Wallet analytics is transforming the way Web3 teams understand their users. By turning wallet addresses into detailed customer 360 profiles, wallet analytics provides insights into each user’s onchain behaviour, token holdings, favourite dApps, and in-app behaviour that traditional analytics can’t capture.
Too many DeFi teams are lost in the dark about their product and users. For web3 startups, product, and marketing teams, wallet analytics goes beyond standard web analytics —without relying on cookies or personally identifiable information (PII).. It offers detailed insights into how onchain users interact with your app through unified profile and session tracking, enabling teams to refine the product and accelerate growth
In this guide, we’ll explore:
What wallet analytics is and how it works
Key benefits and use cases for Web3 teams
Challenges and how to overcome them
The best wallet analytics tools to get started
Key Takeaways
Wallet analytics transforms pseudonymous wallet addresses into actionable user profiles by analyzing onchain transactions, token holdings, and dApp usage.
Wallet analytics enables crypto-native user segmentation that fuel targeted growth campaigns, retention strategies, and activating top-performing wallets.
Teams can access hidden insights from cross-chain behavior and holdings to identify opportunities in products and marketing.
Top wallet analytics tools such as Formo, Addressable, and MetaCRM help onchain teams capture, visualize, and act on wallet data.
Choose privacy-friendly tools that simultaneously protect user privacy while providing clear, privacy-friendly insights.
Wallet Analytics captures and unifies both onchain and offchain data with identity resolution to understand Web3 user behavior
What is Wallet Analytics?
Wallet analytics is the process of collecting, analyzing, and interpreting blockchain wallet data (which is unified into actionable user personas known as wallet profiles) to understand user behavior, quality, intent, and engagement across the Web3 ecosystem. Unlike Web2 analytics—where tracking depends on invasive third-party cookies and device fingerprinting—wallet analytics leverages public, verifiable onchain data. Onchain data holds a wealth of behavioural insights unheard of in Web2, including:
Data Type | Description |
Transaction history | Understand what users do across different apps and chains: See onchain activity such as deposits, withdrawals, staking, mints, and so on. If it’s onchain, you can see it. |
Token balances | Understand what assets your users hold. ERC-20 tokens, NFTs, stablecoins, and other tokens. |
dApp interactions | Uncover top apps and detailed usage patterns across DeFi, gaming, and consumer apps, in web3. |
Wallet metadata | See ENS names, wallet age, last onchain time, frequency of activity, and linked wallet addresses. |
Cross-chain activity | Capture behavior across multiple chains including Ethereum, Base, Solana, and other networks. |
By analyzing these data points, teams can:
Improve product design with insights into real user behavior.
Launch targeted campaigns such as airdrops, allowlists, and promotions fueled by accurate user data.
Identify and nurture top wallets to strengthen retention and monetization.
Accelerate product-market fit with actionable, data-backed decisions.
Who Uses Wallet Analytics?
Wallet analytics is a foundational tool for any Web3 team looking to grow sustainably:
Team | Use Case |
Growth | Track activation funnels, run retention experiments, and segment high-value wallets. |
Marketing | Execute effective wallet-based campaigns (airdrops, promotions, allowlists). |
Product | Analyze feature usage, identify power users, and refine user flows. |
Data | Build dashboards, run cohort analyses, and create behavioral models. |
Key Components of Wallet Analytics
1. Activity Feed
A live events stream forms the core of wallet analytics. It captures the full user journey from offchain to onchain, enabling teams to:
Understand onchain behavior: Gain insights into activity patterns, activation, and drop-off points. Helps you to identify high-quality, active users.
Monitor transaction volume and revenue: Measure meaningful impact, not just passive visits. Tracking the number and total value of transactions over time helps you make data-driven decisions for growth strategies that move the needle.
Identify behavioral patterns: Discover peak activity times to optimize product performance and align marketing campaigns with seasonal trends.
Identify partnership opportunities – Highlight commonly used tokens, apps, and feature adoption to see which DeFi partners fits best for your audience.
Example: By analyzing transaction data, you can identify the most frequently used dApps in your community, refine your product roadmap, and even spot DeFi partnership opportunities.
Formo’s activity feed I Web3 product analytics
2. Dapp and Token Holdings
A wallet’s onchain balance reveals:
Product coverage: Uncover which other apps, assets, and chains your users engage with. Useful for guiding product development and go-to-market strategy.
Community clusters: See which communities, NFT collections, or DAOs your users are active in.
Wallet Segmentation: Group users based on onchain behaviour to create personalized marketing campaigns and tailored product experiences.
Formo’s wallet profile I Wallet Intelligent
3. Behavioral Insights
Behavioral analytics reveal how users interact with your dApp:
Engagement Levels: Measure average time spent and user activity levels on your platform.
User Preferences: Identify the most engaging features to guide your product roadmap and growth campaigns.
Retention Metrics: Understand how users navigate the platform to detect bottlenecks and drop-off points. Uncover returning users and identify churn rates to refine the product experience.
4. Risk Assessment
Security and trust are critical in Web3. Wallet analytics helps battle fraud and protect your users:
Detect Unusual Activities: Identify suspicious transactions, such as patterns linked to bots, airdrop farming, or other fraudulent behavior.
Flag High-Risk Wallets: Spot wallets associated with illicit activities or low-quality users, allowing teams to prioritize high-value, genuine users.
Why Do Wallet Analytics Matter?
Market Insights
Wallet analytics provides real-time data for Web3 teams to track market trends, enabling them to adapt quickly to changing user preferences. Observing token movements and the rise of new dApps helps identify opportunities and refine strategies to stay ahead of the competition.
Fraud Detection
Fraudulent activities, such as wash trading or Sybil attacks, pose significant threats in Web3. Wallet analytics monitors transaction patterns and wallet activities to detect these anomalies early, safeguarding dApps and building trust among active users.
Product Analytics
Wallet analytics refines onboarding processes to boost conversion rates and optimize products. Onchain insights identify features that attract or repel users, enabling smoother dApp journeys and enhancing the overall user experience.
Product analytics helps you track and analyze the full user journey from acquisition to conversion and retention.
Challenges in Wallet Analytics
Data Complexity and Volume
Millions of transactions occur daily across many apps and chains, making it challenging to extract meaningful insights without the right Web3 analytics tools. Real-time processing and fragmented data across multiple networks further complicate the task.
Wallet Pseudonymity
Wallet addresses are pseudononymous and lack demographic context. Web3 users often use multiple wallet addresses, making identity resolution challenging. While activities can be tracked, understanding their intent requires additional data analysis and visualization tools that supports both onchain and offchain data.
Cross-Chain Analytics
Many apps and users operate across multiple blockchains, leading to fragmented data. Collecting, analyzing, and unifying cross-chain data is a significant drain on engineering resources, especially for smaller teams with limited resources in data analysis and engineering.
Overcoming these challenges requires advanced wallet analytics software, expertise, and adherence to ethical data practices.
Wallet Analytics Tools
Several platforms offer robust tools for conducting wallet analytics:
Formo
Formo Analytics leverages wallet analytics to deliver actionable insights into onchain behavior for data-driven product and marketing teams. Track and analyze the full user journey from acquisition to conversion and retention for your onchain app.
Understand how people actually use your product. See all event properties, user actions, and conversion data in one place.
Key features include:
Real-Time Activity Feed: Understand how people actually use your product. Capture the full user journey from offchain visit to onchain transaction, with unified analytics and onchain attribution.
Wallet Profiles: Unify data from offchain and onchain data sources to give you a 360° view of your users. Turn anonymous wallets into actionable, onchain personas.
Cross-Chain Onchain Data: Gain a complete view of each user’s behaviour across chains and platforms:
Wallet address, ENS profile, net worth, and transaction frequency
Dapps the user has interacted with
DeFi positions and token balances of the user across multiple chains
Linked wallet addresses
CAC, ARPU, and LTV
Formo’s product interface
MetaCRM
MetaCRM integrates wallet analytics into customer relationship management (CRM) processes, enabling brands to analyze user behaviors, manage token-gated communities, and foster personalized interactions based on wallet activity.
MetaCRM’s product interface
Addressable
Addressable specializes in connecting wallet data with offchain insights. Bridging the gap between onchain activity and user engagement empowers projects to create tailored marketing campaigns and improve user retention strategies.
Addressable’s product interface
Wallet analytics is a game-changer for Web3 teams. They help you to understand the intent and behaviour behind each user with a unified view of onchain users. Wallet analytics gives your team accurate data that guides smarter product and marketing decisions.
By using wallet analytics tools like Formo Analytics, data-driven teams can transform raw data into actionable growth insights—unlocking new opportunities for acquisition, monetization, and retention in web3..
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Additional FAQs
1. How is wallet analytics different from traditional Web2 analytics?
Wallet analytics goes beyond traditional web analytics and focuses on pseudonymous, onchain data instead of cookies and personally identifiable information (PII). While Web2 analytics tracks user actions within a centralized platform, wallet analytics follows wallet addresses across multiple dApps, chains, and transactions. This enables a broader, more verifiable view of user behavior—without compromising privacy.
3. Is wallet analytics useful for non-technical teams?
Yes. self-serve wallet analytics tools—like Formo—offer no-code dashboards, pre-built visualizations, and advanced filters that allow marketing, growth, and product teams to run campaigns or analyze trends without writing a single line of code. This makes advanced blockchain analytics accessible to non-developers.
4. How does wallet segmentation work?
Wallet segmentation involves grouping wallets based on shared attributes such as:
Token holdings (ERC-20s, NFTs, stablecoins)
Transaction frequency or value
dApp interaction patterns
Cross-chain activity
Once segmented, these user groups can be targeted with custom campaigns, onboarding flows, and retention strategies tailored to their behavior.
5. What are the best practices to protect user privacy while using wallet analytics?
To ensure ethical use of wallet analytics:
Avoid doxxing—never connect a wallet to a real-world identity without consent.
Focus on aggregated trends instead of individual-level tracking.
Use tools that integrate opt-in offchain signals for deeper context when necessary.
Follow all applicable data protection and blockchain privacy guidelines in your jurisdiction.
