Glossary: Conversion Rate

What is Conversion Rate?

Conversion rate measures the share of eligible people, sessions, accounts, or wallets that complete a defined action. For crypto apps, distinguish connecting a wallet from submitting and confirming a transaction, and keep the denominator and time window consistent.

How to calculate conversion rate

Conversion rate = number of eligible units that complete the target action ÷ number of eligible units that had an opportunity to complete it × 100. Count each unit consistently and define how repeat attempts, duplicate addresses, returning users, and incomplete records are handled.

Conversion rate for apps

For a crypto product, a conversion may be a wallet connection, signature, submitted transaction, confirmed transaction, deposit, swap, or another product outcome. Name the exact event. A wallet connection is not an onchain conversion by itself, and a submitted transaction can later fail or revert. If measuring an onchain action, state which chain and confirmation status qualify.

Example

If 1,000 eligible wallets enter a flow and 240 complete a successful swap within seven days, the conversion rate is 24%. If only 200 transactions confirm successfully, use 200 as the numerator and explain the completion rule.

Common mistakes

• Leaving the denominator or eligible population undefined.

• Mixing visitors, sessions, wallets, and people in the same calculation.

• Counting transaction submissions as successes when they later fail.

• Comparing rates across different time windows, chains, or event definitions.

Related reading

Explore Funnel Analytics, User Activation, Wallet Activation, Drop-off Rate, and Time to First Transaction. Also see Conversion Event.

FAQs

How is conversion rate calculated?

Divide the number of eligible units that complete a defined conversion by the eligible population, then multiply by 100. State whether the unit is people, accounts, sessions, or wallet addresses, and specify the period and conversion event.

Is conversion rate the same as activation rate?

Conversion rate can describe the share completing any defined goal or funnel step. Activation rate usually measures the share of new users reaching a chosen first-value milestone. The measures overlap only when the conversion event is that activation milestone.

How should onchain conversions be counted?

Define the qualifying chain, contract or event, identity unit, and time window. Decide whether success requires confirmation or finality, and exclude reverted transactions when the goal is a completed action.