Maxim Astashev

Posted on Jan 16

Web3 Attribution Tools Compared: How to Track Crypto Marketing ROI in 2026

#web3 #marketing #analytics #roi

A practical comparison of Spindl, Formo, Web3 Trackers, Safary, and Cookie3 for tracking which marketing campaigns drive on-chain conversions.

If you're running marketing for a crypto project, you've probably faced this question from investors or leadership: "Which campaigns are actually driving users?"

In Web2, this is straightforward—Google Analytics tracks conversions on your website. But in crypto, the real conversions happen on-chain: token swaps, NFT mints, protocol deposits. Your website is just the first touchpoint.

This is where Web3 attribution tools come in. They connect off-chain marketing (ads, influencers, Twitter threads) to on-chain wallet activity.

I've spent the last few months evaluating the options. Here's what I found.

The Problem: Traditional Analytics Can't See On-Chain

Let's say you run a Twitter ad campaign for your DeFi protocol. A user:

Clicks your ad
Visits your website
Connects their wallet
Later deposits $10K into your protocol

Google Analytics sees steps 1-2. Maybe step 3 if you've set up custom events. But step 4? That happens on Ethereum/Solana/Base—completely invisible to traditional tools.

Web3 attribution solves this by:

Tracking which campaigns drive wallet connections
Monitoring those wallets for on-chain activity
Attributing conversions (swaps, mints, deposits) back to the original campaign

The Main Players in 2026

Here's an overview of the tools I evaluated:

1. Spindl

What it is: The most well-known Web3 attribution platform. Backed by a16z.

Strengths:

Deep wallet intelligence and identity graphs
Multi-touch attribution models
Strong enterprise features

Limitations:

Sales-led pricing (no public prices)
Requires demo call to get started
Better suited for larger teams with budget

Best for: Series A+ projects with dedicated growth teams and budget for enterprise tooling.

2. Formo

What it is: Product analytics + wallet intelligence platform. Positions itself as "Mixpanel for Web3."

Strengths:

Combines product analytics with attribution
Wallet profiling and segmentation
30+ chain support

Pricing: $159-$399/month (published)

Limitations:

More focused on product analytics than pure marketing attribution
Can be complex if you just need campaign tracking

Best for: Teams that want unified product + marketing analytics in one tool.

3. Web3 Trackers

What it is: Self-serve marketing attribution focused on campaign ROI. Think "Google Analytics meets UTM tracking for Web3."

Strengths:

Self-serve setup (~15 minutes, no sales call)
Transparent pricing from $99/month
UTM-style tracking links (familiar to marketers)
Per-link spend tracking for ROI calculation
Wallet quality scoring to filter bots

Pricing:

Free tier: 1 campaign, 50 conversions
Starter: $99/month
Growth: $249/month

Limitations:

Newer platform (launched 2025)
Currently supports Ethereum, Solana, Base (more chains coming)
Focused on attribution, not full product analytics

Best for: Early-stage teams that want quick setup and clear ROI metrics without enterprise pricing.

Website: https://web3trackers.com

4. Safary

What it is: Community-focused attribution platform with quest/engagement features.

Strengths:

Good for community-driven campaigns
Quest and challenge integration
Growing community of Web3 marketers

Limitations:

Less focused on paid advertising attribution
Better for organic/community campaigns

Best for: Projects with strong community focus and quest-based engagement.

5. Cookie3

What it is: "MarketingFi" platform combining analytics with token incentives.

Strengths:

Interesting tokenomics angle
Good data enrichment

Limitations:

More experimental approach
Token mechanics add complexity

Best for: Projects interested in incentivized marketing data.

Quick Comparison Table

Tool	Self-Serve	Starting Price	Focus	Best For
Spindl	No	Contact sales	Enterprise attribution	Large teams
Formo	Yes	$159/mo	Product + Marketing	Full-stack analytics
Web3 Trackers	Yes	$99/mo (free tier)	Marketing ROI	Early-stage, ROI focus
Safary	Yes	Varies	Community campaigns	Quest-based growth
Cookie3	Yes	Varies	MarketingFi	Token-incentivized

How to Choose

Choose Spindl if:

You have enterprise budget
You need deep identity graphs and multi-touch attribution
You have a dedicated growth team

Choose Formo if:

You want product analytics AND attribution in one tool
You're already using Mixpanel/Amplitude and want a Web3 equivalent

Choose Web3 Trackers if:

You want to start tracking today without a sales call
You need clear cost-per-wallet and ROI metrics
You're budget-conscious but still want proper attribution

Choose Safary if:

Your growth is community-driven
You run quest/challenge campaigns

Setting Up Attribution: A Quick Guide

Regardless of which tool you choose, the basic flow is:

Step 1: Create Tracking Links

Generate UTM-style links for each campaign:

https://yourapp.com/?utm_source=twitter&utm_medium=paid&utm_content=launch_thread

Most tools provide a link builder for this.

Step 2: Capture Wallet Connections

When users connect their wallet on your dApp, the attribution system links that wallet address to the campaign source from step 1.

Step 3: Monitor On-Chain Activity

The tool watches those wallet addresses for conversions—swaps, mints, deposits. When activity happens, it's attributed to the original campaign.

Step 4: Calculate ROI

With spend tracking per campaign, you can calculate:

Cost per wallet (CPW) = Spend ÷ Wallets acquired
Cost per conversion = Spend ÷ On-chain conversions
ROI = (Value generated - Spend) ÷ Spend

What About Dune Analytics?

Dune is excellent for on-chain data exploration but it's not an attribution tool. You can query wallet activity, but you can't connect it to off-chain marketing campaigns without building custom infrastructure.

Use Dune for: Deep on-chain analysis, custom dashboards, research
Use attribution tools for: Connecting marketing spend to on-chain outcomes

Key Metrics to Track

Whatever tool you choose, focus on these metrics:

Wallet Connect Rate — What % of clicks result in wallet connections?
Conversion Rate — What % of connected wallets convert on-chain?
Cost Per Wallet (CPW) — How much are you paying per acquired wallet?
Wallet Quality Score — Are you attracting real users or bots/farmers?
Attribution Window Performance — How long after first touch do users convert?

Conclusion

Web3 attribution is still an emerging space, but the tools have matured significantly. You no longer need to fly blind on marketing spend.

My recommendation:

Start with a self-serve tool (Web3 Trackers, Formo) to prove the value of attribution
Graduate to enterprise (Spindl) if you need advanced features and have the budget

The key is to start tracking something. Even basic campaign→wallet→conversion tracking is infinitely better than guessing which channels work.

What attribution tools are you using? Drop a comment below—I'd love to hear what's working for different projects.

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