Product
5 Sept 2024
Empowering Consumer Crypto
Onchain is the new online
Onchain summer is here. A new wave of consumer crypto apps is coming.
Last month, Polymarket, an onchain prediction market, saw a massive increase in activity with a volume of $472.87 million and over 50,000 active users.
Polymarket lets you bet on the outcome of future events in a wide range of topics.
Network fees are at an all-time low thanks to Dencun back in March 2024 and new L2s. You can deploy new rollups in a few clicks with Conduit and Caldera.
L2 fees are at an all-time low after the Dencun upgrade.
Web3 social apps such as Farcaster and Lens are breaking records in user activity.
Farcaster DAU is going up and to the right.
Embedded wallets and social logins are ubiquitous, enabling seamless UX for new users. Builders can onboard users with Privy and Dynamic.
Embedded wallets simplify crypto UX by removing the need to open another app or external wallet.
Stablecoin APIs are laying more and more crypto rails:
Today, 56% of Fortune 500 companies are working on on-chain projects. Stablecoins now process more than twice as much transaction value as Visa every month. Bitcoin ETFs counts $63b in assets under management. BlackRock & Fidelity have launched tokenized Treasury products with nearly $1b in assets combined. Stripe now allows its merchants to accept payments in Ethereum, Solana, & Polygon without transaction fees. PayPal’s stablecoin has more than $0.5b in assets.
- The Future of Blockchain Data, Tomasz Tunguz
We are at the cusp of a new crypto consumer wave in web3. However, building a successful consumer product is hard. It gets harder when you don't know how your users use your product.
In the 2010s Hubspot and Mixpanel transformed online marketing and product analytics respectively. Analytics tools like theirs made it easier for internet builders to understand and use data about online users. Alongside them came a wave of web2 consumer apps we still use today.
Analytics and data tools are fundamental for the success of consumer apps. Soon they will play a critical role in consumer crypto. The Formo team is focused on solving challenges at the intersection of blockchain, data, and product analytics.
Challenges with pseudonymity
For people concerned about privacy, pseudonymity is a core selling point of web3. Users interact using digital wallets independent of email or IRL identifiers. Onchain users create multiple wallets without any known link between them.
Pseudonymity creates challenges for the identity resolution processes that power web2 user analytics. It makes a vast percentage of web3 user activity invisible and hard to quantify. Engaging users without information about their interests, activities, and what drove them is a shot in the dark.
On the other hand, public blockchains provide unparalleled accessibility and insight into user behaviour because its data is public and permissionless. While web3 identities can be kept private, onchain ownership and activity data are public. You can observe any onchain users’ holdings and interactions, even when they don’t interact directly with your platform. In Web2, this is unheard of. User identity and activity data in web2 are first-party data specific to a platform and third-party data is difficult to acquire and require data brokers.
Wandering in a dark forest
Crypto teams - like any other startup - need to understand who their customers are, plan product roadmaps, and refine growth strategies. Answers to the following questions reveal to us invaluable insights about users:
Who are my users, and what drove them to us?
Which channels are my users coming from?
Where in the product are users spending most of their time, and where should they spend more?
At which point in the flow do most users drop off?
What interests them, and how can we find out?
In web3, the majority of on-chain activity is pseudonymous. Teams across web3 are struggling to understand onchain users' behaviour. The absence of effective tools and infrastructure has made measuring the impact of new features and campaigns onchain difficult. Many have had to resort to building hacky solutions that distract them from innovating and building products. Many are left wondering what went wrong.
Without adequate analytics, builders are left wandering in a dark forest.
There’s a lot we can learn from web2. Tools such as Fullstory provide product teams with granular data about which users do what within their apps. Every click, scroll, and checkout is a timestamped event within a user journey that gives product teams a deep understanding of how users interact with the product. Mixpanel dashboards uncover overall retention across user cohorts and product updates. These powerful tools let us deeply understand user behaviour and inform key decisions.
A customer journey map visualises a customer's steps with a product from first contact to ongoing engagement.
However, the source of truth for conversions onchain - the crypto wallet - is detached from the web2 channels where user engagement occurs. A web3 user’s journey involves both offchain and onchain channels making it difficult for teams to identify demographics, user journeys, CAC, and conversion rates. Any technology that aims to capture where web3 users are coming from and how much they spend or engage will have to span two different internets: offchain and onchain.
To get a complete view of a web3 user, we must link multiple touchpoints offchain and onchain. This data fragmentation makes it difficult to reconcile actions done on Web2 UIs (eg. clicks, page visits, etc.) with on-chain ones (eg. transactions, swaps, transfers, etc.). Once you aggregate your offchain, onchain, and zero-party data, you must find a way to link different signals together under one single identity (eg. wallet address) to form a unified user profile.
— The web3 growth stack, Multicoin capital
Existing web2 tools are unfit for web3 because the data layers for engagement and conversions are disconnected. The best engagement and retention tooling today ignores the rich data on-chain. For example, marketing solutions like Hubspot and Klaviyo don’t account for on-chain activities and events. Product analytics platforms like Mixpanel and Amplitude don't support blockchain data. Web3 also introduces new quantitative metrics such as TVL and volume for DeFi projects, asset prices, and community engagement metrics. Many tools in web2 are either unwilling or unfit to serve web3 products and applications.
According to a survey, product analytics remains one of the biggest challenges in building a consumer crypto product.
Onchain user data offers valuable product insights but it's highly fragmented and anonymized. Many teams are struggling to unify on-chain and off-chain data. Collecting and processing all this data is beyond the means of scrappy teams in web3. It distracts them from what only they can do: build amazing experiences for their users. Startups should be laser-focused on driving user growth and building products their customers want.
Lighting up the dark forest, with data
Formo's logo is the North Star, a symbol of guidance and direction for centuries. In ancient times, navigators and travelers used the North Star to determine their location and navigate the seas.
In summary, understanding and using data in web3 is challenging because of 3 reasons:
Data fragmentation: Relevant data is scattered across different off-chain and on-chain interfaces, platforms, and data sources.
Data access: Blockchains have historically been optimized for writes and getting data out efficiently and reliably at scale is hard.
Raw data: Onchain data is not human-readable and noisy. Parsing and deciphering data onchain requires specialized domain expertise.
Lack of web3-native tools: Web3 teams cannot fully leverage existing analytics or marketing tools because these tools do not natively integrate with onchain data.
Web3-native tools are critically needed for consumer crypto apps to cross the chasm. Our mission is to support the next generation of consumer crypto apps with web3-native analytics infrastructure, and help teams make sense of onchain user behaviour.
It's time we understand who our users are and what they do onchain.
Formo is a blockchain analytics platform that gives product and marketing teams in consumer crypto superpowers. Formo helps teams understand and use onchain data to engage active users in web3. Spend less time building analytics, and more time building products. Formo helps you from your first user to when your product is everything it could be.
Formo's platform sifts through fragmented web2 and web3 data to present a unified view of your users and product health, empowering you to build products people want. Formo lets you monitor and analyze the end-to-end user journey, from engagement on offchain channels to the final conversion onchain. It removes the need for a dedicated internal data team of SQL engineers to produce dashboards, freeing teams to focus on innovation and product development.
Better web3 analytics infrastructure unlocks several growth levers:
Fair Incentives: Incentives are known to be a powerful flywheel for user acquisition and growth onchain. With rich wallet profiles and increased sybil resistance, your community can be empowered through token ownership, governance, and points. Formo helps you minimize Sybil or bot activity that breaks incentives.
Cross-Platform Attribution: Decentralization fragments customer data across multiple channels and chains, making it challenging to collect accurate data and understand customer behaviour. With a unified wallet profile based on offchain, onchain, and zero-party data, builders can discover the end-to-end user journey across different channels.
Wallet-based Personalization: Public wallet activity speaks louder about users' interests and preferences than manual surveys. These signals can provide an unparalleled level of user insights. Builders can create personalized experiences tailored to users’ onchain activity. Marketers can target the right audience with the right message at the right time.
Next-Gen User Analytics: As we move to a cookieless world, growth strategies based on onchain data and novel privacy-centric models will be what marketing looks like everywhere online. Web3 offers us a new, uncharted territory to discover user analytics in a privacy-first world.
Trace your users' journeys end-to-end with powerful offchain-onchain event analytics.
Formo is a blockchain analytics platform that gives product and marketing teams in web3 superpowers. Harness token-gated forms, wallet intelligence, and onchain product analytics to acquire, engage, and retain customers in web3. Turbocharge your consumer crypto apps with Formo.
Our Roadmap
The Formo team is focused on solving challenges at the intersection of consumer crypto, data, and product analytics.
Our first launch is a Web3 Form Builder designed for onchain users. Sybil attacks and airdrop hunters are everywhere across the web3 ecosystem. We’re exploring new ways to use offchain, onchain, and proof-of-humanity to combat this problem for builders to acquire high-quality, engaged users.
Sign up to get started for free.
Easily create token-gated forms to help you acquire and engage onchain users.
Next on our roadmap are:
Onchain Product Analytics: Use end-to-end event analytics to trace your users' journey from their initial engagement offchain to their final conversion onchain. Identify where your users came from, drop-off points, and retention drivers along your users' journey.
Wallet Intelligence: Turn anonymous wallets into engaged users with rich wallet profiles from unified onchain, offchain, and zero-party data—a wallet data platform (WDP) designed for crypto.
We're here to support builders. Get our latest updates by signing up. You should follow us on X.
Join Us
Consumer crypto apps and builders
What are you building? Interested to learn how users use your product? Let's explore how Formo and onchain data can turbocharge your growth. We're here for you.
Chains and communities
Are you a community of builders? Let’s connect. We’re on a mission to support the next wave of builders onchain. Formo helps teams go from idea to PMF faster, with data.
Partners and investors
Thought of a team who would find Formo useful? We're keen to support teams in proving concepts, forging connections, and finding new use cases. Let’s collab and lift the whole industry forward!
Light up the dark forest.
———————————————
Onchain is the new online
Onchain summer is here. A new wave of consumer crypto apps is coming.
Last month, Polymarket, an onchain prediction market, saw a massive increase in activity with a volume of $472.87 million and over 50,000 active users.
Polymarket lets you bet on the outcome of future events in a wide range of topics.
Network fees are at an all-time low thanks to Dencun back in March 2024 and new L2s. You can deploy new rollups in a few clicks with Conduit and Caldera.
L2 fees are at an all-time low after the Dencun upgrade.
Web3 social apps such as Farcaster and Lens are breaking records in user activity.
Farcaster DAU is going up and to the right.
Embedded wallets and social logins are ubiquitous, enabling seamless UX for new users. Builders can onboard users with Privy and Dynamic.
Embedded wallets simplify crypto UX by removing the need to open another app or external wallet.
Stablecoin APIs are laying more and more crypto rails:
Today, 56% of Fortune 500 companies are working on on-chain projects. Stablecoins now process more than twice as much transaction value as Visa every month. Bitcoin ETFs counts $63b in assets under management. BlackRock & Fidelity have launched tokenized Treasury products with nearly $1b in assets combined. Stripe now allows its merchants to accept payments in Ethereum, Solana, & Polygon without transaction fees. PayPal’s stablecoin has more than $0.5b in assets.
- The Future of Blockchain Data, Tomasz Tunguz
We are at the cusp of a new crypto consumer wave in web3. However, building a successful consumer product is hard. It gets harder when you don't know how your users use your product.
In the 2010s Hubspot and Mixpanel transformed online marketing and product analytics respectively. Analytics tools like theirs made it easier for internet builders to understand and use data about online users. Alongside them came a wave of web2 consumer apps we still use today.
Analytics and data tools are fundamental for the success of consumer apps. Soon they will play a critical role in consumer crypto. The Formo team is focused on solving challenges at the intersection of blockchain, data, and product analytics.
Challenges with pseudonymity
For people concerned about privacy, pseudonymity is a core selling point of web3. Users interact using digital wallets independent of email or IRL identifiers. Onchain users create multiple wallets without any known link between them.
Pseudonymity creates challenges for the identity resolution processes that power web2 user analytics. It makes a vast percentage of web3 user activity invisible and hard to quantify. Engaging users without information about their interests, activities, and what drove them is a shot in the dark.
On the other hand, public blockchains provide unparalleled accessibility and insight into user behaviour because its data is public and permissionless. While web3 identities can be kept private, onchain ownership and activity data are public. You can observe any onchain users’ holdings and interactions, even when they don’t interact directly with your platform. In Web2, this is unheard of. User identity and activity data in web2 are first-party data specific to a platform and third-party data is difficult to acquire and require data brokers.
Wandering in a dark forest
Crypto teams - like any other startup - need to understand who their customers are, plan product roadmaps, and refine growth strategies. Answers to the following questions reveal to us invaluable insights about users:
Who are my users, and what drove them to us?
Which channels are my users coming from?
Where in the product are users spending most of their time, and where should they spend more?
At which point in the flow do most users drop off?
What interests them, and how can we find out?
In web3, the majority of on-chain activity is pseudonymous. Teams across web3 are struggling to understand onchain users' behaviour. The absence of effective tools and infrastructure has made measuring the impact of new features and campaigns onchain difficult. Many have had to resort to building hacky solutions that distract them from innovating and building products. Many are left wondering what went wrong.
Without adequate analytics, builders are left wandering in a dark forest.
There’s a lot we can learn from web2. Tools such as Fullstory provide product teams with granular data about which users do what within their apps. Every click, scroll, and checkout is a timestamped event within a user journey that gives product teams a deep understanding of how users interact with the product. Mixpanel dashboards uncover overall retention across user cohorts and product updates. These powerful tools let us deeply understand user behaviour and inform key decisions.
A customer journey map visualises a customer's steps with a product from first contact to ongoing engagement.
However, the source of truth for conversions onchain - the crypto wallet - is detached from the web2 channels where user engagement occurs. A web3 user’s journey involves both offchain and onchain channels making it difficult for teams to identify demographics, user journeys, CAC, and conversion rates. Any technology that aims to capture where web3 users are coming from and how much they spend or engage will have to span two different internets: offchain and onchain.
To get a complete view of a web3 user, we must link multiple touchpoints offchain and onchain. This data fragmentation makes it difficult to reconcile actions done on Web2 UIs (eg. clicks, page visits, etc.) with on-chain ones (eg. transactions, swaps, transfers, etc.). Once you aggregate your offchain, onchain, and zero-party data, you must find a way to link different signals together under one single identity (eg. wallet address) to form a unified user profile.
— The web3 growth stack, Multicoin capital
Existing web2 tools are unfit for web3 because the data layers for engagement and conversions are disconnected. The best engagement and retention tooling today ignores the rich data on-chain. For example, marketing solutions like Hubspot and Klaviyo don’t account for on-chain activities and events. Product analytics platforms like Mixpanel and Amplitude don't support blockchain data. Web3 also introduces new quantitative metrics such as TVL and volume for DeFi projects, asset prices, and community engagement metrics. Many tools in web2 are either unwilling or unfit to serve web3 products and applications.
According to a survey, product analytics remains one of the biggest challenges in building a consumer crypto product.
Onchain user data offers valuable product insights but it's highly fragmented and anonymized. Many teams are struggling to unify on-chain and off-chain data. Collecting and processing all this data is beyond the means of scrappy teams in web3. It distracts them from what only they can do: build amazing experiences for their users. Startups should be laser-focused on driving user growth and building products their customers want.
Lighting up the dark forest, with data
Formo's logo is the North Star, a symbol of guidance and direction for centuries. In ancient times, navigators and travelers used the North Star to determine their location and navigate the seas.
In summary, understanding and using data in web3 is challenging because of 3 reasons:
Data fragmentation: Relevant data is scattered across different off-chain and on-chain interfaces, platforms, and data sources.
Data access: Blockchains have historically been optimized for writes and getting data out efficiently and reliably at scale is hard.
Raw data: Onchain data is not human-readable and noisy. Parsing and deciphering data onchain requires specialized domain expertise.
Lack of web3-native tools: Web3 teams cannot fully leverage existing analytics or marketing tools because these tools do not natively integrate with onchain data.
Web3-native tools are critically needed for consumer crypto apps to cross the chasm. Our mission is to support the next generation of consumer crypto apps with web3-native analytics infrastructure, and help teams make sense of onchain user behaviour.
It's time we understand who our users are and what they do onchain.
Formo is a blockchain analytics platform that gives product and marketing teams in consumer crypto superpowers. Formo helps teams understand and use onchain data to engage active users in web3. Spend less time building analytics, and more time building products. Formo helps you from your first user to when your product is everything it could be.
Formo's platform sifts through fragmented web2 and web3 data to present a unified view of your users and product health, empowering you to build products people want. Formo lets you monitor and analyze the end-to-end user journey, from engagement on offchain channels to the final conversion onchain. It removes the need for a dedicated internal data team of SQL engineers to produce dashboards, freeing teams to focus on innovation and product development.
Better web3 analytics infrastructure unlocks several growth levers:
Fair Incentives: Incentives are known to be a powerful flywheel for user acquisition and growth onchain. With rich wallet profiles and increased sybil resistance, your community can be empowered through token ownership, governance, and points. Formo helps you minimize Sybil or bot activity that breaks incentives.
Cross-Platform Attribution: Decentralization fragments customer data across multiple channels and chains, making it challenging to collect accurate data and understand customer behaviour. With a unified wallet profile based on offchain, onchain, and zero-party data, builders can discover the end-to-end user journey across different channels.
Wallet-based Personalization: Public wallet activity speaks louder about users' interests and preferences than manual surveys. These signals can provide an unparalleled level of user insights. Builders can create personalized experiences tailored to users’ onchain activity. Marketers can target the right audience with the right message at the right time.
Next-Gen User Analytics: As we move to a cookieless world, growth strategies based on onchain data and novel privacy-centric models will be what marketing looks like everywhere online. Web3 offers us a new, uncharted territory to discover user analytics in a privacy-first world.
Trace your users' journeys end-to-end with powerful offchain-onchain event analytics.
Formo is a blockchain analytics platform that gives product and marketing teams in web3 superpowers. Harness token-gated forms, wallet intelligence, and onchain product analytics to acquire, engage, and retain customers in web3. Turbocharge your consumer crypto apps with Formo.
Our Roadmap
The Formo team is focused on solving challenges at the intersection of consumer crypto, data, and product analytics.
Our first launch is a Web3 Form Builder designed for onchain users. Sybil attacks and airdrop hunters are everywhere across the web3 ecosystem. We’re exploring new ways to use offchain, onchain, and proof-of-humanity to combat this problem for builders to acquire high-quality, engaged users.
Sign up to get started for free.
Easily create token-gated forms to help you acquire and engage onchain users.
Next on our roadmap are:
Onchain Product Analytics: Use end-to-end event analytics to trace your users' journey from their initial engagement offchain to their final conversion onchain. Identify where your users came from, drop-off points, and retention drivers along your users' journey.
Wallet Intelligence: Turn anonymous wallets into engaged users with rich wallet profiles from unified onchain, offchain, and zero-party data—a wallet data platform (WDP) designed for crypto.
We're here to support builders. Get our latest updates by signing up. You should follow us on X.
Join Us
Consumer crypto apps and builders
What are you building? Interested to learn how users use your product? Let's explore how Formo and onchain data can turbocharge your growth. We're here for you.
Chains and communities
Are you a community of builders? Let’s connect. We’re on a mission to support the next wave of builders onchain. Formo helps teams go from idea to PMF faster, with data.
Partners and investors
Thought of a team who would find Formo useful? We're keen to support teams in proving concepts, forging connections, and finding new use cases. Let’s collab and lift the whole industry forward!
Light up the dark forest.
———————————————
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© 2024 ✣ Formo
Light up the dark forest
Get Formo.
Sign up for Early Access.
Product
Resources
© 2024 ✣ Formo
Light up the dark forest
Get Formo.
Sign up for Early Access.
Product
Resources
© 2024 ✣ Formo
Light up the dark forest
Get Formo.
Sign up for Early Access.
Product
Resources
© 2024 ✣ Formo
Light up the dark forest
Read More
Get Formo.
Sign up for Early Access.
Product
Resources
© 2024 ✣ Formo
Light up the dark forest