“Formo stands out for its simplicity—but beneath that lies the most powerful and comprehensive alternative to Google Analytics for Web3.”
— Vinay Totager, Marketing Lead at Permute
Introduction
Permute is a native Bitcoin bridge, enabling BTC holders to move liquidity directly into top DeFi ecosystems like Ethereum, Avalanche, Arbitrum, and BNB Chain — all at just 0.1% fees, making it 10x cheaper than existing options.
“Our goal is to become the go-to bridge for Bitcoin across chains today, and soon, the leading multichain bridge for all assets,” said Vinay Totager, Marketing Lead at Electron, the team behind Permute. Vinay leads marketing and growth strategy, ensuring the platform reaches institutions, whales, and active DeFi traders worldwide.
The platform solves one of crypto’s biggest challenges: bringing native Bitcoin into DeFi. BTC can now flow seamlessly across chains, unlocking yield, lending, and institutional-grade utility. With deep liquidity secured to support over $1.5 billion in monthly volume, Permute is built for large-ticket transactions, enabling trades in the millions without slippage or friction.
Built with security, scalability, and efficiency in mind, Permute leverages audited smart contracts and innovative bridging mechanisms to ensure user funds remain safe while delivering a seamless cross-chain experience.
Learn more about Permute on their website and socials.
The Challenge
Before Formo, the Permute team was operating with limited visibility into user behavior. Their core challenge was a lack of audience intelligence. Traditional analytics tools couldn't provide the onchain data needed to understand who their users were, how they interacted with the product, or what their journey looked like.
Their biggest challenge? A lack of audience intelligence.
"The core challenge lies in audience intelligence. We need real-time tracking to understand who our users are, how they interact with our product, and what their journey looks like.
“Without insights, everything we do is based on assumptions and guesswork,” Vinay explained. “We needed real-time tracking to truly understand our users and make informed decisions.”
This lack of real-time, Web3-specific tracking meant the team struggled to:
Understand User Journeys: They couldn't see the full path from a user's first visit to their onchain transaction, making it difficult to identify friction points.
Segment Users Effectively: Without wallet information and onchain activity data, they couldn't group users into meaningful segments for targeted engagement.
Optimize the Product: The team couldn't pinpoint where users were dropping off in the funnel or which features were most effective, hindering their ability to improve the UI and overall experience.
This lack of insight meant marketing and product decisions were driven by guesswork rather than data — a costly barrier for a high-volume, fast-moving DeFi platform like Permute.
The Solution
To solve these challenges, Permute turned to Formo, a Web3-native analytics platform to address these challenges head-on. Formo helps web3 product and marketing teams unify onchain and offchain data for full visibility into user behavior.
“Formo helped me address all my pain points,” said Vinay. “It stands out for its simplicity—but beneath that lies the most powerful and comprehensive alternative to Google Analytics for Web3.”
Getting started with Formo was quick and straightforward for the Permute team. — it took little time for the team to integrate Formo and start gathering insights.
“It took less than 10 minutes for us to get set up and start getting insights,” Vinay shared.
The intuitive setup allowed Permute to immediately begin tracking user behavior and generating actionable analytics. Combined with customizable dashboards, the team could select the exact metrics and events that mattered most to their growth, making it easy to focus on insights that drive impact from day one.
Permute used Formo’s key capabilities to transform how they understood and guided their users:
Product Analytics: Formo’s autocapture for events like page views, wallet connections, and transactions provided instant, real-time data on user behavior. This allowed the team to track the entire user funnel, from initial visit to a completed bridge transaction.
Wallet Intelligence: Formo’s platform turns anonymous wallet addresses into rich user profiles. Permute could now see onchain data like transaction history, wallet age, and assets held, all connected to offchain behavior.
Customizable Dashboards: Permute set up dashboards to monitor the specific metrics that mattered most to their growth, allowing them to track user interactions and identify blockages in the UI for optimization.
Product Analytics
Formo’s autocapture feature automatically tracked key events such as wallet connections, page views, bridge transactions, and user sessions, giving the Permute team real-time visibility into how users interacted with their product from the very first click.
By mapping the entire user journey — from the first site visit to a successful bridge transaction — the team could instantly see where users dropped off and what actions correlated with conversion. This data helped them make evidence-based product decisions instead of relying on assumptions.
“Formo made it easy to track everything we needed without complex setup,” said Vinay. “We could see how users were moving through the funnel and where they were getting stuck.”
Wallet Intelligence
Formo’s wallet intelligence capabilities gave Permute the missing link between onchain behavior and product usage. The platform transformed anonymous wallet addresses into rich, insight-driven profiles, revealing valuable details like wallet age, transaction history, network activity, and assets held.
This level of detail helped the team understand who their users really were (whether active DeFi traders, institutional participants, or first-time bridge users) and how different user segments engaged with the product. It also opened the door for personalized communication and retention strategies based on actual wallet data.
Custom Dashboards
Formo’s flexible, no-code dashboards allowed Permute to monitor metrics that directly tied to their growth goals. The team configured dashboards to visualize conversion funnels, user drop-offs, and onchain activity, ensuring they always had a clear picture of product performance.
“The dashboard is customizable, so we can choose to track what we want,” said Vinay. “Formo allows us to segment our users, see how they interact with our product, and uncover areas we can improve.”
With tailored dashboards, Permute could quickly identify UI bottlenecks, optimize the bridge experience, and improve conversion rates without needing to depend on a data engineering team speeding up both iteration and decision-making.
Key Results
With Formo, Permute transitioned from assumptions and guesswork to data-driven growth. The Formo platform provided the audience intelligence and analytics they needed to effectively acquire, convert, and retain users.
“Formo allows us to gain important wallet information that helps us segment users and see how they interact with our product,” Vinay shared. “We can see at what point there are blockages, so we can optimize the UI.”
By identifying and addressing drop-off points, Permute builds winning products with faster feedback loops.
Key outcomes include:
Complete User Journey Tracking: Real-time visibility from initial visit to onchain transaction
Data-Driven Product Optimization: With clear insights into the user journey, Permute could identify friction points and optimize its UI/UX.
Improved User Engagement and Retention: Armed with real-time analytics, the Permute team could targeted improvements to help guide users through the funnel to improve user retention.
“Thanks to Formo, we can track users in real-time so our team can take targeted actions to guide users to the next stage — and keep them coming back.”
Conclusion
The partnership with Formo has been instrumental for Permute, providing the critical audience intelligence needed to thrive in the competitive DeFi landscape. By illuminating the user journey and providing actionable insights, Formo has empowered Permute to optimize its product and build a more engaged user base.
“Formo is an amazing tool,” Vinay concluded. “If you’re a Web3 company that truly cares about your users’ needs, you should definitely give Formo a try.”
By combining low fees, deep liquidity, and seamless cross-chain transactions, Permute makes moving Bitcoin into DeFi faster, cheaper, and more accessible than ever — unlocking new opportunities for both institutional and individual traders. Follow Permute on X.
Next Steps
For any Web3 company looking to understand its users and drive growth, Formo is the data platform designed for you. Turn guesswork into insights with:
Unified Analytics: Formo provides a single dashboard to track the entire user journey, from the first ad click to every onchain transaction. No more juggling Google Analytics and Dune.
Wallet Intelligence: Segment users into cohorts like "New Users," "Power Users," or "Dormant Users" based on wallet labels and onchain behavior. This allows for highly targeted retention campaigns.
Onchain Attribution: Measure the true ROI of your marketing campaigns by tracking which channels drive the most valuable onchain activity, not just clicks.
Real-Time Dashboards: Get immediate insights into user behavior, identify drop-off points, and make data-driven decisions without needing a dedicated data team or SQL knowledge.
Book a demo to get started.
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