, React, and Next.js installations.
Success!
Start making data-driven decisions with actionable insights about your users and how they use your dapp.
Light up the dark forest with Formo. Book a demo.
