Challenges in blockchain data
User acquisition and product analytics remain among the biggest challenges in crypto.
Consumer crypto founders agree that product analytics is an obstacle for consumer crypto apps.
In web3, the majority of user activity is pseudonymous. Uncovering your true growth and retention drivers and acquisition channels is complex. Users interact using crypto wallets independent of email and IRL identifiers. The vast percentage of onchain activity is invisible or hard to decipher. True fans are crowed out by airdrop farmers and short-term incentives.
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. Web3 also introduces new quantitative metrics such as TVL and volume for DeFi projects, asset prices, and community engagement metrics. Existing tools in Web2 are either unwilling or unfit to support blockchain applications.
High barriers for onchain attribution
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.
However, Web3 projects often need an in-house team of data engineers or analyst consultants to create dashboards and pipelines (in Mixpanel, Dune, or a BI tool). To do this right, you need extensive SQL and data engineering expertise to collect and analyze this data. Blockchains are optimized for writes, and reading data efficiently and reliably at scale is hard.
Teams across web3 are struggling to understand onchain user behaviour. 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. Not every team can allocate resources away from building their core product. As a result, analytics falls by the wayside and ignored. The absence of effective tools has made measuring the impact of new features and growth initiatives in web3 hard.
Formo makes it easy to digest web3 data
Supercharge your growth with data.
Formo is a web3 data platform that helps you understand your users and how they engage with your app so you can build a better product in web3.
Formo streamlines product data collection, processing, and analysis for dapps. Understand your users, where they come from, and how they engage with your product.
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: Uncover visitor counts, DAU, WAU, MAU, transactions, retention, and churn. Measure user activity over time.
Understand how users engage with your dapp: Evaluate key events in the user lifecycle. Follow your users to uncover drop-off points and retention drivers.
Onchain Attribution: Identify the top channels and growth initiatives that drive onchain activity. Understand where users come from.
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 who is using your competitors.
Effortlessly launch waitlists, forms, and surveys with Token Gated Forms:
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.
Understand and use data to turbocharge your growth onchain.
Formo handles the data so you can focus on building
Spend less time building analytics, and more time building products.
Stop choosing between building analytics and user-facing features - do both. Formo gives you and your team data superpowers:
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 removes the need for a dedicated data team of SQL wizards to produce dashboards and actionable insights.
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.
