Formo and Reown Analytics both help teams understand users of onchain apps, but they are not interchangeable products.

Reown Analytics is reporting built into the Reown platform. It is most useful when an app already uses AppKit and wants immediate visibility into Reown-powered interactions such as sessions, wallet connections, signatures, authentication, swaps, and onramps.

Formo is a dedicated product analytics platform for onchain apps. It tracks the complete journey from acquisition and website behavior through wallet connection, custom product actions, contract events, transaction value, retention, and revenue. Teams can investigate that data through funnels, flows, cohorts, wallet profiles, SQL, APIs, Ask AI, and MCP.

For most product, growth, marketing, and data teams, Formo is the better primary analytics platform. Reown Analytics is best treated as convenient AppKit telemetry rather than a replacement for a full product analytics stack.

Formo vs. Reown Analytics at a Glance

The Reown column counts currently documented, shipped analytics capabilities. Features announced as “Soon” are marked unavailable rather than treated as present.

The Core Difference: AppKit Reporting vs. Product Analytics

Reown starts and ends with the Reown experience

Reown Analytics is generated from the infrastructure Reown already provides. Its dashboards answer useful operational questions: How many sessions started? How many users connected? Which wallets, devices, networks, and authentication methods are common? How many Reown-powered swaps or onramps occurred?

This convenience is Reown’s main strength. An AppKit team receives useful reports without planning a broader event taxonomy or adopting another analytics tool.

The tradeoff is scope. Reown’s public analytics documentation is centered on predefined User Activity, Swaps, Onramp, Users, and RPC views. It does not describe a general custom event model, contract-event ingestion, open-ended funnel builder, flow analysis, retention cohorts, campaign attribution, SQL workspace, AI analyst, or MCP interface.

Formo starts with the entire customer journey

Formo combines website sessions, product events, wallet actions, contract events, transaction value, attribution, and enriched wallet data. The result is a flexible analytics system that can answer questions beyond the interaction layer of any wallet provider.

This distinction matters. Knowing that 40% of sessions connected a wallet is useful. Knowing which campaign produced those users, where they dropped from the intended product flow, whether they completed the value event, which wallet segments converted, and whether they returned four weeks later is what guides product and growth decisions.

Where Reown Analytics Is Limited

Predefined reports instead of custom product analysis

Reown provides a fixed set of useful reports, but its public analytics product does not describe custom events or flexible multi-step funnels. Teams cannot rely on those reports alone to measure a product-specific journey such as landing page → quote requested → wallet connected → approval signed → deposit confirmed.

Formo autocaptures standard events and lets teams add custom product and contract events, so analytics can match the actual product rather than the vendor’s predefined interaction model.

No documented retention or path-analysis workflow

A sessions-versus-connections chart is not a retention cohort, and it does not reveal what users did before or after connecting. Reown’s public analytics documentation does not describe configurable cohorts, open and closed funnels, or user-flow diagrams.

Formo supports multi-step funnels, Sankey-style flows, conversion windows, breakdowns, and retention cohorts based on wallet connections, transactions, features, custom events, labels, campaigns, and user segments. See the guides to Web3 funnel analysis and cohort analysis.

Activity reporting is not acquisition attribution

Reown reports signatures, swaps, and onramps performed through its stack, but reporting a transaction is not the same as attributing it to a campaign. Its public analytics product does not describe persistent UTM tracking, referrer analysis, or first-touch and last-touch attribution from acquisition through wallet conversion and revenue.

Formo preserves acquisition context across the product journey and connects campaigns to wallets, transactions, volume, and revenue. Teams can compare channels using activated wallets, retained wallets, revenue per wallet, and lifetime value—not pageviews alone. The complete guide to onchain attribution explains the measurement model.

Advanced data is gated and less actionable

Reown does offer connected-user wallet intelligence on Growth, including holdings and net-worth information. However, its public analytics experience emphasizes viewing and filtering those users. It does not document Formo-style autogenerated wallet labels, lifecycle classifications, reusable behavioral segments, custom property writes, profile search, or activation workflows across dashboards, alerts, and exports.

No shipped API export, AI analyst, or MCP analytics

Reown currently lists CSV and API export as forthcoming rather than available. Its public analytics documentation also does not describe natural-language analysis, text-to-SQL, programmable query endpoints, or MCP access for AI agents. These limitations make Reown less suitable as a system of record for product and data teams.

Why Formo Is the Better Analytics Platform

1. Full-funnel product analytics

Formo tracks the journey from first pageview to wallet connection, signature, transaction, and custom value event. Teams can combine web, app, wallet, and decoded contract events in the same funnel. Sequential and any-order funnels, conversion windows, source breakdowns, and conversion insights reveal precisely where users drop and which behaviors correlate with conversion.

For a broader framework, read the Web3 product analytics guide.

2. Retention and lifecycle analysis

Formo measures retention around the event that represents actual product value—not simply a returning session. A protocol can form cohorts by first deposit and retain on a later transaction, then break performance down by campaign, device, revenue, volume, wallet label, or segment.

Formo also classifies wallets as New, Returning, Power User, At Risk, Churned, or Resurrected. Teams can move directly from observing churn to building an audience for investigation or re-engagement.

3. Deeper wallet intelligence

Formo’s wallet profiles combine app activity, first-touch and last-touch attribution, transaction history, net worth, token balances, DeFi positions, connected apps, socials, labels, lifecycle, revenue, ARPU, and LTV. Wallet search can also generate profiles for addresses that have not visited the app.

Reusable segments can combine behavior with wallet properties—for example, high-net-worth wallets from a specific campaign that visited the swap page but rejected a transaction. Read the wallet analytics guide for the underlying use cases.

4. Ask AI turns questions into analysis

Formo’s Ask AI is more than a chat wrapper around static reports. It generates SQL, builds charts, detects patterns and anomalies, recommends actions, and can remember workspace-specific definitions such as activation events and core funnels.

A product manager can ask which acquisition channels produced the most retained wallets, where users dropped from a deposit funnel, or which wallets generated the highest transaction volume—without waiting for an analyst to write a query.

5. MCP makes analytics available to AI agents

Formo’s MCP server connects analytics to ChatGPT, Claude, Cursor, coding tools, and custom agents. With project- and permission-scoped access, agents can query KPIs, traffic sources, events, revenue, retention, funnels, flows, cohorts, wallet profiles, labels, alerts, charts, contracts, and segments.

This changes analytics from a dashboard people must remember to open into a capability available inside the tools where teams already plan, build, and investigate.

6. SQL, APIs, exports, and BI access

Formo provides a SQL Explorer for ad-hoc analysis and custom calculations, plus Query, Events, Profiles, Alerts, Boards, Contracts, and Segments APIs. Results can become reusable charts, export to CSV, sync to cloud storage, or connect to BI tools such as Metabase and Grafana.

That flexibility matters when predefined dashboards stop answering the questions your team develops as the product grows.

When Reown Analytics Still Makes Sense

Reown Analytics remains a sensible choice when all of the following are true:

• Your app already uses Reown AppKit.

• You mainly need high-level visibility into Reown-powered sessions, connections, authentication, signatures, swaps, and onramps.

• Your team does not need custom funnels, retention cohorts, campaign attribution, custom events, SQL, exports, AI analysis, or agent access.

That is a narrower use case than a product analytics platform. Reown is convenient telemetry for its own stack; Formo is designed to become the analytics layer across the whole app.

Pricing Context

Reown’s subscription also includes infrastructure outside analytics, so its price should not be evaluated as an analytics subscription alone. For a team choosing a primary analytics platform, however, Formo provides substantially more analysis and data access at comparable published tiers.

Can Formo and Reown Work Together?

Yes. Reown can power wallet connection, authentication, swaps, onramps, and RPC infrastructure while Formo measures the full product and growth journey around those interactions.

A team can use Reown’s built-in reports to monitor its AppKit layer and use Formo to answer the higher-value questions: Which campaigns acquired wallets that converted? Which product paths produced deposits? Which behaviors predict retention? Which high-value users are at risk? What should the team do next?

The Verdict

Choose Formo as the primary analytics platform for an onchain app. It provides the custom event model, full-funnel analysis, attribution, retention, wallet intelligence, AI workflows, and programmatic access required to improve a product—not simply observe one part of its infrastructure.

Choose Reown Analytics when your app already uses AppKit and lightweight, no-extra-setup reporting is sufficient. If you need both Reown infrastructure and serious product analytics, use Reown and Formo together.

Teams evaluating the wider market can also review the guide to the best product analytics tools for DeFi teams.

Frequently Asked Questions

Is Reown Analytics a full product analytics platform?

Not based on its currently published analytics capabilities. Reown provides useful predefined reporting for AppKit and Reown-powered activity, but its public product does not describe custom events, flexible funnels, retention cohorts, attribution, SQL, Ask AI, or MCP.

Does Reown Analytics have wallet profiles and token holdings?

Reown documents connected-user wallet intelligence, holdings, and net-worth information on Growth. Formo goes further with searchable profiles, app activity timelines, DeFi positions, social identities, wallet labels, lifecycle stages, attribution, revenue metrics, behavioral segments, exports, and a Profiles API.

Which platform is better for funnels and retention?

Formo. It supports sequential and open funnels, conversion windows, breakdowns, flows, conversion insights, and configurable retention cohorts. Reown’s sessions-versus-connections report is useful but is not a general funnel or retention builder.

Which platform is better for AI analytics?

Formo. Ask AI generates SQL, builds charts, explores patterns, detects anomalies, and recommends actions. MCP also lets external AI agents query and operate on analytics, wallet, chart, alert, contract, and segment workflows with scoped permissions.

Can Formo track an app that uses Reown AppKit?

Yes. Formo can run alongside Reown AppKit and capture pageviews, sessions, wallet events, signatures, transactions, custom product events, and tracked contract events. It then connects those events to attribution, funnels, cohorts, and wallet profiles.

Which platform should a DeFi product team choose?

Choose Formo when analytics needs to influence onboarding, feature adoption, retention, growth, and revenue. Choose Reown Analytics only when built-in reporting for the Reown interaction layer covers the team’s needs.