Choosing the right platform for your crypto project is not about picking the most features. It is about solving the right problem at the right time. Formo and Addressable both serve Web3 teams, but they occupy fundamentally different positions in the growth stack.

Formo is a full-stack product analytics platform designed to help you understand user behaviour across the entire journey: from first website visit through wallet connection, onchain transactions, and long-term retention. It is built for product and growth teams who need to optimise funnels, measure engagement, and make data-driven decisions about what to build next.

Addressable is a wallet-targeted advertising platform focused on paid user acquisition. Built by a team of 30+ including PhD-level data scientists, it provides access to 900M+ wallets across 7 blockchains for programmatic ad campaigns that target specific wallet behaviours and demographics. Customers report 321% return on ad spend (ROAS) and cost per wallet (CPW) as low as $2.79 for DeFi campaigns.

The positioning gap is clear: Formo answers "what are users doing and why?" while Addressable answers "how do we get more wallets to our site through paid ads?" This comparison breaks down when each platform makes sense, what you gain and lose with each choice, and how to decide based on your team's stage and goals.

Feature Comparison at a Glance

Here is how the platforms compare across capabilities that matter for onchain growth teams.

The Core Difference: Analytics vs Acquisition

The fundamental difference between Formo and Addressable is not about better or worse. It is about where they sit in the growth funnel and what problems they solve.

Formo: Full-Journey Product Analytics

Onchain attribution is the practice of connecting offchain marketing touchpoints (UTM parameters, referral sources, ad clicks) to onchain conversion events such as transactions and protocol usage. Formo builds this into a complete product analytics platform, so you can track not just the conversion but everything that comes after it.

The platform helps teams answer: which acquisition channels drive the highest-quality users, where users drop off in the onboarding funnel, what wallet behaviours predict long-term retention, how different user segments engage with the protocol over time, and which features drive revenue versus which are ignored.

Core capabilities include product analytics (funnels, retention cohorts, user journeys, custom dashboards), wallet intelligence (rich user profiles with holdings, DeFi positions, transaction history, and engagement scores), onchain attribution across 40+ EVM chains, real-time event tracking with autocapture for wallet events, and custom segmentation by wallet properties, lifecycle stage, and onchain behaviour.

Addressable: Wallet-Targeted Advertising

Wallet-targeted advertising is the practice of running programmatic ad campaigns that identify and reach users based on their onchain behaviour rather than browser cookies or demographic data. Addressable provides access to 900M+ wallets across 7 blockchains for this purpose.

The platform helps teams: run wallet-based retargeting campaigns, target users based on their onchain footprint (protocols used, tokens held, transaction volume), optimise ad spend with AI-driven campaign refinement, and measure cost per wallet (CPW) and ROAS. Addressable also offers User Radar, their CRM product for tracking wallet interactions and re-engagement after campaigns.

Addressable excels at the top of the funnel. If your goal is to get qualified wallets to connect to your protocol through paid channels, and you have budget for programmatic advertising, Addressable provides targeting precision and scale that generic ad platforms cannot match.

When to Choose Each Platform

When to Choose Formo

Formo makes sense when your primary challenge is understanding and optimising user behaviour, not just acquiring more users.

You Need to Understand What Happens After Wallet Connection

Most Web3 marketing tools stop at wallet connection. They tell you how many wallets you acquired and maybe which campaign drove them, but they cannot tell you what those wallets did next. Formo tracks the full journey: did the user complete their first transaction, which features did they interact with, did they return the next day or the next week, and what is their lifetime value and Revenue Per Wallet (RPW).

Example: A DeFi protocol runs campaigns across Twitter, Farcaster, and paid ads. Addressable tells them which campaign drove the most wallet connections. Formo tells them which campaign drove users who actually deposited funds, returned for a second session, and stuck around for 30 days. That is the difference between vanity metrics and actionable growth data.

You Are Optimising Product Experience, Not Just Running Ads

If your roadmap is driven by user behaviour data, you need product analytics. Formo answers: where are users dropping off in the onboarding flow, which features correlate with higher retention, what is the conversion rate from wallet connection to first transaction, and how do power users differ from casual users in their onchain behaviour.

Kairos Swap, a DEX on Base with over $200M in volume, uses Formo to understand where users find them, how active they are across DeFi, and which social channels drive the highest-quality users. That insight informs both product decisions (which features to prioritise) and marketing strategy (where to focus acquisition efforts).

You Need Wallet Intelligence for Behavioural Profiling

Wallet intelligence is the practice of enriching a wallet address with onchain context to understand who a user is and how they behave. Formo transforms every wallet into a rich user profile with onchain holdings (ERC-20 tokens, NFTs, stablecoins, DeFi positions across multiple chains), protocol usage history, engagement signals (transaction frequency, net worth, wallet age, Sybil scores), and lifecycle stage (new, active, at-risk, churned).

Addressable provides wallet metadata optimised for ad targeting. Formo provides wallet profiles optimised for understanding user behaviour. These are different use cases, and both can be valuable depending on your goal.

You Are Building for Multi-Chain Users

Formo supports 40+ EVM chains with unified user profiles. If your users bridge assets, interact with protocols across multiple chains, or hold tokens on Ethereum, Arbitrum, Base, and Polygon simultaneously, Formo tracks all of it in one place. Addressable supports 7 blockchains, which covers the major chains but limits visibility for teams operating across the broader EVM ecosystem.

You Want to Start Free and Scale Transparently

Formo offers a free tier with core analytics, making it accessible for early-stage teams. Paid plans start at $159/month (usage-based) and scale with your growth. Addressable requires a sales demo to access pricing, which typically signals enterprise-level spend. If you are pre-product-market fit or running lean, Formo's pricing model is more accessible.

When to Choose Addressable

Addressable makes sense when your primary goal is paid wallet acquisition at scale.

You Have Significant Ad Budget and Need Programmatic Campaigns

Addressable is built for teams running serious paid acquisition campaigns. If you are spending five figures or more per month on ads and need programmatic targeting across 400K+ websites and apps, Addressable provides infrastructure that generic ad platforms cannot match. The platform's AI-driven optimisation continuously refines targeting to improve ROAS and reduce cost per wallet.

You Need Wallet-Based Retargeting

Traditional retargeting relies on cookies, which are increasingly restricted and do not work well in Web3. Addressable's wallet-based retargeting lets you target users based on their onchain behaviour, even if they have never visited your site before. You can target users who have interacted with competing DeFi protocols but have not tried yours yet, or re-engage wallets that connected but did not transact.

Your Primary KPI Is Top-of-Funnel Wallet Acquisition

If your growth strategy is "get more wallets to connect, then figure out activation and retention later," Addressable is purpose-built for that. This approach makes particular sense for token launches where initial wallet distribution is the priority, NFT drops where you need to reach collectors quickly, and airdrop campaigns where volume of eligible wallets matters more than engagement depth.

You Already Have Product Analytics and Need an Acquisition Layer

If you have already instrumented your app with Formo, Mixpanel, Amplitude, or another product analytics tool, and your gap is specifically paid acquisition, Addressable fills that role without duplicating capabilities you already have. The two platforms complement each other: Addressable drives wallet acquisition, and your analytics stack measures what those wallets do after they arrive.

What You Give Up With Each Choice

What You Lose by Choosing Formo Only

• No programmatic ad campaigns: Formo does not run ads. If paid acquisition through display, social, or programmatic placements is central to your growth, you will need Addressable or another ad platform alongside Formo.

• No wallet retargeting infrastructure: Formo tracks wallet behaviour for analytics and segmentation but does not have ad network integrations to retarget those wallets with display ads. You can export segments and use them in other tools, but retargeting execution happens elsewhere.

• Analytics only, no campaign execution: Formo is a data platform. It tells you what is happening and helps you understand why, but it does not send emails, run ads, or automate campaigns. You will need to pair it with execution tools for the full growth stack.

What You Lose by Choosing Addressable Only

• No product analytics: Addressable cannot tell you what users do after they connect their wallet. You will not have funnel analysis to identify drop-off points, retention cohorts to measure long-term engagement, custom event tracking for in-app behaviour, or revenue analytics (LTV, RPW, ARPU).

• No deep wallet profiling: Addressable's User Radar provides wallet interaction tracking and re-engagement, but it does not offer the depth of behavioural profiling that Formo does. Wallet data in Addressable is optimised for ad targeting, not for understanding individual user journeys.

• Ad-dependent value: Addressable's value scales with your ad spend. If you pause campaigns or shift to organic growth, the platform provides significantly less utility. Formo's value persists regardless of how you acquire users, because it measures what users do after they arrive.

• Limited chain support: Addressable supports 7 blockchains compared to Formo's 40+ EVM chains. Teams operating across the broader multi-chain ecosystem will have coverage gaps.

• Custom pricing with demo requirement: Unlike Formo's transparent pricing and free tier, Addressable requires a sales conversation to access pricing, adding friction for early-stage teams.

Can You Use Both?

Yes, and many well-funded teams do exactly that. Formo and Addressable solve different problems, so they can complement each other in a mature growth stack.

Addressable handles paid acquisition: run programmatic ad campaigns, wallet-based retargeting, and measure cost per wallet across paid channels.

Formo handles everything after acquisition: track what those wallets do once they arrive. Measure activation, engagement, retention, and revenue. Identify which acquisition sources drive the highest-quality users, not just the most wallets.

This setup gives you the full picture: Addressable tells you how much you spent to acquire each wallet, and Formo tells you whether that wallet was worth acquiring.

When a Two-Platform Approach Makes Sense

• You have budget for both (Addressable requires significant ad spend; Formo's paid tiers start at $159/month)

• You have dedicated marketing and product teams who can each own their platform

• Your growth model requires paid acquisition at scale to hit targets that organic growth alone cannot reach

When It Does Not Make Sense

• Pre-product-market fit: if you are still figuring out what to build and who it is for, you need product analytics (Formo) far more than paid acquisition (Addressable). Spending on ads before you have nailed retention is burning money.

• Limited budget: if you are choosing between the two, Formo gives you more leverage. Understanding user behaviour compounds over time. Paid acquisition stops the moment you stop spending.

• Small team: if the same person is handling marketing, product, and growth, a single platform that covers the full journey is simpler than juggling two specialised tools.

How to Decide Based on Your Growth Stage

Pre-Product-Market Fit (0 to 100 Active Wallets)

Choose Formo. Your goal is to understand whether anyone wants what you are building and why. You need to see which features users engage with, where they drop off in onboarding, whether they return after their first session, and what distinguishes power users from one-time visitors. Paid acquisition makes no sense before you have nailed retention. Start with Formo's free tier, instrument your app, and build retention cohorts. Once you see consistent week-over-week retention above 20%, you are ready to think about paid acquisition.

Early Growth (100 to 1,000 Active Wallets)

Still choose Formo. You have found product-market fit and are now optimising the user journey: improving activation, increasing retention, and understanding which acquisition channels drive the highest-quality users. Use onchain attribution to connect organic touchpoints (Twitter, Farcaster, word of mouth) to downstream behaviour, so you know where to double down.

Scaling (1,000 to 10,000 Active Wallets)

Consider both, but Formo is still essential. Organic growth alone may not hit your targets. Addressable starts to make sense here, but only if you have at least $10K/month to spend on ads, you have already optimised your funnel and retention with Formo, and you have someone on the team or an agency who can manage paid campaigns. Keep Formo as your analytics foundation; use Addressable to add acquisition volume on top.

Mature (10,000+ Active Wallets)

Use both if your growth model supports it. At scale, you likely have dedicated marketing and product teams, significant ad budget, and multiple acquisition channels. Run Addressable campaigns for top-of-funnel acquisition and use Formo to measure the quality of those wallets. Build feedback loops: if Formo shows that wallets from a specific Addressable campaign have low retention, pause that campaign and reallocate budget to higher-performing segments.

The Bottom Line

Formo and Addressable are not competing products. They solve different problems for different stages of the growth funnel.

Formo is the data foundation for product-led growth in Web3. If you are asking "what are users doing and why?", Formo is the answer. Addressable is a marketing execution platform for paid acquisition at scale. If you are asking "how do we get more qualified wallets to our site via ads?", Addressable is the answer.

For most crypto teams, especially in the early stages, Formo is the more foundational choice. You cannot optimise what you cannot measure, and you cannot build a sustainable growth model without understanding user behaviour. Product analytics comes before paid acquisition in the growth stack.

The decision framework is simple: need to understand users and optimise your product? Start with Formo. Need to run paid wallet acquisition campaigns? That is where Addressable adds value. Need both? Start with Formo, then add Addressable when you have the retention and budget to justify it.

More in This Series

Evaluating your Web3 analytics stack? Read the other comparisons in this series:

Frequently Asked Questions

What is the difference between Formo and Addressable?

Formo is a product analytics platform that tracks the full user journey from website visit to onchain transaction, with wallet intelligence and retention cohorts built in. Addressable is a paid advertising platform that targets wallets based on onchain behaviour. They are complementary tools, not alternatives.

Does Addressable offer onchain attribution?

Yes. Addressable tracks the path from ad click through onchain conversion (Web2-to-Web3 attribution). Formo's onchain attribution covers all acquisition channels (organic, social, paid, referral), not only paid campaigns, and extends into post-conversion retention and revenue tracking.

Can Addressable replace product analytics?

No. Addressable provides campaign dashboards and tracks onchain events for attribution purposes, but it does not offer funnel analysis, retention cohorts, user journey mapping, or revenue per wallet metrics. For product analytics, you need a dedicated platform like Formo.

How many chains does each platform support?

Formo supports 40+ EVM chains with unified wallet profiles. Addressable supports 7 blockchains for ad targeting. If your users operate across the broader multi-chain ecosystem, Formo provides more complete coverage.

When should an onchain team start using paid acquisition?

After you have established consistent retention. If users connect their wallet and do not return, paying for more wallets accelerates burn without improving the product. Start with Formo to instrument your funnel and reach a week-over-weekretention rate above 20%, then evaluate Addressable for paid acquisition.