Which is right for you?
Choose Formo if…
• You want wallet connects and transactions autocaptured, without manual attribute() calls.
• You want wallet profiles with net worth, tokens, DeFi positions, labels, and lifecycle stage.
• You want SQL Explorer, public dashboards, and MCP access for your team.
Use both if…
• You run onchain ads through Spindl and need to see what those wallets do in your app next.
• You pay referrers through Spindl and want retention and revenue per referral source in Formo.
• You split teams: marketing owns Spindl campaigns and product needs funnels and wallet profiles.
Choose Spindl if…
• You want to buy onchain ads, including ad placements inside the Base app.
• You want to pay KOLs, publishers, or referrers for the users they bring.
• You want short links and referral tracking built into your attribution tool.
• You need native iOS and Android attribution SDKs as well as a web SDK. Formo covers mobile apps with a React Native SDK.
• You already have product analytics and only need ad-to-wallet attribution.
Last verified October 2, 2026. Formo publishes this comparison and checks Spindl details against public pricing pages and docs. Sources: Spindl website, Spindl docs, Spindl wallet connects docs, Coinbase acquires Spindl, Formo pricing, Formo docs.
Formo vs Spindl, in depth
Spindl is an onchain growth network; Formo is crypto analytics
Spindl, owned by Coinbase since January 2025, combines attribution, referrals, and onchain ads. Spindl tracks where users come from, pays KOLs, publishers, and community members for the users they bring, and creates short links on custom domains. Spindl ads run inside the Base app and partner wallets such as Coinbase Wallet. Spindl also documents funnels, cohort retention, Sankey diagrams, and a chart builder, with SDKs for web, iOS, and Android.
Formo makes a different bet: analytics where the user is a wallet. The Formo SDK autocaptures pageviews, UTMs, referrals, wallet connects, chain switches, signatures, and transactions, so a team does not add a tracking call for each wallet event. Formo ties every wallet to a wallet profile and to revenue tracking, so teams see what users do after acquisition, not only where they came from.
Spindl is built to buy and reward growth. Formo is built for product analytics, marketing attribution, onchain attribution, and wallet intelligence in one place, with no ad network attached.
How Spindl and Formo identify users
Spindl identifies users by wallet address. The Spindl docs ask developers to call spindl.attribute() with the wallet address on page load, on wallet login, and on wallet change. Spindl logs pageviews automatically after spindl.enableAutoPageViews(), or manually with spindl.pageView(). Spindl builds audiences from onchain and offchain actions, but the public Spindl docs do not describe an individual wallet profile with holdings or DeFi positions.
Formo gives each visitor an anonymous visitor ID stored in a first-party cookie, then stitches that visitor to a wallet address when the wallet connects. The Formo SDK detects the connection itself, so wallet events need no manual identify call. The first visit, the campaign behind it, and the later onchain activity stay in one user journey.
Each wallet in Formo gets a wallet profile with net worth, tokens, DeFi positions, labels, and onchain history across all major EVM chains and Solana. Formo also assigns lifecycle stages (New, Returning, Power user, At Risk, Churned, Resurrected), so teams can segment wallets by behavior.
Pricing: published MAU plans vs a sales quote
Formo bills by MAUs, which are unique wallet addresses with an active session. Growth is $199/month billed yearly ($249/month billed monthly) for up to 5,000 MAUs, and Scale is $399/month billed yearly ($499/month billed monthly) for up to 10,000 MAUs. Every Formo plan includes unlimited events and visitors, so wallet connects, signatures, and transactions add nothing to the bill.
Spindl does not publish pricing and sells through a demo request. A Spindl price needs a quote from Spindl, so a direct cost comparison is not possible from public information. Budgets for Spindl ads and Spindl referral rewards are a separate decision from the cost of analytics.
On Formo, the bill stays the same as events grow and changes only as monthly active wallets grow.
Attribution: paid growth vs the full wallet journey
Spindl attribution shows where users came from across social channels, airdrops, quests, referral links, and Spindl ads. Spindl tracks the onchain events a team specifies and can report revenue by acquisition source, which also drives payouts to referrers and publishers. The public Spindl docs do not describe token volume reporting, and Spindl attribution centers on the channels that Spindl runs or links.
Formo marketing attribution captures UTMs, referrers, referral codes, and campaigns on the first visit, then ties them to the wallet that connects. Formo offers first touch and last touch models, so teams can compare the channel that introduced a wallet with the channel that preceded its conversion.
Formo onchain attribution then follows each wallet after the connect: transactions, volume, revenue, and retention per channel and campaign. With Formo, a team sees which campaign brought wallets that kept transacting, not only which campaign brought the first wallet connect or the first swap.
When Spindl is the better choice
Spindl is the better choice when the goal is to buy or reward acquisition rather than analyze it. Pick Spindl to run onchain ads, including placements inside the Base app and Coinbase Wallet. Pick Spindl to pay KOLs, publishers, or community members for each user they refer, with payouts tied to attribution. Pick Spindl for branded short links on custom domains inside the same attribution tool.
Spindl also fits teams that need native iOS and Android attribution SDKs next to a web SDK (Formo covers mobile apps with a React Native SDK), and teams that already run product analytics elsewhere and only need ad-to-wallet attribution. Spindl public updates since mid-2025 center on ads in the Base app, so teams that mainly want onchain ad distribution will find Spindl closest to that goal.
Formo is the better fit when the question is what happens after acquisition: which wallets activate, retain, and generate revenue, and which product steps lose them. A team can answer both questions by keeping each tool for its own job.
Running Spindl and Formo together
Keep Spindl for onchain ads, referral payouts, and campaign attribution your team relies on, and use Formo to understand what acquired users do across your product, wallets, and onchain journeys. Run both during evaluation. Formo begins collecting new events after you install the SDK; historical Spindl data will not transfer because the tools use different data models.
For a longer look at how Formo and Spindl differ on attribution, product analytics, and pricing, read the full comparison. Read the detailed Formo vs. Spindl analysis.
Install Formo next to Spindl
Add the Formo SDK alongside @spindl-xyz/attribution. The two SDKs do not conflict, so Spindl keeps attributing ads and referrals while Formo collects new data.
Map what you track
Formo autocaptures pageviews, UTMs, referrals, wallet connects, chain switches, signatures, and transactions. Skip spindl.attribute() calls. Recreate only your spindl.track() custom events.
