DEV Community: Yos Riady

Announcing: Rich Text support for Formo

Yos Riady — Tue, 25 Aug 2026 06:25:33 +0000

Original article: https://formo.so/blog/announcing-rich-text-support-for-formo

Enhance your forms with Rich Text, designed to make your content visually appealing, engaging, and easy to understand. Whether you're creating surveys, feedback forms, or questionnaires, Rich Text makes it easy to emphasize key points and improve readability.

Why Rich Text?

Rich Text gives you the ability to format text with bold, italics, and hyperlinks, so you can highlight important details and content. Tailor your forms to reflect your brand's personality and messaging, while keeping users engaged and motivated to complete them.

Adding Rich Text is simple. Just select your text, apply the formatting you want, and watch your form transform. Instantly enhance the look and feel of your content without sacrificing usability.

How It Works

Select your text.
Apply formatting to emphasize key points.
Add links to external content.
Create visually stunning forms with Formo.

What can I do with Rich Text? :

You can use Rich Text to add emphasis and content to your forms:

Survey instructions
Introducing your project and ecosystem
Structuring complex questions or sections

With Formo’s Rich Text feature, you can create forms that not only capture information but also captivate your audience.

Get Started with Formo

Unlock your potential with Formo, the Web3 analytics platform for product and marketing teams. Harness token-gated forms, wallet intelligence, and web3 analytics to turbocharge your growth. Learn more about the Custom Links feature.

Analytics-Driven Web3 CRM: How to Cut CAC and Improve Retention with Wallet Data

Yos Riady — Tue, 25 Aug 2026 06:22:54 +0000

Original article: https://formo.so/blog/analytics-driven-web3-crm-customer-retention

Key Takeaways

Analytics-driven Web3 CRMs replace cookie tracking with wallet-based profiles that persist across sessions, devices, and dApps.
Onchain and offchain data improve personalization by linking wallet activity, app behavior, forms, and support interactions into segments.
Predictive Web3 CRM analytics help reduce churn by detecting behavior changes and triggering targeted retention campaigns.

Analytics-driven Web3 CRMs use onchain wallet activity and decentralized data to create persistent pseudonymous profiles, enabling accurate segmentation, behavior prediction, and retention strategies that drive acquisition, engagement, and long-term loyalty.

The Role of Analytics in Web3 Customer Relationship Management

Analytics have redefined customer relationship management in Web3 by replacing cookie- and session-based tracking with blockchain-native intelligence that ties behavior to wallet addresses. An analytics-driven Web3 CRM unifies onchain blockchain data with offchain web and application analytics to enable persistent, wallet-based customer tracking across sessions, devices, and platforms. Onchain wallet activity yields durable pseudonymous identities that maintain continuity where cookies fail.

Blockchain’s immutability creates a permanent record of transactions, smart contract interactions, and token transfers, which—when combined with offchain signals such as forms, support interactions, and application usage—produces a comprehensive customer journey view previously impossible in legacy systems. These unified profiles enable more accurate attribution, richer segmentation, and better-informed retention strategies.

Industry research shows CRM systems improve lead conversions, retention, and productivity (source), and Web3 implementations amplify those gains by adding onchain behavioral signals that reveal deeper user intent and engagement. Technically, Web3 CRMs use wallet addresses as primary identifiers and map actions across dApps, DeFi protocols, and NFT marketplaces, enabling segmentation based on asset ownership and transaction history rather than transient browser identifiers.

Personalization Powered by Onchain and Offchain Data Insights

Combining onchain and offchain data enables precise segmentation and hyper-personalized engagement. Web3 CRMs link wallet profiles with website and app actions, allowing personalization that goes beyond demographics to reflect real blockchain behavior.

Token-gated personalization delivers content or offers to wallets holding specified tokens, enabling exclusive experiences for segments such as NFT holders or long-term stakers. Wallet journey mapping tracks protocol interactions over time—e.g., identifying frequent liquidity providers for advanced yield opportunities while guiding newcomers with onboarding content.

Implementation relies on continuous data pipelines that correlate blockchain activity with web events. When a user connects a wallet, the system accesses their onchain history—holdings, transaction patterns, and protocol interactions—and merges this with offchain data like form submissions and support tickets to create dynamic segments that update in real time.

As wallets evolve into identity layers, behavior-driven insights turn wallets into preference systems that support targeted CRM strategies (analysis). Practical applications include automated content recommendations based on holdings, product suggestions aligned with DeFi activity, and engagement strategies tailored to governance participation.

Predictive Analytics and Proactive User Retention Strategies

Predictive analytics applies statistical models and machine learning to historical and real-time data to forecast actions like churn or transaction likelihood; blockchain’s complete, immutable records enhance model accuracy. Web3 CRMs analyze wallet activity—transaction frequency, protocol interactions, token balances—to flag users at risk of churn and trigger automated retention interventions such as targeted education, exclusive offers, or governance nudges.

Models use blockchain-specific signals unavailable to traditional CRMs, including gas-fee behavior, cross-chain activity, and governance participation. For example, a previously active DAO voter who stops participating can be targeted with re-engagement messages about upcoming proposals.

Common predictive applications include:

Cohort analysis by onchain behavior milestones
Automated retention campaigns triggered by wallet activity changes
Behavior scoring and engagement likelihood ranking
Churn prediction for at-risk community members
Token reward distributions optimized for retention impact

Predictive analytics enables proactive, automated interventions—extending beyond emails to smart contract actions such as onchain rewards for at-risk users (reference)—which is vital where acquisition costs are high and community loyalty matters.

Holistic User Journey Analysis Across Blockchain Networks

Accurate retention and growth strategies require aggregating user journeys across multiple networks. Cross-chain data aggregation merges activity from networks like Ethereum, Polygon, and Arbitrum to form unified behavioral profiles that single-chain analysis misses.

Advanced Web3 CRMs use cross-chain wallet clustering to identify when multiple addresses belong to the same user, preventing metric inflation that arises when the same person appears as separate users. A complete journey view captures interactions such as minting an NFT on Ethereum, providing liquidity on Polygon, and voting on Arbitrum—all relevant to engagement and value.

Journey mapping typically follows five stages:

Wallet Creation and Initial Funding — tracking how users first acquire crypto and begin interacting
Protocol Discovery — which apps and services users explore early on
Community Engagement — governance, social platforms, and education participation
Advanced Usage — yield farming, NFT trading, and cross-chain bridging
Retention Touchpoints — moments where interventions can prevent churn or boost engagement

Mapping wallet activity over time identifies touchpoints and high-value users, enabling targeted retention and growth tactics (resource). The required infrastructure includes real-time blockchain indexing, cross-chain transaction correlation, and data normalization to reconcile differing formats and timing across networks—hence the need for specialized analytics platforms.

Enhancing Engagement and Loyalty Through Data-Driven Insights

Analytics-driven CRMs let teams segment users by lifecycle stage using onchain and offchain events, enabling targeted communications that align with actual behavior rather than assumptions. Lifecycle-based segmentation can combine onchain milestones—first swap, initial NFT purchase, first governance vote—with offchain interactions like support tickets or forum activity to form multi-dimensional segments.

Crypto-native segmentation leverages Web3-specific data points:

Asset holding patterns and portfolio composition
DAO membership and governance participation
DeFi protocol usage and yield strategies
NFT collection preferences and trading habits
Cross-chain behavior and bridge usage
Gas-fee optimization strategies and transaction timing

Automation allows real-time tracking of metrics—wallet signups, retention cohorts, referral activations, community engagement—via dashboards that update as blockchain transactions occur. Lifecycle-aligned messaging improves retention and engagement; for example, users who complete a first DeFi transaction can be offered advanced tutorials, while newcomers receive basic swap guides (case study).

Token-gated loyalty programs reward behaviors that drive protocol health: long-term holders may get exclusive access, while active governance contributors receive priority support. These data-driven rewards build community trust and long-term loyalty by recognizing high-impact behaviors.

Adapting CRM Metrics to Evolving Web3 User Behaviors

Web3 evolves fast—new protocols, features, and user behaviors require continuous metric refinement. Metrics that mattered at launch may become irrelevant as products add yield farming, governance tokens, or cross-chain features; Crypto CRMs must adapt to track new interaction types and fold them into scoring and segmentation.

Dynamic metrics to monitor and update include:

Onchain Transaction Frequency — adjusted for network conditions and gas costs
NFT Engagement Rates — purchases, secondary sales, social sharing, and community activity
DAO Proposal Participation — voting, proposal creation, and discussion engagement
Referral Program Activation — direct referrals and network effects from token sharing
Cross-Chain Activity Levels — adoption of additional networks and protocols

Automated metric reporting is essential; manual processes lag behind behavioral shifts. Systems should detect emerging action types and recommend metric updates so teams optimize for current signals rather than outdated KPIs (guidance). Technically, this requires flexible data pipelines that ingest new blockchain events and protocol interactions without full rebuilds, giving teams agility as the ecosystem changes.

Impact of Analytics-Driven Web3 CRMs on Business Growth and ROI

Analytics-driven Web3 CRMs deliver measurable growth by improving acquisition, retention, and engagement optimization. CRM investments typically yield strong returns (industry stat), and Web3 implementations often outperform traditional systems thanks to precise wallet-based attribution and full-journey visibility.

Reported impacts include reduced acquisition costs (often 40–60% for DeFi projects using onchain insights), improved influencer ROI via wallet attribution, and higher lifetime value for users who engage in governance or liquidity provision (who tend to churn less). Web3 analytics enable ROI models that account for long-term user value rather than only immediate conversions.

Key business impact comparisons:

Metric Category	Traditional CRM Impact	Web3 Analytics CRM Impact
User Acquisition Cost	15–25% reduction	40–60% reduction
Customer Retention Rate	16% improvement	25–35% improvement
Marketing ROI	20–30% increase	50–70% increase
Sales Conversion	17% improvement	30–45% improvement
Customer Lifetime Value	10–20% increase	35–50% increase

Adoption trends support investment: most B2B companies use CRM for retention and CRM software revenue is projected to grow (source). Web3-specific solutions like Formo occupy a growing niche driven by these analytics and ROI capabilities.

Fraud prevention also boosts ROI: wallet-level analysis flags suspicious behavior, limits fraudulent access to rewards, and preserves benefits for genuine users—protecting resources and maintaining trust in token-gated systems (reference).

Choosing the Right Analytics-Driven Web3 CRM for Your Project

Selecting a Web3 analytics CRM requires aligning technical capabilities with business goals. Start by defining whether the priority is retention, community growth, revenue optimization, or fraud prevention—different platforms excel in different areas. For example, DeFi protocols focused on liquidity may prioritize yield analytics, while NFT marketplaces focus on social engagement and secondary sales tracking.

Step-by-Step Selection Framework

Define Project Goals and KPIs — set clear metrics for retention, growth, and engagement.
Assess Data Unification Needs — determine depth of onchain/offchain integration required.
Evaluate Multi-Chain Capabilities — confirm support for relevant networks and protocols.
Review Technical Integration — check SDK/API quality, docs, and dev effort needed.
Analyze Reporting and Automation — evaluate dashboards, automated campaigns, and alerts.
Consider Privacy and Security — examine data handling, consent, and compliance features.
Test Token-Gating Features — verify exclusive content delivery and access controls.

Assess platforms with actual project data whenever possible; many vendors (including Formo) offer trials or proofs of concept. Ongoing review is necessary as protocols evolve; choose a platform that can adapt to new blockchains, integrations, and analytics needs. Balance plug-and-play ease against customization demands and development resources when deciding between turnkey or bespoke implementations.

Essential CRM Feature Comparison

Feature Category	Basic Requirements	Advanced Capabilities
Data Integration	Wallet connection, transaction tracking	Cross-chain aggregation, smart contract event parsing
Analytics	Cohort analysis, retention metrics	Predictive modeling, churn prevention, behavioral scoring
Automation	Email campaigns, basic triggers	Smart contract integration, token rewards, governance alerts
Reporting	Dashboards, exports	Real-time updates, custom metrics, API access
Security	Wallet verification	Fraud detection, privacy controls, consent management

Evaluate ease of integration, documentation quality, trial possibilities, and long-term flexibility; plan regular platform reviews to maintain alignment with product roadmaps and user behavior changes.

Frequently Asked Questions

What is a Web3 analytics CRM and how does it differ from traditional CRMs?

A Web3 analytics CRM links onchain wallet activity with offchain analytics, replacing cookie-based identifiers with persistent wallet-based IDs; this yields more accurate, long-term segmentation across dApps and devices by maintaining identity even when browser cookies are cleared.

How do analytics-driven Web3 CRMs improve customer retention?

They produce unified wallet-level user profiles that enable precise segmentation and automated, behavior-triggered retention campaigns, leading to more personalized engagement and reduced churn.

What key features should a top Web3 analytics CRM include?

Core features are onchain/offchain mapping, cross-chain journey tracking, real-time dashboards, automated reporting, multi-network support, fraud tools, predictive analytics, token-gating, and smart contract integration.

How can Web3 CRMs unify onchain and offchain data for better insights?

They link wallet-connection events and offchain inputs (forms, support, app events) to wallet addresses and cross-reference activities to produce unified dashboards showing all user interactions.

What measurable business outcomes result from implementing an analytics-driven Web3 CRM?

Common outcomes include 25–35% higher retention, 40–60% lower acquisition costs, improved marketing ROI through better attribution, stronger community growth, and more effective fraud prevention—benefits that compound as the system learns patterns.

Turnkey Wallet Analytics for Crypto and DeFi Apps

Yos Riady — Tue, 25 Aug 2026 06:11:09 +0000

Original article: https://formo.so/blog/analytics-crypto-defi-apps-turnkey

Key Takeaways

The Turnkey and Formo integration identifies users at the moment of wallet creation inside the app rather than at connect. Calling Formo's identify() method inside Turnkey's createWallet callback links every future in-app event and onchain transaction to a persistent wallet identity without relying on cookies or browser sessions.
With identity linked, teams can track the full user journey: onboarding steps, first transaction, feature usage, and retention cohorts, all tied to a wallet address rather than an anonymous session ID, making funnel analysis and channel attribution possible.
The integration unlocks real-time alerting: set thresholds on wallet activity, transaction volume, or error events and receive instant notifications via Slack or webhook when whale deposits, onboarding failures, or unusual behaviour patterns appear.

Crypto and DeFi app builders grapple with fragmented data from onchain transactions and in-app events, obscuring user retention and acquisition metrics. This step-by-step guide outlines integration of Turnkey embedded wallets with Formo to unify analytics, wallet profiles, and real-time alerts. Leading teams achieve clearer growth signals through this privacy-friendly setup.

What is Turnkey Embedded Wallets?

Turnkey provides secure, scalable, and programmable infrastructure for crypto applications. Unlike traditional wallet solutions that rely on browser extensions, Embedded Wallets are integrated directly into an application's interface. This architecture allows users to generate and utilize a wallet without leaving the app, significantly reducing friction during onboarding.

The platform utilizes a unique security model based on secure enclaves, ensuring that raw private keys are never exposed to the application or its developers. For high-performance needs, the infrastructure supports signing latency of just 50-100ms for millions of wallets (Turnkey). This speed and security make it an ideal foundation for building consumer-grade crypto experiences that feel like standard web applications while maintaining non-custodial standards.

What Are Analytics for Crypto and DeFi Apps Important?

Standard web analytics tools like Google Analytics track page views and clicks but fail to capture the economic reality of a Web3 application. They cannot see onchain activity, meaning a user who connects a wallet and swaps $10,000 worth of tokens looks identical to a user who connects and does nothing.

For crypto apps, success is measured by onchain KPIs:

Wallet Retention: Do users return to transact after 7 or 30 days?
Net New TVL: Is the protocol attracting actual liquidity?
Customer Acquisition Cost (CAC): How much marketing spend is required to acquire a funded wallet?

Without specialized analytics, teams operate blindly, unable to distinguish between high-value users ("whales") and bots or casual browsers.

Why Formo Transforms Analytics for Crypto Apps

Formo addresses the data gap by unifying offchain user behavior with onchain transaction data. For developers using Turnkey, Formo offers specific advantages through its deep integration with standard Ethereum libraries.

Native Wagmi Integration: The SDK hooks directly into Wagmi's state management system.
Mutation Cache Tracking: It tracks signatures and transactions via TanStack Query's mutation cache, ensuring no event is missed.
Privacy-First Identity: It resolves identity without compromising user anonymity.

By combining these layers, builders can see the full funnel—from a marketing click to a Turnkey wallet creation, and finally to a completed onchain transaction.

Step-by-Step Guide to Setting Up Analytics with Turnkey

Step 1: Create a Turnkey Organisation and API Credentials

To begin, developers must establish the organizational hierarchy within Turnkey. This structure is critical for managing user permissions and data isolation securely.

Organizations (Parent Orgs): This represents the application itself. It holds the global policies and configurations.
Sub-organizations (Sub-orgs): These are nested under the parent and typically represent individual end users. This ensures that one user's keys are fully segregated from another's.
Authenticators: These are the credentials (passkeys, API keys) that allow users to access their sub-organizations.

Correctly setting up this hierarchy ensures that analytics data can later be mapped to persistent user identities.

Step 2: Integrate Embedded Wallets into Your Crypto or DeFi App

Once the organization is configured, the next step is integrating the wallet kit into the frontend. Turnkey allows for the creation of thousands of non-custodial wallets simultaneously, which is essential for apps expecting high volume.

"With Turnkey you can: Create thousands of non-custodial embedded wallets at once, Configure multi-sig wallets requiring m-of-n signatures, Set advanced policies, like allowlists or transaction limits." - Turnkey (Turnkey)

Step 3: Create a Formo Workspace and Install

After the wallet infrastructure is live, analytics installation follows. Developers should create a workspace in Formo and install the SDK. For applications using Wagmi to manage Turnkey connections, the installation involves wrapping the application in the FormoAnalyticsProvider.

This provider requires the Wagmi configuration and the QueryClient. By passing these options, Formo automatically hooks into the connection state. This setup allows the analytics engine to detect when a Turnkey wallet connects, disconnects, or switches chains without requiring manual event listeners for every interaction.

Step 4: Capture In-App Events and Wallet Profiles

With the Formo SDK installed, the application must be configured to identify users and track specific actions.

Identify: Call the identify() function immediately after a user connects their Turnkey wallet. This links the anonymous session to the specific wallet address.
Track Custom Events: Use track() for critical actions like "Swap Completed" or "Liquidity Added."
Revenue Properties: Include properties like revenue, volume, and points in the event payload.

This granular tracking transforms raw data into a profile, showing not just that a wallet exists, but how much value it brings to the protocol, following best practices for data activation in crypto.

Step 5: Set Up Dashboards for Key Metrics and Attribution

Data is only useful when visualized effectively. Teams should configure dashboards that align with specific departmental goals.

Executive Dashboards: Focus on high-level metrics like Total Value Locked (TVL), Daily Active Wallets (DAW), and revenue growth.
Marketing Dashboards: Track attribution by linking UTM parameters to onchain actions, proving which campaigns drive funded wallets.
Product Dashboards: Monitor feature adoption rates and user journey completion, identifying where users drop off during the onboarding flow.

Step 6: Activate Real-Time Alerts and User Segmentation

The final step involves setting up automated responses to data signals. Real-time alerts allow teams to react instantly to critical events.

Whale Alerts: Notify the VIP team via Slack when a wallet swaps more than $50,000.
Error Monitoring: Trigger engineering alerts if transaction failure rates spike after a deployment.
Segmentation: Group users into cohorts such as "High Value," "Churned," or "New Users."

These segments allow for targeted engagement, such as sending a re-engagement offer to users who haven't transacted in 30 days.

Common Mistakes and How to Avoid Them

When implementing analytics on top of embedded wallets, developers often encounter configuration issues that lead to data loss or noise.

1. Ignoring Log Levels

Developers often fail to configure logging correctly during development, making debugging difficult. Use the appropriate log level to isolate issues.

Log Level	Description
trace	Shows the most detailed diagnostic information
debug	Shows all messages, including function context
info	Shows informative messages about normal operation
warn	Default. Shows error and warning messages
error	Shows error messages only

2. Blocking by Ad-Blockers

Client-side analytics can be blocked by browser extensions. To ensure data accuracy, set up a reverse proxy (e.g., via Next.js rewrites) to route analytics traffic through your own domain rather than sending it directly to third-party servers.

Next Steps

Implementing Turnkey and Formo provides a robust foundation for data-driven growth. To maximize the value of this stack, teams should prioritize the following actions:

Audit Data: Verify that wallet connection events and transaction signatures are capturing correctly in the staging environment.
Define KPIs: Select 3-5 core metrics (e.g., Weekly Active Wallets, Net Deposits) to track consistently.
Iterate: Use the insights from user segmentation to refine the onboarding flow and improve retention.
Visualize: Use Formo's chartbuilder, funnels, and retention charts to build and share reports with your whole team.

By treating analytics as a product feature rather than an afterthought, builders can make informed decisions that drive sustainable protocol growth.

FAQs

Is Turnkey secure for non-custodial wallets?

Turnkey uses secure enclaves to ensure that private keys are never exposed to the developer or the Turnkey team. As stated in their security overview:

"Turnkey’s code can be independently verified, replacing blind trust with cryptographic proof." - Turnkey Security Overview (Turnkey)

Does Formo compromise user privacy?

No. Formo is designed for the pseudonymous nature of Web3. It tracks behavior associated with a wallet address but does not collect personal identifiable information (PII). Formo does not collect IP addresses and does not make use of third-party cookies and device fingerprinting.

Can I track transactions across different chains?

Yes. Formo supports all major EVM-compatible chains and Solana. It automatically detects chain switches and tracks transactions regardless of the network, providing a unified view of user activity across the ecosystem.

What is the pricing for Turnkey Embedded Wallets?

Turnkey offers a usage-based pricing model starting at $0.25 per 1,000 wallet creations and $0.10 per signature. Developers access a free tier for testing up to 10,000 monthly active wallets.

What EVM chains does Formo support with Turnkey?

Formo supports all major EVM chains including Ethereum, Polygon, Arbitrum, Optimism, and Base. Chain ID detection in Wagmi ensures seamless multi-chain tracking for Turnkey wallets.

Can Formo integrate with other wallet providers besides Turnkey?

Yes, Formo works with Privy, Dynamic, WalletConnect, and other providers via Wagmi. The SDK adapts to any Ethereum-compatible connection for unified onchain analytics.

Check out our related articles

Abstract is now LIVE on Formo!

Yos Riady — Mon, 17 Aug 2026 07:48:10 +0000

Original article: https://formo.so/blog/abstract-is-now-live-on-formo

We’re excited to announce that Abstract, the cutting-edge Layer 2 blockchain, is now integrated with Formo’s Web3 Form Builder! This new integration enables Abstract developers and Web3 projects to create secure, private, and data-driven forms and surveys that leverage Abstract’s onchain data.

Abstract x Formo

Why Abstract?

Abstract Chain is a Layer 2 blockchain solution designed to enhance interoperability and simplify user interactions across multiple blockchain networks. It focuses on bridging the gaps between different blockchain ecosystems, enabling seamless asset transfers and interactions without the complexities typically associated with decentralized applications (dApps).

What does this mean for you?

With Abstract integrated into Formo, Web3 teams can now create token-gated forms that leverage Abstract’s onchain data. Whether you're a developer, marketer, or community manager, Abstract’s integration into Formo helps you gain a deeper understanding of onchain communities, enhance your Web3 marketing efforts and achieve your product-led growth.

Blockchains supported by Formo

From today, you can:

Create forms that utilize onchain data from BSC, such as token and NFT balances.
Implement surveys and collect responses faster than ever for BSC dapps, users, and communities.

Yos Riady, Founder of Formo, shares his enthusiasm:

“As Abstract continues to shape the scalability and security of Web3, we’re excited to provide developers with tools to effortlessly capture and analyze onchain data. We can't wait to see how developers on Abstract use Formo to create engaging dapps that users want".

Getting Started with BSC on Formo

Accessing Abstract’s data is now easier than ever on Formo. When creating a form, simply choose BSC as your preferred blockchain, and you have access to token and NFT balances on the BSC network.

How to connect to the BSC network in your web3 Form:

Step 1: Go to Formo.so

Step 2: Sign in and create a form

Step 3: Go to Access Gate in the Settings page and choose “Add Requirement”. You can select an ERC20 Token or a Native Token based on your needs.

Step 4: Select the “Abstract” network, search or paste your token address

Step 5: Set the minimum amount and name your requirement

Step 6: Click on “Add requirement” to complete.

Next, you can publish and share the form to start collecting responses. You’ll be able to engage with your most active users and gain actionable insights to build products people want.

What’s next?

We’re committed to integrating more blockchains and offering additional features to support your web3 data and analytics needs. If there’s a blockchain you’d love to see on Formo, let us know, and we’ll work to make it happen!

Learn more about our new chain integrations: Redstone, Mantle, and Soneium

Get started with Abstract and Formo today!

Privy Wallet Analytics for Crypto and DeFi Apps (2026 Guide)

Yos Riady — Mon, 17 Aug 2026 07:44:57 +0000

Original article: https://formo.so/blog/analytics-crypto-defi-apps-privy

Key Takeaways

Use Formo with Privy embedded wallets to get enhanced analytics and dashboards, with unified web, product, and onchain analytics on one platform.
The Privy and Formo integration works by calling Formo's identify() method inside Privy's success callback, linking the authenticated wallet address to the visitor's prior session. This single call makes the full journey from website visit to onchain transaction attributable.
Once identity is linked, the integration tracks wallet connects, successful signatures, and confirmed transactions as named events in Formo, enabling funnel analysis, cohort retention, and acquisition channel attribution without a custom data pipeline.
The practical output: dashboards showing connect-to-first-transaction conversion rate, retention cohorts by wallet type, and ROI by acquisition channel, all tied to confirmed onchain activity rather than session-level proxies.

Crypto and DeFi app builders struggle to track user behaviour effectively, as anonymous visitors and wallet addresses don't present the full picture. Siloed onchain, offchain data across multiple fragmented tools (web, product, onchain analytics) obscure retention and acquisition insights. Data is overflowing and engineering capacity is already reserved for the product. Without access to realtime data and visibility on the user journey, building consumer-facing products is an uphill battle.

This step-by-step guide details how crypto and DeFi teams can build successful apps with Privy for authentication and Formo for unified analytics, delivering clear, actionable insights to drive growth in less time.

If you're evaluating different embedded wallet providers, see our step-by-step guides to analytics for Turnkey wallets and analytics for Dynamic wallets for alternative implementations.

What is Privy?

Privy is a comprehensive wallet infrastructure platform designed to onboard users to onchain products. It provides tools for embedded wallets, progressive authentication, and user management, allowing developers to create secure and seamless experiences. Recently acquired by Stripe, Privy powers 75M+ accounts for over 1,000 teams, processing significant transaction volumes across the ecosystem.

The platform offers a complete stack that handles everything from key management to user onboarding. It supports email, SMS, social, and passkey logins, making it easier for both crypto experts and newcomers to access onchain apps. By using hardware-isolated TEEs and key sharding, Privy ensures enterprise-grade security while maintaining non-custodial standards (Privy).

What Is Analytics for Crypto and DeFi Apps Important?

Analytics in the crypto space often suffer from a disconnect between offchain user behavior and onchain activity. Traditional tools track website clicks, while block explorers track transactions, but few solutions bridge the gap. This fragmentation makes it difficult to understand the full user journey, from the initial landing page visit to the final smart contract interaction.

Privy helps with its built-in analytics feature:

"This includes analysing how users show up, how wallets get funded, and how value moves through the system over time." - Privy Blog on Enhanced User Analytics (privy.io)

However, it's missing key data from web analyics (acquisition, top-of-funnel metrics) and product analytics (in-app behaviour, revenue, retention.) It's also missing wallet intelligence features that help you understand your customer profiles. Without stitching together data from web, product, and onchain sources teams building in crypto and DeFi have limited visibility on who their users are, where they come from, and what they do on their app.

Unified analytics solutions like Formo provide visibility into how your onchain users move through the funnel from first visit to transactions and beyond. By linking a website session to a wallet address, teams can attribute onchain conversions back to specific marketing channels or product features. This clarity is essential for optimizing conversion rates and understanding true user value.

Key Benefits of Analytics

Implementing a robust analytics strategy allows builders to move beyond vanity metrics and focus on actionable growth signals. By unifying data sources, teams gain a holistic view of their product's performance.

Key advantages include:

Full Funnel Visibility: Track users from their first website visit through wallet connection to transaction completion.
Precise Attribution: Identify which makreting channels (Twitter, organic search, referrals) drive high-value onchain users.
Churn Prevention: Detect when users stop interacting with the protocol and trigger re-engagement campaigns.
Wallet Profiling: Understand the net worth and cross-chain activity of connected users to segment audiences effectively.
ROI Measurement: Calculate the actual return on investment for incentives and paid acquisition campaigns.

Step-by-Step Guide to Setting Up Analytics with Privy

Integrating analytics into a Privy-enabled app requires connecting the identity management of Privy with the event tracking capabilities of Formo. This process ensures that every user interaction is captured and attributed correctly.

Step 1: Create Your Privy Developer Account and App

Navigate to the Privy Dashboard and sign up for a developer account. Once logged in, create a new app to generate the necessary API keys and App ID.

Configure the login methods relevant to the project, such as email, SMS, or external wallets. This configuration defines how users will authenticate and creates the foundation for tracking user sessions. Ensure the branding settings match the application's design to maintain a consistent user experience during onboarding.

Step 2: Integrate the Privy SDK into Your App

Install the Privy SDK to handle wallet connections and authentication within the application. For React or Next.js applications, this involves wrapping the app with the PrivyProvider.

Install the package: Run npm install @privy-io/react-auth in the terminal.
Configure the Provider: Wrap the application root with PrivyProvider, passing in the App ID created in the previous step.
Implement Login: Use the usePrivy hook to trigger the login modal and manage authentication state.

For apps using Wagmi for blockchain interactions, Privy offers a connector that integrates seamlessly, allowing the app to leverage Wagmi's hooks alongside Privy's authentication.

Step 3: Create Your Formo Workspace

To begin collecting data, create a workspace on Formo.

Visit app.formo.so and sign up for an account.
Upon creating a workspace, you will be guided to add your project.
Your project gets a unique Write Key.

This key serves as the identifier for the project and is required to send event data from the application to the Formo backend. Keep this key secure, as it will be used in the next step to initialize the analytics SDK. The dashboard will initially show no data until the integration is complete and events begin flowing.

Step 4: Integrate the Formo SDK Into Your App

Install the Formo SDK and configure it to listen for Privy events. The goal is to link the Privy user ID and wallet address to the analytics profile.

Install: Run npm install @formo/analytics.
Initialize: Wrap the app with FormoAnalyticsProvider using the Write Key.
Identify Users: Use the parsePrivyProperties utility provided by the SDK.

Inside a useEffect hook, listen for the Privy user object. When a user logs in, pass the user object to parsePrivyProperties, which extracts the wallet address and social identifiers. Then, call formo.identify() to merge this data (Formo Docs).

Step 5: Access Insights in the Formo Dashboard

Once the integration is live and users begin logging in, data will populate the Formo dashboard. The Activity Feed provides a real-time view of user actions, including page views, wallet connections, and custom events.

Navigate to the Users section to see unified profiles. These profiles combine offchain data (like referrer sources and device info) with onchain data (wallet balance, transaction history). This view allows teams to segment users based on their onchain behavior, such as "High Net Worth Traders" or "New Wallet Connections," and analyze the retention rates of these specific cohorts.

Best Practices for Crypto and DeFi Analytics

To ensure data accuracy and privacy compliance, builders should adhere to specific configuration standards when setting up their analytics stack.

Unified Write Keys: Use the same project/SDK write key for both the marketing website and the application to maintain a continuous user session across domains.
Localhost Testing: Enable tracking: true in the configuration options during development to verify events are firing correctly before deploying to production.
Proxy Configuration: Set up a reverse proxy or use Next.js rewrites to route traffic through the app's domain, preventing ad-blockers from stripping valuable analytics data.
Log Levels: Configure the logger to debug or warn during the initial setup to catch any integration errors early.
Security: Implement industry standard security best practices such as CSP and SRI.

Common Mistakes to Avoid

Errors in integration can lead to fragmented data or missing attribution. avoiding these common pitfalls ensures the analytics pipeline remains robust.

Ignoring Wagmi Hooks: When using Wagmi, failing to use hooks like useWriteContract prevents the SDK from auto-capturing transactions and signatures.
Multiple Query Clients: Creating separate QueryClient instances for Wagmi and Formo breaks the state management; always share the same instance.
Overlooking Privacy: Failing to implement opt-out mechanisms for users who request privacy violates compliance standards like GDPR.

About Formo Analytics

Formo is a crypto-native analytics platform to give scrappy founders, product, and marketing teams in DeFi the clarity they need to grow. It helps you:

See the full user journey from offchain to onchain, to spot exactly where users are dropping off, helping you fix bottlenecks and improve your app.
Identify your most valuable users—the whales and power users—so you can more effectively engage and retain them.
Segment wallets into cohorts based on their behavior to see which users stick around and to help refine your ICP.
When you ship a new feature or launch a marketing campaign, you can measure its impact immediately on metrics that matter, not vanity metrics.

Use Formo with Privy embedded wallets to get enhanced analytics and dashboards, with unified web, product, and onchain analytics on one platform.

Next Steps

With Privy and Formo installed, the foundation for data-driven onchain growth is in place.

Teams should now focus on defining custom events that track critical value moments, such as "Swap Completed" or "Liquidity Added."
Review the funnel analysis to identify where users drop off during the onboarding process.
Use audience insights and segments to measure the retention of users acquired through different channels.
Add new event properties and refine user segments to uncover deeper insights into product performance.
Iterate, iterate, and iterate rapidly with insights designed for crypto and DeFi teams.

FAQs

What is the difference between web2 and web3 analytics?

Web2 analytics tracks basic visitor metrics such as page views and clicks. Web3 analytics unifies web and product analytics with onchain data, linking wallets and transactions to provide a complete view of the crypto user journey from offchain to onchain.

Does this setup compromise user privacy?

No. Formo is designed with privacy in mind. It does not use third-party cookies or device fingerprinting. No IP is collected to protect user privacy. Analytics are tied to pseudonymous wallet addresses, and users can opt out of tracking.

Can I track users across different chains?

Yes. The Formo SDK supports all EVM-compatible chains and Solana. It automatically clusters activity from the same wallet across different networks, providing a unified cross-chain profile. Wallet intelligence is multichain out-of-the box across all major EVM chains.

Do I need to write custom SQL?

No. The Formo data platform provides out-of-the-box dashboards for common metrics like DAU, retention, and conversion funnels, eliminating the need for complex engineering resources. You can also ask AI to help you write SQL and build charts from natural language.

How much does Privy or Formo cost?

Privy offers a free tier for up to 500 monthly active users. Formo offers a free trial. Paid plans are available for higher MAUs.

What chains does the Formo SDK support beyond EVM and Solana?

The SDK tracks activity on Bitcoin, Ethereum L2s like Base and Optimism, and Cosmos chains via wallet address clustering. It aggregates cross-chain transactions into single user profiles without manual configuration.

How do I track custom events in Formo?

Call the SDK function formo.track('Swap Completed', { amount: 100, token: 'USDC' }) after any in-app action. You can include any relevant event properties such as volume and pool id for further analysis and precise attribution.

Can I export Formo data to other tools like Google Sheets or BigQuery?

Yes. Formo supports CSV exports from dashboards and direct integrations with BigQuery and AWS. Scheduled exports can be run daily or on-demand.

How long does it take for analytics data to appear in the Formo dashboard?

Data appears in real-time for activity feeds, with full user profiles updating within 5 minutes.

Dynamic Embedded Wallet Analytics for Crypto and DeFi Apps

Yos Riady — Mon, 17 Aug 2026 07:42:25 +0000

Original article: https://formo.so/blog/analytics-crypto-defi-apps-dynamic

Key Takeaways

Use Formo with Dynamic embedded wallets to get enhanced analytics and dashboards, with unified web, product, and onchain analytics on one platform.
Dynamic.xyz analytics integration unifies embedded wallet identity with onchain events, enabling teams to track full user journeys from signup to transaction with accurate attribution.
Dynamic wallet analytics uses identity resolution that links email or social logins to wallet addresses, turning fragmented Web3 behavior into measurable funnels, retention cohorts, and ROI insights.
An analytics stack for apps with Dynamic embedded wallets improves DeFi growth decisions by combining offchain acquisition data with onchain activity, enabling real-time alerts, segmentation, and retention tracking.

Crypto and DeFi app builders grapple with fragmented onchain and offchain data, making it difficult to track user journeys, retention, and acquisition ROI. Most teams rely on incomplete tools that leave wallet addresses anonymous and insights buried.

This step-by-step guide details how to implement analytics with Dynamic embedded wallets.

What is Dynamic?

Dynamic provides wallet infrastructure that helps crypto and DeFi apps turn demand into revenue through embedded wallets and authentication tools. Recently acquired by Fireblocks, the platform now secures institutional-grade transactions while offering developer-friendly SDKs for rapid integration. It simplifies the user experience by removing the complexity of seed phrases and chain switching, allowing users to sign up with email or social accounts while maintaining non-custodial security.

The platform supports over 600 external wallets and delivers sub-second signing speeds, making it a robust choice for high-performance applications. As of 2026, Dynamic has onboarded more than 50M users and is trusted by industry leaders like Kraken, Stripe, and Magic Eden. (Dynamic)

Use Formo with Dynamic embedded wallets to get enhanced analytics and dashboards, with unified web, product, and onchain analytics on one platform.

Why Analytics Are Essential for Crypto and DeFi Apps Using Embedded Wallets

Embedded wallets like those from Dynamic lower the barrier to entry, but they also create a new challenge: understanding user behavior across the onchain and offchain divide. Traditional analytics tools track clicks and page views but fail to capture the critical financial actions that happen on the blockchain, such as swaps, stakes, or mints. Without unified analytics, teams cannot see if a user who signed up via email actually completed a transaction or funded their wallet.

For platforms like Nansen, integrating wallet intelligence allowed them to expand into staking products and simplify interactions. Analytics bridge the gap by linking a user's web session to their wallet address. This connection reveals the full funnel, enabling teams to identify where users drop off during the funding process and which acquisition channels drive high-value users rather than just traffic.

Key Benefits of Analytics for Crypto and DeFi Apps

Implementing a dedicated analytics stack for onchain apps provides clarity that generalist tools cannot match. It transforms raw blockchain data into actionable product insights.

Identity Resolution: Analytics tools unify scattered wallet addresses and social logins into single user profiles, helping teams understand total user value across multiple chains and wallets.
Precise ROI Measurement: By attributing onchain revenue back to specific marketing campaigns, teams can calculate the exact cost of acquiring a funded wallet rather than just a site visitor.
Fraud Prevention: Monitoring transaction patterns helps detect Sybil attackers and bot activity before they drain reward pools or distort growth metrics.
Improved Retention: detailed event tracking reveals exactly where users encounter friction, allowing product teams to optimize flows for higher conversion rates.

Step-by-Step Guide to Implementing Analytics for your Crypto App

Building a data-driven crypto application requires integrating wallet infrastructure with an analytics provider that understands smart contract events and onchain data.

The following guide outlines the process of connecting Dynamic’s embedded wallets with Formo’s crypto-native analytics. This setup enables end-to-end tracking of the full user journey from the initial website visit to onchain transactions with full attribution on where your users come from and what they do on your app.

Step 1: Integrate Dynamic Embedded Wallets into Your App

The first step is establishing the wallet infrastructure. Developers must create an account on the Dynamic dashboard to obtain an environment ID. The integration involves installing the Dynamic SDK via NPM and configuring the DynamicContextProvider in the application's root.

For a React application, this setup includes wrapping the app with the provider and configuring wallet connectors. This foundation allows users to connect existing wallets or generate new embedded wallets using social login credentials. Once initialized, the DynamicWidget handles the UI for user authentication and wallet management.

Step 2: Set Up Formo Account and SDK

After the wallet layer is active, the next requirement is installing the analytics SDK. Teams should install the Formo Web SDK using npm install @formo/analytics. The application is then wrapped with the FormoAnalyticsProvider, which requires a write key from the Formo dashboard.

For apps using Wagmi, the provider should be configured with the Wagmi config and QueryClient. This integration allows the SDK to hook directly into the state management system, enabling native event tracking for connections and transactions without manual tagging. (Formo)

Step 3: Track In-App Events and Wallet Addresses

Once the SDKs are running, the application must identify users to link their sessions to their wallet addresses. This is done by calling the identify() function whenever a wallet connects or a user logs in. For Dynamic users, this links their embedded wallet address to their user profile.

Beyond identity, teams should track specific actions using the track function. Critical events include "Wallet Connected", "Swap Completed", and "Liquidity Added". Including properties like revenue, token amounts, and currency codes in these events allows for precise financial analysis later with funnels and custom dashboards.

Step 4: Get Rich Onchain Profiles and Insights

With data flowing, the focus shifts to enrichment. Raw wallet addresses provide limited context, but analytics platforms can cluster these addresses to form comprehensive user profiles. This process involves aggregating data from ENS domains, social profiles on network like Farcaster, and historical transaction behavior across chains.

By understanding a user's history such as whether they are a high-volume trader or a long-term holder product teams can tailor the in-app experience. This might involve offering advanced trading tools to "whales" while simplifying the interface for new users.

Step 5: Analyse Journeys, Retention, and ROI

The final step is interpreting the data to drive decisions. Teams should map the user journey from the initial wallet connection to the first transaction and subsequent repeat engagement. Timestamps help identify friction points where users abandon the process.

Measure Retention: Calculate Day-1, Day-7, and Day-30 return rates specifically for users who have connected a wallet.
Calculate ROI: Compare the cost of acquisition channels against the lifetime transaction volume of the users they bring in.
Segment Users: Group users by wallet type (embedded vs. external), chain preference, and transaction frequency to identify high-value cohorts.

How Analytics Works with Dynamic Embedded Wallets

The integration between Dynamic and analytics platforms relies on capturing events at the wallet provider level. When a user interacts with Dynamic to create an embedded wallet or sign a transaction, the analytics SDK detects these state changes.

In practice, this means that when a user signs a message or approves a token spend, the event is logged automatically if autocapture is enabled. Formo's analytics engine then stitches this onchain event (the transaction hash) with the offchain session data (the marketing source). This creates a unified timeline that shows not just what happened on the blockchain, but who did it and where they came from. This visibility is critical for apps using embedded wallets, as this links campaign efforts on more traditional Web2 channels before transitioning to conversions onchain.

Best Practices for Onchain Analytics Success

Success in Web3 analytics requires more than just data collection; it requires a strategic approach to measurement. Teams should focus on quality over quantity, tracking metrics that directly correlate with business health rather than vanity numbers like total registered accounts.

Define Targeted KPIs and Benchmarks

Clear objectives are the foundation of effective analytics. Teams should define Web3-specific KPIs that reflect actual value creation.

Active Wallets: Track Daily or Monthly Active Wallets (DAW/MAW) rather than just site visitors.
Activation Rate: Measure the percentage of connected wallets that perform a transaction within 7 days.
Net New TVL: Monitor the actual capital inflow generated by new users.
CAC vs. LTV: Compare the cost of acquiring a wallet against the onchain revenue it generates over time.

Implement User Segmentation and Privacy Measures

Not all users behave the same way. Segmentation allows teams to treat high-value traders differently from casual browsers. Common segments include "Whales" (high volume), "Airdrop Hunters" (high activity, low retention), and "New Entrants" (embedded wallet users).

Privacy remains paramount. Analytics should rely on wallet addresses as the primary identifier rather than collecting personally identifiable information (PII). Using aggregate data and wallet clustering allows for rich insights without compromising user anonymity.

Harness Real-Time Insights for Growth

The speed of crypto markets demands real-time data. Waiting for monthly reports can mean missing critical trends or security issues.

Set Alerts: Configure notifications for sudden drops in transaction volume or spikes in error rates.
Monitor Live Feeds: Use dashboards to watch user onboarding flows as they happen, allowing for immediate hotfixes if a wallet connector fails.
Trigger Automations: Use real-time alerts to trigger marketing actions, such as sending an email or push notification immediately after a user completes their first swap.

Common Mistakes to Avoid and Fixes

Many teams struggle with analytics because they apply Web2 logic to Web3 products. Avoiding these pitfalls ensures data remains accurate and actionable.

Ignoring Offchain Data: Relying solely on onchain data misses the acquisition context. Fix: Always tag marketing links with UTM parameters and persist them through the wallet connection.
Over-Tracking: Tracking every single mouse click creates noise. Fix: Focus on key conversion events like "Wallet Connected" and "Transaction Signed."
Fragmented Identities: Treating every wallet address as a new user inflates metrics. Fix: Use wallet clustering and identity resolution to group addresses belonging to the same entity.
Neglecting Failed Transactions: Only tracking successes hides UX problems. Fix: Track error events to identify broken contracts or confusing UI elements.

About Formo Analytics

Formo is a crypto-native analytics platform to give scrappy founders, product, and marketing teams in DeFi the clarity they need to grow. It helps you:

See the full user journey from offchain to onchain, to spot exactly where users are dropping off, helping you fix bottlenecks and improve your app.
Identify your most valuable users—the whales and power users—so you can more effectively engage and retain them.
Segment wallets into cohorts based on their behavior to see which users stick around and to help refine your ICP.
When you ship a new feature or launch a marketing campaign, you can measure its impact immediately on metrics that matter, not vanity metrics.

Next Steps

Implementing analytics for Dynamic embedded wallets is a strategic move that transforms raw data into a competitive advantage. By unifying onchain and offchain data, teams gain the visibility needed to optimize onboarding, improve retention, and prove marketing ROI.

Start by integrating the Dynamic and Formo SDKs to establish a baseline of data. From there, focus on refining user segments and setting up real-time alerts. The goal is to move from guessing about user behavior to making decisions based on verifiable onchain evidence.

FAQs

What is the difference between Formo and Google Analytics?

Google Analytics relies on cookies and sessions to track page views. Formo tracks the full user journey from offchain to onchain using the best features from web, product, and onchain analytics. By capturing wallet interactions, smart contract events, and onchain transactions you get rich user profiles linked to user behavior that is valuable for crypto and DeFi teams.

Does tracking users compromise privacy?

It depends on what analytics tool you use. Formo is privacy-friendly by design. It uses wallet addresses as identifiers rather than names or emails. Privacy-friendly analytics tools like Formo allow for analytics and profiling without requiring invasive personal data collection. Formo does not collect IP addresses, does not use third-party cookies, and does not use device fingerprinting. See how Formo compares with other tools on privacy.

Can I track users across different chains?

Yes. Modern analytics platforms support multi-chain tracking. They can aggregate activity from Ethereum, Solana, and other chains into a single wallet profile, providing a holistic view of a user's holdings and behavior.

How do I handle users with multiple wallets?

Analytics tools like Formo use identity resolution that works automatically to link multiple addresses to a single user profile. This is often done by analyzing transaction patterns or linking wallets during a shared session or through a unified login layer like Dynamic.

How long does it take to integrate Dynamic with Formo analytics?

Integration typically takes less than 30 minutes. Formo has built-in prompts for AI to help you set up in less time. Steps include installing SDKs via NPM, configuring providers, and instrumenting key events.

What specific costs are involved in using Dynamic and Formo?

Dynamic offers a free tier for up to Up to 1,000 MAUs. Formo offers a free trial. Both Dynamic and Formo charges based on active wallets and transaction volume, at $0.05 per monthly active wallet.

Which blockchains does Dynamic's embedded wallet support?

Dynamic supports over 20 chains including Ethereum, Solana, Polygon, Base, and Arbitrum. Analytics integration via Formo supports all chains dynamic supports across EVM and Solana. Once installed, Formo autocaptures events across chains for unified multi-chain wallet profiles.

How does Formo calculate ROI for onchain apps?

Formo attributes volume and revenue like swap fees or TVL to acquisition channels / campaigns using industry-standard UTM tags, referrers, and custom events. Given the data, you can computes CAC by dividing campaign spend by funded wallet lifetime value.

What security features does Formo provide with analytics tracking?

Security is Formo's biggest priorities. Learn how Formo keep your data secure with our security practices such as CSP, SRI, industry-standard encryption and more on our dedicated security page: https://formo.so/security

Actionable Insights for Onchain Apps

Yos Riady — Mon, 17 Aug 2026 07:33:28 +0000

Original article: https://formo.so/blog/actionable-insights-for-onchain-apps

Developer tools remove barriers to innovation. Analytics remove barriers to growth.

Data is the lifeblood of any business. It helps you understand your customers and where they came from, make impactful data-driven decisions, and drive sustainable growth. Without data, you're lost in a dark forest.

However, understanding onchain user behavior is hard. Teams struggle to set up analytics and attribution from fragmented tools, data pipelines, and databases. Many teams give up altogether.

Formo is the data platform for onchain apps. Formo makes analytics easy for crypto. Get the best of web, product, and onchain analytics on one versatile platform.

The biggest challenges in web3

User acquisition and product analytics remain among the biggest challenges in crypto.

A web3 user's journey spans across both on-chain and off-chain channels. Instead of email or IRL identifiers, users log in through crypto wallets. Key conversion events such as swapping on a DEX or purchasing on an NFT marketplace happen onchain, beyond the reach of existing tools. Traditional analytics tools like Mixpanel and Google Analytics cannot see onchain data, so you miss out on crucial information.

Today's top engagement and retention tools ignore the wealth of data available onchain. For example, marketing solutions like Hubspot and Klaviyo do not support on-chain actions and events, while product analytics systems like Mixpanel and Amplitude do not natively handle blockchain data. Data about user acquisition, drop-off, and retention from a large chunk of the web3 user's journey is missing.

Answering even simple queries is hard in Web3:

Where do my users come from?
Which channels/campaigns are driving the most revenue? What's the ROI?
Who are my top users, and how can I retain them?
What were the biggest retention factors, and at which step of the funnel did most users drop off?
What is my ARPU or LTV : CAC ratio, and how can I increase it?

Uncovering your true growth and retention drivers and acquisition channels has been a big challenge in Web3. The vast percentage of onchain activity is disconnected from Web2 and hard to decipher. A side-effect of this problem is web3's unhealthy obsession with vanity metrics, which is much easier to get (and easy to fake.) Vanity metrics help projects get exchange listings and investment, but it doesn't translate to building meaningful products.

Data is the lifeblood of any business. It helps you understand your customers, make data-driven decisions, and drive growth. Without accurate data and attribution, you are lost in a dark forest.

High barriers for onchain attribution and profiling

Web3 projects struggle to get the data they need to make impactful decisions. Data is scattered across separate blockchains and data silos. Blockchains are optimized for writes, and** **reading data efficiently and reliably at scale is challenging. It takes serious engineering work to collect all this data, much less analyze it. Collecting and aggregating data from multiple blockchains and offchain sources requires deep expertise and complex tools (such as Databricks, Looker, Snowflake, BigQuery, and more.)

To do it right, you need extensive SQL and data engineering expertise to collect, process, and analyze data. You'd need a dedicated team of data engineers and analysts to create data pipelines and dashboards for your project. As a result, product teams spend valuable resources on infrastructure and integrations instead of shipping user-facing features.

Building in-house data pipelines and analytics infrastructure is beyond the means of many web3 teams. Not every team can allocate resources away from building their core product. As a result, analytics often falls by the wayside. They remain in the backlog forever.

Teams across web3 struggle to get the data they need to measure what matters and make impactful decisions. The absence of tools has made measuring the impact of growth initiatives and targeting users unsolved.

Onchain data is an untapped wealth of insights

On the other hand, data on blockchains provides unparalleled accessibility and insight into user behaviour. Onchain, you can observe any onchain users’ holdings and past activity, even when they don’t interact directly with your product. In Web2, this is unheard of. Onchain data is a public and permissionless data goldmine. We need only a better tool to access it.

In web2, third-party data, cookies, and sessions are foundational building blocks of cohort segmentation. They perform two core functions: attribution and identity.

Attribution refers to granular event analytics around who, how, and when users interact with your apps and websites (funnels, UTM, referral headers).
Identity refers to the sum of user activity used to construct a profile for targeting (country, device, onchain activity).

Blockchain networks represent a paradigm shift in the transfer of information and value. We believe it will reshape the foundations of trust within legacy systems. To get there, we need accessible data tools for onchain users, builders, and apps.

With unified onchain attribution, we can construct rich profiles and user segments that can be targeted more effectively. Minting, staking, swapping, and voting are high-intent actions that signal meaningful interest in a topic. Wallet addresses, tokens, attestations, and onchain user activity offer a new, meaningful set of attributes that can be used to construct customer profiles. Blockchain data opens up new doors for you to identify and target real, active users.

Identity and attribution are key ingredients for growth, and linking crypto-native web3 data (wallets, tokens, and transactions) with web2 data (dapp and browser interactions) unlocks a clear path for growth and retention.

Formo makes it easy to digest web3 data

User acquisition and product analytics remain among the biggest challenges in crypto. As we transition from infrastructure to apps, we need meaningful and accessible data about apps and users.

Formo is a data platform that helps crypto teams measure what matters and make impactful decisions with data, without a dedicated data team of SQL wizards. Instead of juggling several tools (GA, Looker, Mixpanel, Dune, block explorers), use a single data platform that gives you the full picture of what matters in less time.

Designed to be an alternative to Mixpanel and Google Analytics for onchain teams, it combines the best features from web, product, and onchain analytics into one versatile platform. Save time and money from having to manage your own data infrastructure and dashboards.

Formo makes it easy to digest web3 data, streamlining data collection, processing, and analysis for data-driven product teams. Unify offchain & onchain data with web3-native product analytics to get full onchain attribution. Understand who your users are and how they engage with your app with powerful wallet intelligence.

Focus on building amazing onchain experiences. Leave the data engineering to us.

Key Features

Here’s a quick overview of what Formo can do: product analytics, wallet intelligence, and forms.

Say hello to Web3-native Product Analytics:

Growth analytics: Track visitor counts, DAU, WAU, MAU, transactions, retention, and churn. Measure engagement and growth over time.
Real-time activity feed: See what users are doing in real-time. Uncover hidden drop-off points and retention drivers.
Onchain Attribution: Identify the top channels and growth initiatives that drive onchain activity. Understand where users come from.
Privacy-friendly: No third-party cookies, no IP, and no fingerprinting. Just clear, privacy-friendly insights. Formo helps your dapp align with GDPR standards and avoid collecting unnecessary data.
Lightweight: Formo's tracking script ensures your site remains fast.

Wallet intelligence activates your high-intent users and whales:

Wallet profiles: Turn anonymous wallets into high-value users with unified onchain and offchain data. Track usage of specific, high-value wallets on your dapp.
Wallet scoring: Use wallet labels, onchain attestations, and proof-of-personhood to segment and rank your users.
Wallet holdings: View your users’ token holdings and top apps. Uncover users using similar apps.

Token Gated Forms helps you effortlessly launch waitlists, forms, and surveys:

Verified socials: Verify Twitter accounts, Discord usernames, Farcaster, and more.
Token gating: Capture wallet data, token balances, attestations, and other onchain signals.
Zapier integration: Connect Formo with thousands of other apps to get things done faster.

Formo handles the data so you can focus on building

Formo makes analytics for onchain apps easy.

Spend less time building analytics and more time building products. Get data superpowers with the data platform designed for crypto-native teams:

Resilient Infrastructure: Zero-maintenance, high-reliability data pipelines built on a modern data engineering stack. Formo uses industry-leading technologies such as Clickhouse and data streaming.
Universal Data Access: Capture web2 and web3 data as standardized event schemas with the Formo SDK. Easily track attribution from initial engagement offchain to transactions onchain.
No-code Analytics: Formo eliminates the need for a dedicated data team of SQL wizards to create dashboards and data pipelines.

Leading crypto teams use Formo to drive growth and impact onchain. Understand your onchain users, where they come from, and what they do so you can build a better product.

Next steps

Create a workspace

Install Formo

Install Formo. The Formo SDK supports Browser, React, and Next.js.

Success!

Light up the dark forest with Formo. Book a demo or learn more.

FAQs

Why is data important for Web3 projects?

Data helps crypto teams understand users, make data-driven decisions, and drive growth. Without access to complete onchain and offchain data, teams struggle to measure acquisition, retention, and revenue effectively, leaving them blind to meaningful product insights.

What are the biggest challenges in Web3 analytics?

Web3 analytics is difficult because users log in via wallets and key events like swaps or NFT purchases happen onchain. Traditional tools like Google Analytics, Mixpanel, or Hubspot cannot track these actions, leaving acquisition, retention, and funnel data fragmented and incomplete.

Why is onchain data valuable?

Onchain data provides a public, permissionless record of user activity, including holdings, transactions, staking, and minting. These high-intent actions allow teams to create rich user profiles and segments, measure growth drivers accurately, and target real, active users, bridging the gap between Web2 and Web3 data.

How does Formo help Web3 teams with data?

Formo is a data platform that unifies onchain and offchain analytics, simplifying data collection, processing, and attribution. It provides product analytics, wallet intelligence, and token-gated forms in a single platform, enabling teams to track growth, engagement, and retention without building complex data infrastructure.

What analytics and insights can Formo provide?

Formo tracks DAU, WAU, MAU, transactions, retention, and churn. Real-time activity feeds reveal drop-off points and retention drivers. Onchain attribution shows which channels and campaigns drive meaningful activity, while wallet intelligence identifies high-value users, scores wallets, and tracks token holdings.

Is Formo privacy-friendly?

Yes. Formo collects data without third-party cookies, IP tracking, or fingerprinting. It provides GDPR-aligned, privacy-preserving analytics while giving crypto teams the insights needed to optimize growth and retention.

How does Formo simplify data for teams without SQL expertise?

Formo eliminates the need for dedicated data engineers by providing no-code analytics, standardized event schemas, and resilient data pipelines. Teams can unify offchain and onchain data, create dashboards, and track attribution from first engagement to onchain transactions without building infrastructure from scratch.

How can teams get started with Formo?

Create a workspace at app.formo.so, install the Formo SDK for Browser, React, or Next.js, and start tracking onchain and offchain user activity. Formo enables teams to focus on building products while it handles the analytics and data infrastructure.

A Beginner’s Guide: What Is a Crypto Faucet?

Yos Riady — Mon, 17 Aug 2026 07:26:51 +0000

Original article: https://formo.so/blog/a-beginner-s-guide-what-is-a-crypto-faucet

Key Takeaways

Crypto faucets let beginners earn small amounts of crypto by completing simple tasks.
Most faucets distribute testnet tokens, which are not real money but are useful for learning and development.
They’re a risk-free entry point to explore wallets, transactions, and onchain apps.
Reputable testnet faucets include Alchemy's faucet, Paradigm's MultiFaucet, and network-specific faucets from official blockchain foundations. Always verify the URL before connecting a wallet to any faucet.

Since Bitcoin’s launch in 2009, the crypto market has grown to over $2 trillion, presenting numerous earning opportunities. Crypto faucets let newcomers earn small amounts of crypto by completing simple tasks. However, most faucets only provide testnet tokens, which have no real-world value. While they won’t make you rich, they serve as an entry point into the crypto space, helping users familiarize themselves with wallets, transactions, and digital assets.

In this guide, we’ll cover what crypto faucets are, how they work, and best practices for using them effectively. Let’s dive in.

Crypto faucets are platforms that give small crypto rewards for completing simple tasks like captchas, ads, or surveys

Understanding Crypto Faucets

Crypto faucets are websites or apps that reward users with small amounts of crypto for completing basic tasks such as solving captchas, watching ads, or answering surveys. The name “faucet” comes from the way these platforms “drip” tiny crypto rewards, similar to a leaky tap.

Faucets give free tokens to new users, sparking curiosity and engagement. Some projects use them as a marketing tool to attract and onboard users. Some faucets help users cover gas fees. For example, the Optimism ETH faucet provides small amounts of oETH to pay transaction fees on the Optimism Layer 2 network.

The Origins of Crypto Faucets

The first BTC faucet was launched in 2010 by Bitcoin developer Gavin Andresen to promote Bitcoin adoption. His faucet gave users 5 BTC for solving a simple captcha — back when Bitcoin was worth mere cents. As Bitcoin’s value surged, faucet operators partnered with ad networks to sustain rewards. Today, they continue to serve as an entry point for crypto newcomers.

Gavin Andresen’s famous post on Bitcoin Talk (Image source)

Benefits of Using Crypto Faucets

While Crypto faucets may not generate substantial income, they provide a risk-free way to engage with cryptocurrencies and gain hands-on experience.

Example of Ethereum Sepolia Faucet

Faucets help beginners set up wallets, manage transactions, and navigate blockchain networks, building confidence before making financial commitments. Faucets also encourage deeper exploration of crypto, including DeFi and NFTs.

How To Use a Crypto Faucet

Choose a Trusted Faucet: Find a reliable platform that provides your preferred tokens. Check reviews and user feedback to ensure legitimacy.
Sign Up: Register with your email and password. Most faucets have a quick and simple sign-up process.
Complete Tasks: Earn rewards by completing tasks such as captcha verifications, surveys, or watching ads. Choose tasks that suit you best.
Claim Rewards: Click the claim button to collect your earned crypto. Some faucets allow instant claims, while others have a waiting period.
Withdraw to Your Wallet: Once you reach the minimum payout threshold, transfer your rewards to your crypto wallet.

Three steps to using a crypto faucet

Top Crypto Faucets

Here are some of the best platforms for different crypto tokens.

Alchemy Faucet

Alchemy Faucet is a free crypto faucet provided by Alchemy, allowing developers to request small amounts of testnet ETH for blockchain development and testing. They support multiple testnets such as Sepolia, Goerli, and others.

Chainstack Faucet

Chainstack Faucet provides testnet tokens for developers building and testing blockchain applications. It supports multiple networks, enabling seamless smart contract deployment and dApp testing.

Superchain Faucet

Superchain Faucet is a testnet faucet for the OP Superchain ecosystem, providing free testnet ETH for developers building on Optimism and other Superchain networks.

Quicknode Faucet

The QuickNode Faucet provides free testnet tokens for developers working on blockchain applications. It supports multiple testnets, allowing users to easily obtain test ETH and other tokens for smart contract and dApp testing.

Paradigm Faucet

The Paradigm MultiFaucet is a free testnet faucet that provides ETH for multiple blockchain testnets, including Sepolia, Holesky, OP Sepolia, Base Sepolia, and others.

Summary

Crypto faucets give users free cryptocurrency or testnet tokens in exchange for completing simple tasks, making them one of the easiest ways to learn how blockchain transactions and crypto wallets work. While real crypto faucets offer only small rewards, testnet faucets are essential tools for developers building and testing smart contracts without spending real funds.

This guide explains how crypto faucets work, the difference between mainnet and testnet faucets, common risks to avoid, and how to choose a safe faucet for learning or Web3 development.

What is a crypto faucet?

A crypto faucet is a website or application that distributes small amounts of cryptocurrency or testnet tokens to users. Some faucets reward users for completing simple tasks such as solving captchas or watching ads, while developer faucets provide free testnet tokens to help build and test blockchain applications without using real cryptocurrency.

What is the difference between a crypto faucet and a testnet faucet?

A traditional crypto faucet distributes small amounts of real cryptocurrency as rewards, although payouts today are usually very small. A testnet faucet provides tokens on blockchain test networks such as Sepolia or Base Sepolia. These tokens have no monetary value and are used exclusively for testing smart contracts, wallets, and decentralized applications before deploying to mainnet.

Can you convert testnet tokens into real cryptocurrency?

No. Testnet tokens exist only on test networks and cannot be traded, sold, or exchanged for real cryptocurrency. Their sole purpose is to let developers and beginners experiment with blockchain transactions without financial risk.

Are crypto faucets safe to use?

Many crypto faucets are legitimate, but scams also exist. Only use trusted faucet providers, avoid sharing sensitive personal information, and never connect wallets containing valuable assets to unfamiliar websites. For development, consider using a separate wallet dedicated to testnet activity.

Why do developers use crypto faucets?

Developers use testnet faucets to obtain free testnet ETH and other tokens needed to deploy smart contracts, test decentralized applications, pay gas fees, and simulate blockchain transactions. Using testnet tokens allows developers to test applications thoroughly before launching on a live blockchain.

How often can you claim tokens from a crypto faucet?

Each faucet sets its own claim limits. Some allow requests every few hours, while others impose daily quotas or rate limits based on wallet address, IP address, or developer account verification. Always check the faucet’s usage policy before requesting tokens.

Do I need a crypto wallet to use a faucet?

Yes. Whether you are claiming real cryptocurrency or testnet tokens, you need a compatible crypto wallet to receive them. Popular wallets such as MetaMask and Coinbase Wallet support many of the networks used by developer faucets.

Which crypto faucet is best for developers?

The best faucet depends on the blockchain you are building on. Developers should choose a faucet that supports their target network, offers reliable token availability, and has reasonable rate limits. Multi-network faucets are particularly useful because they provide testnet tokens across several EVM-compatible chains from a single interface.

Formo vs. Mixpanel: Which Analytics Platform Is Right for Web3 Teams?

Yos Riady — Wed, 12 Aug 2026 06:27:20 +0000

Original article: https://formo.so/blog/formo-vs-mixpanel-web3-analytics

Key Takeaways

Mixpanel is a mature product analytics tool built for Web2, but it cannot see onchain data without custom engineering pipelines.
Formo is a crypto-native analytics platform designed for DeFi teams that tracks the full user journey from offchain to onchain in one unified dashboard.
Choose Mixpanel if you are building a non-crypto SaaS or mobile app. Choose Formo if you need to move fast and want crypto-native analytics and wallet intelligence out of the box.

Crypto product teams face a choice that Web2 companies never had to make: adapt a traditional analytics tool to track wallet-based users and onchain events, or use a platform built for DeFi from the start.

Mixpanel is an established product analytics tool. It excels at event tracking, cohort analysis, and funnel optimisation for Web2 apps. But it was designed for users identified by app-based identity systems (custom user IDs, session tokens), not wallet addresses. It cannot see onchain data without custom engineering work.

Formo is a crypto-native analytics platform that unifies onchain and offchain data out of the box for DeFi apps. It tracks the full user journey from engagement on offchain channels to in-app wallet events and smart contract events, all in one place. Formo gives data-driven crypto teams a complete view of their product and users in less time.

Feature Comparison at a Glance

Here is how the platforms compare across the features that matter most for crypto product teams.

Feature	Formo	Mixpanel
Product analytics (funnels, cohorts, retention)	Native	Native
Web analytics (pageviews, sessions, UTM)	Native	Native
Onchain data integration	Automatic, no pipelines required	Requires custom indexers + ETL pipelines
Wallet intelligence (token holdings, DeFi positions)	Included	Not available; requires custom enrichment
Onchain attribution (campaign → transaction)	Out of the box	Manual setup required
Cross-chain support	40+ chains by default	Must build onchain indexers
Setup complexity	Low (autocapture + SDK)	Low for standard web apps; high when adding onchain data
Predictive analytics (churn/conversion ML)	Not available	Available
Enterprise integrations (CDPs, data warehouses)	Core Web3 tools + warehouses	Hundreds of third-party connectors
Pricing	$199/month (Growth): - up to 5,000 MAUs - 500,000 monthly events - 10,000 monthly responses for token-gated forms - 5 workspace seats - Including: audience insights, user segmentation, retention analysis, funnels and charts $499/month (Scale): - up to 10,000 MAUs - ♾️monthly events - 50,000 monthly responses for token-gated forms - ♾️workspace seats - Including: ask AI, import wallets, contract events, query API Custom (Enterprise): - ♾️users and events - custom pricing - volume discounts for larger organisations	Free (1M events) · Growth (usage-based) · Enterprise

What Mixpanel Does Well

Event Tracking and Cohort Analysis

Mixpanel tracks every user action with properties and metadata. You can build cohorts based on behaviour, segment by any attribute, and analyse retention over time. The interface is intuitive for non-technical users.

Funnel Visualisation

Multi-step funnels show exactly where users drop off. You can compare conversion rates across segments, A/B test variations, and identify friction points in onboarding or checkout flows.

Established Ecosystem

Mixpanel integrates with hundreds of tools: data warehouses, CDPs, marketing automation platforms, and CRMs. If you are already using the modern data stack, Mixpanel fits in cleanly.

Enterprise Support

Dedicated account managers, SLAs, SSO, role-based access controls, SOC 2 Type II, and GDPR compliance. Large organisations with compliance requirements get what they need.

The Problem with Mixpanel

None of Mixpanel's strengths disappear when you build a crypto product. But they also do not solve the fundamental problem: Mixpanel does not support wallets and onchain data without extensive custom integration.

In Web2, all meaningful user actions happen in the app. In DeFi, the most important conversion events happen onchain. A user swaps tokens on your DEX. They stake assets in your protocol. Mixpanel does not see any of this unless you instrucment your key events manually and build custom data pipelines to capture blockchain events into your data warehouse.

The Engineering Cost of Using Mixpanel for Web3

To track onchain events in Mixpanel, you need infrastructure that:

Indexes blockchain data for every chain your users interact with (Ethereum, Polygon, Base, Arbitrum, Solana)
Transforms raw transaction logs into human-readable, structured events Mixpanel can ingest
Builds and maintains ETL pipelines that update whenever your contracts change or you add new chains
Resolves wallet identity, since one user can control multiple wallets and this breaks retention and cohort accuracy

Third-party managed services can reduce the indexing and ETL burden, but you still need to configure events, structure data, and handle cross-chain identity. The engineering overhead is lower but not zero.

This is not a one-time setup. Every time you deploy a new smart contract, add a new chain, or change protocol logic, you need to update your data pipelines. For enterprise teams with dedicated data engineers, this is manageable. For early-stage teams, it is a costly distraction.

How Formo Works Differently

Formo was designed to solve the exact problem that Mixpanel creates for crypto teams: tracking user behaviour across both offchain and onchain touchpoints without custom engineering and complex infrastructure.

Native Onchain Data Support

Formo is a crypto-native analytics platform that indexes wallets and onchain data automatically. Connect your smart contracts and the platform tracks your key events, wallet connections, transactions, token transfers, DeFi positions, and wallet labels in real time across 40+ chains. This is not a third-party add-on; it is the core feature of the platform.

Track which marketing campaigns drove the most wallet connections and onchain transactions, not just website visits
Segment users by token holdings, wallet age, transaction volume, or DeFi protocol usage
Build funnels that span offchain actions (page view, click) and onchain conversions (swap, stake, mint)
Measure retention based on actual wallet activity, not just app logins

Wallet Intelligence

Wallet intelligence is the practice of enriching a wallet address with onchain context: token balances, NFT holdings, transaction history, protocols used, chains active on, and estimated net worth. Formo includes wallet intelligence natively, turning anonymous addresses into actionable user profiles. Mixpanel requires custom enrichment logic to achieve anything comparable.

Onchain Attribution

Onchain attribution is the practice of connecting offchain marketing touchpoints (a Twitter ad, a Discord link, an influencer post) to onchain transaction outcomes. Formo tracks the entire journey: a user sees your ad, visits your site, connects their wallet, and completes a swap. You can attribute that transaction back to the original traffic source, proving ROI on marketing spend. Mixpanel requires manual setup to achieve partial versions of this.

No-Code Setup

Formo provides autocapture for common DeFi events: wallet connects, disconnects, transaction attempts, successful swaps, failed transactions. You do not need to manually instrument every event. Most teams are generating insights within an hour of signing up.

When to Choose Each Platform

✅ Choose Formo if…	⚡ Choose Mixpanel if…
- You’re building a DeFi app - You need onchain attribution and wallet intelligence out of the box - Your team is small or engineering hours are scarce - You operate across multiple chains - You want analytics ready in hours, not weeks - Your growth strategy requires connecting marketing spend to transaction volume	- You have dedicated data engineers who can manage blockchain indexers - You already run a centralised data warehouse (Snowflake, BigQuery) - Your protocol has minimal onchain complexity on a single chain

When to Choose Mixpanel

You Have Dedicated Data Engineering Resources

Large crypto companies with established data teams often pipe blockchain data into their warehouse (Snowflake, BigQuery, Redshift), then connect Mixpanel and other tools to that central source. If you are already doing this, adding Mixpanel as a consumption layer is straightforward.

You Need Enterprise-Grade Compliance

If your organisation requires SOC 2 Type II certification, GDPR compliance documentation, BAA agreements, or advanced permissioning, Mixpanel delivers. Formo is building towards enterprise readiness, but Mixpanel has years of maturity in this area.

Your Onchain Activity Is Minimal

A simple NFT mint site might not justify a crypto-native analytics platform. If your protocol has minimal onchain complexity (one contract, one chain, straightforward events), the engineering cost of piping that data into Mixpanel is manageable.

When to Choose Formo

Onchain Attribution Matters

If you run marketing campaigns and need to prove which efforts drive actual protocol usage (not just website traffic but volume, revenue, and retention), Formo solves this out of the box. Traditional tools tell you which campaigns drove clicks. Formo tells you which campaigns drove wallet connections, transactions, and TVL.

You Need to Track Smart Contract Events

Contract events tracking ingests your smart contract events directly into Formo in real time. Token swaps, liquidity deposits, transactions and any event your contracts emit can be tracked alongside offchain web analytics in the same dashboard and queried in the same SQL environment. Mixpanel's data model is web only; it does handle nor ingest raw contract event streams.

You Need Wallet-Level Intelligence

If your growth strategy depends on understanding users at the wallet level (whales, airdrop farmers, genuinely engaged users), Formo provides this context natively. Building wallet intelligence into Mixpanel requires custom enrichment logic, API calls to blockchain data providers, and ongoing maintenance for a system that's not your core competency.

You Want to Move Fast

Early-stage crypto teams need to prove product-market fit quickly. Formo gets you from zero to actionable insights in hours: connect your contracts, install the SDK, and start tracking immediately. No indexers, no ETL, no data engineering required.

Your Core Competency Is Product, Not Data

If your engineers should be busy building product features rather than maintaining analytics infrastructure, Formo removes the distraction. Product teams can set up analytics in less time and use fully self-serve dashboards without relying on data engineers to set up new events or troubleshoot complex indexing issues.

Pricing Comparison

Formo Free trial available for early-stage teams

Growth: $199/month, with:
- up to 5,000 MAUs
- 500,000 monthly events
- 10,000 monthly responses for token-gated forms
- 5 workspace seats
- Including: audience insights, user segmentation, retention analysis, funnels and charts
Scale: $499/month, with:
- up to 10,000 MAUs
- ♾️monthly events
- 50,000 monthly responses for token-gated forms
- ♾️workspace seats
- Including: ask AI, import wallets, contract events, query API
Enterprise: custom pricing, with unlimited events and users, and volume discounts for larger organisations

Mixpanel

Free up to 1 million events/month
Growth: usage-based at $0.28/1,000 events above the free tier
Enterprise: contact sales

Total cost of ownership note: Mixpanel requires engineering work to handle onchain data. Factor in the ongoing cost of building and maintaining blockchain indexers and ETL pipelines when comparing against Formo's flat monthly fee.

The Bottom Line

The choice between Formo and Mixpanel is not about which tool is objectively better. It is about whether you are optimising for Web3-native functionality or enterprise maturity, and whether you have the engineering resources to bridge the gap.

Choose Mixpanel if you have dedicated data engineers, need enterprise compliance features, or already operate a data warehouse that already stitches together blockchain and application data. The platform is mature, well-supported, and integrates with the broader data ecosystem, but you will need to build and maintain onchain data pipelines for it to be useful.

Choose Formo if you work in DeFi and need to move fast, want onchain attribution and wallet intelligence out of the box, or lack the engineering capacity to build custom data infrastructure. For most early-stage crypto teams, the engineering cost of adapting Mixpanel outweighs the benefits.

Stop flying blind on your onchain users.

Most crypto teams switch to Formo because they are tired of stitching together Mixpanel, Dune, and custom indexers just to answer basic questions about their users. Formo gives you wallet-level analytics, onchain attribution, and retention cohorts in one platform, set up in under 10 minutes.

What you get with Formo:

Unified offchain + onchain analytics in one dashboard
Autocapture for wallet events (no manual instrumentation required)
Wallet intelligence: token holdings, DeFi activity, net worth
Onchain attribution: connect marketing spend to transactions
40+ chains supported out of the box

→ Book a free Formo demo

More in This Series

Evaluating your Web3 analytics stack? Read the other comparisons in this series:

Article	Description
Formo vs Google Analytics	Why GA4 falls apart when your user connects a wallet
Formo vs Spindl	Paid ads attribution vs. unified product & marketing analytics
Formo vs Safary	Crypto B2B intelligence vs analytics and attribution for DeFi
Formo vs Addressable	Full-stack analytics and attribution vs wallet-targeted paid acquisition
Formo vs Amplitude	Traditional product analytics vs Crypto-native product analytics
Formo vs PostHog	Crypto-native data platform vs. open-source product analytics
Formo vs Cookie3	DeFi analytics and attribution vs KOL analytics platform

FAQs

Can Mixpanel track onchain transactions without custom engineering?

No. Mixpanel has no native blockchain support. To track onchain events you need to build and maintain: blockchain indexers for each chain your users interact with, ETL pipelines that transform raw transaction logs into structured events Mixpanel can ingest, and identity resolution logic to link wallet addresses to sessions, since one person can control multiple wallets across multiple devices.

This is not a one-time setup. Every time you deploy a new smart contract, add a chain, or change protocol logic, the pipelines need updating. Teams that have gone through this typically describe weeks of initial engineering followed by ongoing maintenance overhead. Third-party blockchain data providers can reduce the indexing burden but do not eliminate the configuration, schema mapping, and identity resolution work.

What is wallet intelligence and why does it matter for DeFi teams?

Wallet intelligence is the practice of enriching a wallet address with onchain context beyond your own protocol: token holdings and estimated net worth, transaction history across other DeFi apps, wallet age and activity frequency, active chains, and social context such as ENS names.

Without it, every connected wallet looks identical. A user providing $200,000 in liquidity is indistinguishable from someone testing your protocol with dust until you look at their wallet context. With it, you can build segments like "wallets with over $10,000 net worth who are active on competing protocols" without writing custom enrichment code or querying blockchain data providers manually. This changes what product and growth decisions are possible: identifying high-value users before they churn, targeting experienced DeFi participants differently from newcomers, and understanding whether your protocol is attracting the user profile it is designed for.

Formo includes wallet intelligence natively on every user profile. Mixpanel has no equivalent. Building comparable enrichment on top of Mixpanel requires custom API calls to blockchain data providers, schema design to store results, and ongoing maintenance as data formats evolve.

What onchain data does Formo track natively?

Formo automatically tracks wallet connections and disconnections (including wallet type: MetaMask, Coinbase Wallet, WalletConnect, and others), smart contract events (token transfers, swaps, deposits, withdrawals, stakes, mints, and any custom events you configure), transaction attempts and confirmations including failed transactions, and UTM parameters and referral codes from the user's web session linked to their wallet address at connection.

Wallet intelligence is enriched automatically for every connected wallet: token holdings, estimated net worth, DeFi protocol activity across other apps, wallet age, and transaction history across chains.

All of this works across 40+ EVM-compatible chains without separate instrumentation per chain. No blockchain indexers or ETL pipelines are required on your end.

How does Formo handle users with multiple wallets or across multiple chains?

Formo creates unified cross-chain user profiles automatically. Activity across multiple wallets and multiple chains is aggregated into a single user record. The identity model uses wallet address as the canonical identifier rather than cookie-based sessions, so cross-chain activity from a given address is unified without custom logic.

This solves one of the most painful problems with using Mixpanel for crypto. A DeFi user who controls multiple wallets across multiple devices and chains appears as several different users in standard analytics tools. This inflates new user counts, deflates returning user counts, and produces retention curves that look worse than the underlying product reality. Formo's wallet-based identity model avoids this by design.

How do Formo and Mixpanel compare on pricing?

Formo uses MAU-based pricing, making costs predictable as your protocol grows. The Growth tier is $199/month for up to 5,000 MAUs with 500,000 monthly events included. The Scale tier is $499/month for up to 10,000 MAUs with unlimited events.

Mixpanel's free tier includes 1 million events per month. Above that, the Growth tier is usage-based at approximately $0.28 per 1,000 events. For protocols with high transaction volumes, where each wallet interaction, swap attempt, confirmation, and contract event can generate multiple Mixpanel events, costs can scale quickly and unpredictably.

One consideration the headline pricing does not capture: Mixpanel requires engineering work to handle onchain data. The ongoing cost of building and maintaining blockchain indexers and ETL pipelines should be factored into any cost comparison alongside the subscription fee.

Which platform is better for DeFi product teams?

For teams whose core user actions happen onchain, Formo is the better fit. DeFi product teams need wallet-based retention cohorts, funnels that include onchain conversions, and attribution tied to transaction volume rather than just traffic. None of these are available in Mixpanel without significant custom engineering.

Mixpanel is the better fit when blockchain is peripheral to the product rather than its core, when the team already has dedicated data engineers and a central warehouse that stitches together blockchain and application data, or when enterprise compliance requirements (SOC 2, HIPAA, BAAs) are non-negotiable and the team needs the compliance maturity Mixpanel has built over many years.

The practical decision rule: if the most important user actions in your product happen in smart contracts, you need a platform that treats those events as first-class data. Formo provides this by default. Mixpanel requires months of custom work to reach the same point.

Formo vs. PostHog: When Traditional Analytics Falls Short for Crypto Products

Yos Riady — Wed, 12 Aug 2026 06:20:20 +0000

Original article: https://formo.so/blog/formo-vs-posthog-web3-analytics

Key Takeaways

PostHog is an open-source product analytics platform with autocapture, funnels, session replays, feature flags, A/B testing, and a generous free tier.
PostHog has a fundamental blind spot for DeFi and crypto apps: it cannot see wallets nor what happens onchain. Support for Wallet addresses, transactions, and DeFi positions require weeks or months of custom engineering to surface.
Choose PostHog if your product value happens primarily in a web or mobile interface. Choose Formo if you are building in DeFi where transactions, wallet intelligence, or onchain metrics define your product's success.

PostHog is an open source product analytics platform. It handles autocapture, funnels, session replays, feature flags, and A/B testing with a generous free tier. For most web and mobile apps, it is everything you need.

But if you are building a DeFi app, PostHog has a fundamental blind spot: it cannot see what happens onchain.

When a user connects their wallet, swaps tokens, bridges assets, or stakes in your protocol, PostHog treats those as generic events. It does not know the wallet address, transaction value, gas spent, or which other protocols that user interacts with. You are left manually instrumenting every onchain action and building custom dashboards to make sense of wallet-level behaviour.

General-purpose product analytics cannot answer the questions crypto teams actually need to answer: which wallets are your highest-value users, what is the LTV of a user who holds your token versus one who does not, and which acquisition channels drive users who actually transact onchain.

This comparison breaks down when to use PostHog versus when you need a crypto-native analytics platform that unifies offchain and onchain data for you.

Feature Comparison at a Glance

Here is how the platforms compare across capabilities that matter for crypto product teams. Where PostHog has a genuine advantage, this table reflects it.

Capability	PostHog	Formo
Web analytics (pageviews, referrers, sessions)	Yes	Yes, full support plus wallet connects and onchain events
Product analytics (funnels, cohorts, retention)	Yes	Yes, designed for crypto use cases
Custom dashboards and charts	Yes	Yes, plus onchain and wallet metrics
User segmentation	Yes	Yes, including DeFi positions, token holdings, and wallet labels
Session replay	Yes	No
Feature flags and A/B testing	Yes	No
Data warehouse and SQL queries	Yes (HogQL with long-term historical data retention)	Yes (custom charts and reports with SQL or AI)
Native onchain event tracking	No; manual instrumentation required	Yes, automatic (wallet connects, transactions, gas fees) with built-in contract events pipeline
Wallet-level user profiles	No; requires custom implementation	Yes, net worth, wallet age, token holdings, DeFi activity
Cross-chain identity resolution	No; requires custom implementation	Yes, same wallet across chains recognised as one user with identity stitching
Onchain attribution (UTM to transaction revenue)	No	Yes, CAC, LTV, and revenue by wallet cohort
Multi-chain support	No	Yes, 40+ EVM chains
Open-source self-hosting option	Yes	No
Setup complexity	Low (one script)	Low (one line of code)
Pricing	Free (1M events/month); usage-based from ~$0.00005/event; Enterprise from $2,000/month	$199/month (Growth): - up to 5,000 MAUs - 500,000 monthly events - 10,000 monthly responses for token-gated forms - 5 workspace seats - Including: audience insights, user segmentation, retention analysis, funnels and charts $499/month (Scale): - up to 10,000 MAUs - monthly events - 50,000 monthly responses for token-gated forms - workspace seats - Including: ask AI, import wallets, contract events, query API Custom (Enterprise): - users and events - custom pricing - volume discounts for larger organisations

What PostHog Does Well

PostHog excels at traditional product analytics. Its autocapture feature tracks every click and pageview automatically, so you can define events retroactively without realising you forgot to instrument something critical.

Full-Stack Web and Product Analytics

Event-based analytics is the practice of instrumenting your app to send named events that the platform aggregates into user profiles, funnels, and cohorts. PostHog's implementation covers web analytics (pageviews, sessions, referrers), product analytics (funnels, retention cohorts, user flows), custom dashboards, and user segmentation out of the box. These capabilities are full-featured and comparable to dedicated tools like Amplitude or Mixpanel.

Session Replay

Session replay lets you watch real user sessions to diagnose issues and understand behaviour patterns. PostHog's session replay is a core feature and a genuine differentiator. Formo does not currently offer session replay. If reviewing real user sessions is important to your workflow for diagnosing drop-off or UX issues, PostHog has a mature implementation.

Feature Flags, A/B Testing, and Experimentation

PostHog's feature flags and A/B testing infrastructure is mature and battle-tested. These capabilities integrate directly with analytics events, automatically tagging actions so you can compare control and treatment groups. Formo does not currently offer A/B testing or feature flags. If running controlled UI experiments or managing phased feature rollouts is critical, PostHog's experimentation suite is hard to beat.

Data Warehouse and SQL Queries

PostHog supports SQL queries through HogQL, enabling analysts to connect PostHog events with CRM records, payment transactions, or support tickets. Formo also supports SQL and AI-powered custom reports.

Open-Source and Self-Hosting

PostHog is open-source and can be self-hosted, giving teams full control over their data infrastructure. This is a meaningful differentiator for teams with data residency requirements, privacy mandates, or a preference for not sending user data to third-party SaaS platforms. Formo does not offer a self-hosted option.

Where PostHog Falls Short for Crypto

PostHog was not built for DeFi applications. The gaps become obvious the moment you try to track wallet-level behaviour or attribute revenue to onchain transactions.

The Onchain Data Problem

PostHog treats wallet connections and transactions as generic events. You can manually instrument wallet_connected or transaction_signed, but the platform has no native understanding of what those events mean in a crypto context. Without custom engineering, you cannot see: which wallet address performed an action (PostHog sees anonymous users until you manually link wallet addresses to user profiles), user lifecycle, transactions, cross-chain activity, wallet labels (a user who bridges from Ethereum to Base appears as two separate users), or wallet age, net worth, DeFi positions, or token holdings.

The Onchain Attribution Gap

Crypto products need to answer questions PostHog was not designed for. If you are running campaigns to acquire users who will actually transact onchain, you need to measure CAC by wallet cohort (not just by session or user ID), LTV based on onchain transaction volume and fees generated, retention measured by onchain activity rather than app visits, and revenue attribution to specific campaigns or channels based on wallet-level conversion.

You can build this yourself. Teams do. But it requires a data engineering team, custom pipelines pulling from block explorers or node providers, identity resolution logic to connect wallets across chains, and ongoing maintenance every time you add a new chain or feature.

*** "Using other tools with onchain data was clunky for analytics, especially in web3." The real cost is engineering time spent building analytics infrastructure instead of shipping product features. For early-stage crypto teams, that trade-off rarely makes sense.

What Formo Brings to Crypto Analytics

Formo was built specifically for DeFi applications. It unifies offchain and onchain data into a single analytics platform, treating blockchain transactions as first-class events rather than external data to be manually piped in.

Native Onchain Data Tracking

Formo automatically captures wallet-level events without manual instrumentation. When a user connects their wallet, signs a transaction, or confirms an onchain action, Formo tracks the wallet address, transaction details, gas fees, and token amounts involved. Built-in metrics include DAU, WAU, and MAU measured by unique wallet addresses rather than sessions, transaction volume, revenue and fees generated per user, retention and churn based on onchain activity patterns, and cross-chain user tracking (a wallet on Ethereum and Base is recognised as the same user).

Wallet Intelligence

Wallet intelligence is the practice of enriching a wallet address with onchain context to understand who a user is and how they behave. Formo makes every wallet address a rich user profile that includes net worth across all chains the user is active on, wallet age (how long they have been in crypto), top dapps, tokens, and chains they interact with, DeFi positions and token holdings, and spending patterns on your specific app.

You can segment users by onchain behaviour: users who hold your token, users who interact with competitor protocols, high-net-worth wallets, or users at risk of churning based on declining onchain activity.

Onchain Attribution

Onchain attribution is the practice of connecting offchain marketing touchpoints (UTM parameters, referral sources, campaign clicks) to onchain conversion events such as transactions and protocol revenue. Formo's attribution model connects the full funnel from campaign click to onchain revenue: which landing pages drive the highest-value wallet connections, conversion from wallet connect to first transaction, drop-off points in multi-step onchain flows (approve, swap, stake), and revenue attribution to specific campaigns, partners, or channels.

Setup and Implementation

Formo setup takes less than 10 minutes. One line of code captures the full user journey from offchain to onchain, with no custom data pipelines required. No indexers to maintain, no event schemas to map, no identity resolution logic to build.

When to Choose Each Platform

Choose Formo if…	Choose PostHog if…
- You’re building a DeFi app - Onchain transactions, wallet behaviour, or protocol interactions define your product's success - You need wallet-level user profiles (net worth, DeFi activity, token holdings) - You need cross-chain identity resolution (same wallet across chains as one user) - You need onchain attribution connecting campaigns to transaction revenue - You are a lean team without data engineers to build custom pipelines - You operate across 40+ EVM chains and need unified analytics	- Your product value happens primarily in a web or mobile interface - Onchain activity is secondary or minimal in your product - You need session replay to diagnose UX issues and user behaviour - You need mature A/B testing, feature flags, and experimentation - You want open-source self-hosting for full data control - You are a Web2 team adding limited crypto features

Choose Formo if…

Choose PostHog if…

- You’re building a DeFi app
- Onchain transactions, wallet behaviour, or protocol interactions define your product's success
- You need wallet-level user profiles (net worth, DeFi activity, token holdings)
- You need cross-chain identity resolution (same wallet across chains as one user)
- You need onchain attribution connecting campaigns to transaction revenue
- You are a lean team without data engineers to build custom pipelines
- You operate across 40+ EVM chains and need unified analytics

- Your product value happens primarily in a web or mobile interface
- Onchain activity is secondary or minimal in your product
- You need session replay to diagnose UX issues and user behaviour
- You need mature A/B testing, feature flags, and experimentation
- You want open-source self-hosting for full data control
- You are a Web2 team adding limited crypto features

When to Use PostHog

PostHog makes sense when onchain data is not central to your product decisions.

Your Product Is Primarily Offchain

If you are building a crypto media platform, NFT marketplace frontend, wallet interface, or community dashboard where most user value happens in the web or mobile app, PostHog handles that exceptionally well. You can track engagement, feature adoption, and user flows without needing wallet-level intelligence.

You Need Advanced Experimentation Features

PostHog's feature flags and A/B testing infrastructure is mature and battle-tested. If running experiments on UI variations, onboarding flows, or feature rollouts is more important than tracking onchain behaviour, PostHog's experimentation suite is hard to beat. These are features Formo does not currently offer.

You Want Open-Source and Self-Hosting

PostHog is open-source and can be deployed on your own infrastructure. For teams with strict data residency requirements, regulatory mandates, or a philosophical preference for owning their data pipeline, this is a meaningful advantage.

You Are a Web2 Team Adding Crypto Features

If your core product is Web2 but you are adding crypto features (token-gated access, NFT rewards, wallet login as an alternative to email), PostHog can handle the offchain analytics while you manually instrument the limited onchain events you care about.

Budget Constraints with Minimal Onchain Activity

PostHog's generous free tier (1 million events per month) can carry early-stage teams further if onchain transactions are infrequent. If your users visit your app daily but transact onchain monthly, the event volume skews heavily toward web analytics where PostHog excels.

When to Use Formo

Formo is built for teams where onchain activity is the product. If transactions, wallet behaviour, or protocol interactions define success, you need analytics that treat onchain data as a first-class citizen.

DeFi Protocols and Dapps

If your product involves swaps, staking, lending, liquidity provision, or any DeFi primitive, you need to track wallet-level behaviour and transaction economics. Formo automatically captures which wallets are your power users based on transaction frequency and volume, retention measured by onchain activity, revenue attribution to campaigns based on actual transaction behaviour, and user segments by DeFi activity.

Token-Based Products

If your product has a native token, you need to understand holder behaviour. Formo lets you segment users by token holdings, track retention of token holders versus non-holders, and measure how token ownership correlates with product engagement and LTV.

Cross-Chain Applications

If your users interact with your protocol across multiple chains (Ethereum, Base, Arbitrum, Polygon), Formo's cross-chain identity resolution treats the same wallet on different chains as one user. PostHog would see them as separate anonymous users unless you build custom logic.

Teams Without Data Engineering Resources

If you do not have engineers to build and maintain custom data pipelines, Formo handles the infrastructure. You get wallet intelligence, cross-chain tracking, and onchain attribution out of the box. As one growth lead described it: "exactly what I was missing while leading growth in DeFi."

The Build vs Buy Decision

Some teams choose a third path: use PostHog for web and product analytics, then build custom onchain data pipelines to supplement it. This approach works, but the costs add up quickly.

What Building Onchain Analytics Actually Requires

To replicate what Formo provides out of the box, you need to: set up infrastructure to index blockchain data (run your own nodes or pay for node providers such as Alchemy or QuickNode), build identity resolution logic to connect wallet addresses across chains and link them to PostHog user IDs, create custom dashboards to visualise onchain metrics alongside PostHog data, maintain pipelines as you add new chains, contracts, or features, and handle data quality issues (reorgs, failed transactions, gas estimation). You also need to ingest token balances, DeFi positions, recent transactions, and more to get the full picture.

For teams with dedicated data engineering resources, this is feasible. It takes months to build and ongoing maintenance costs to keep running.

The Opportunity Cost

Early-stage crypto teams face a choice: spend engineering time building analytics infrastructure or shipping product features that drive growth. If your team is fewer than 10 people and you do not have a dedicated data engineer, building custom onchain analytics rarely makes sense. The time spent building and maintaining pipelines could be spent improving your product, running growth experiments, or shipping features users actually want.

PostHog plus custom engineering gives you full control and flexibility. Formo gives you speed and focus. Most early-stage teams benefit more from speed.

Pricing Comparison

PostHog

Free tier: 1 million events/month, 5,000 session recordings, 1 million feature flag requests, 100,000 error tracking events, 250 survey responses
Usage-based pricing above the free tier: from approximately $0.00005 per event (scales with volume)
Enterprise: from $2,000/month with dedicated support and advanced features
Self-hosted (open-source) option available at no licence cost

Formo Free trial available for early-stage teams

Growth: $199/month, with:
- up to 5,000 MAUs
- 500,000 monthly events
- 10,000 monthly responses for token-gated forms
- 5 workspace seats
- Including: audience insights, user segmentation, retention analysis, funnels and charts
Scale: $499/month, with:
- up to 10,000 MAUs
- monthly events
- 50,000 monthly responses for token-gated forms
- workspace seats
- Including: ask AI, import wallets, contract events, query API
Enterprise: custom pricing, with unlimited events and users, and volume discounts for larger organisations

Note: PostHog's effective monthly cost depends on event volume. Teams with high event volume (millions of events per month) may find PostHog's usage-based model scales significantly. Formo's pricing is based on wallet activity and event volume rather than simple user counts.

The Bottom Line

PostHog is an excellent product analytics platform. It just was not built for crypto.

If your product's value happens primarily in a web or mobile interface and onchain activity is secondary, PostHog handles your analytics needs with a generous free tier, mature session replay and experimentation features, open-source self-hosting, and a well-developed integration ecosystem. Use it for Web2-adjacent crypto products, content platforms, or teams experimenting with crypto features.

If onchain transactions, wallet behaviour, or protocol interactions define your product's success, Formo eliminates the gap between what you need to know and what general analytics platforms can tell you. You get wallet intelligence, cross-chain tracking, and onchain attribution without building custom infrastructure.

The decision comes down to a single question: is onchain activity core to understanding your product's success? If yes, trying to force a general-purpose tool to answer crypto-native questions means choosing between incomplete data or a massive engineering project. Formo was built to solve this exact problem.

PostHog is great for web products. Onchain products need more.

PostHog cannot see wallet addresses, transaction values, or DeFi positions without months of custom engineering. Formo tracks the full journey from landing page to onchain transaction automatically. See wallet-level analytics in action.

What you get with Formo :

Unified offchain + onchain analytics in one dashboard
Autocapture for wallet events (no manual instrumentation required)
Wallet intelligence: token holdings, DeFi activity, net worth
Onchain attribution: connect marketing spend to actual transactions
40+ chains supported out of the box

Book a free Formo demo

More in This Series

Evaluating your Web3 analytics stack? Read the other comparisons in this series:

Article	Description
Formo vs Mixpanel	DeFi-native analytics vs traditional product analytics
Formo vs Google Analytics	Why GA4 falls apart when your user connects a wallet
Formo vs Spindl	Paid ads attribution vs. unified product & marketing analytics
Formo vs Safary	Crypto B2B intelligence vs analytics and attribution for DeFi
Formo vs Addressable	Full-stack analytics and attribution vs wallet-targeted paid acquisition
Formo vs Amplitude	Traditional product analytics vs Crypto-native product analytics
Formo vs Cookie3	DeFi analytics and attribution vs KOL analytics platform

Frequently Asked Questions

What is the main difference between PostHog and Formo?

PostHog is a general-purpose product analytics platform with session replay, feature flags, and A/B testing. It has no native blockchain support. Formo is purpose-built for crypto apps, automatically tracking wallet addresses, onchain transactions, and cross-chain user behaviour without custom engineering.

Does PostHog support onchain data or wallet tracking?

Not natively. You can manually instrument wallet_connected or transaction events, but PostHog has no native understanding of wallet addresses, transaction values, gas fees, or cross-chain activity. Building this requires custom indexers, identity resolution logic, and ongoing pipeline maintenance.

Does PostHog have A/B testing and session replay?

Yes. Both are core PostHog features. A/B testing (experimentation) and feature flags integrate directly with analytics events. Session replay lets you watch real user sessions to diagnose UX issues. Formo does not currently offer either of these capabilities.

Which platform is better for a DeFi app?

Formo. DeFi protocols need wallet-based retention cohorts, onchain funnel analysis, and revenue attribution by wallet segment. PostHog can track web interactions but cannot see what happens in your smart contracts without custom pipelines. See our guide to DeFi marketing analytics.

Formo vs. Safary: Which Analytics Platform Is Best for DeFi Teams? (Features and Pricing Compared)

Yos Riady — Mon, 27 Jul 2026 09:42:53 +0000

Original article: https://formo.so/blog/formo-vs-safary-web3-analytics

Key Takeaways

Safary is a social intelligence platform that maps your X (Twitter) followers to their wallet identities, with cookie-free tracking and cross-channel campaign analytics including CAC, LTV, and ROI.
Formo is a unified product analytics platform that combines web analytics, wallet intelligence, onchain attribution, and retention tracking in one place, without requiring any social account connection.
Choose Safary if your growth lever is social-first outreach and B2B prospecting. Choose Formo if you need end-to-end product analytics and attribution across all acquisition channels.

Choosing the right analytics platform for your DeFi app should be made carefully. Your decision should be based on your growth priorities and what the platform can measure. Safary and Formo both serve crypto teams, but they solve fundamentally different problems.

Safary specialises in X-to-wallet mapping. It connects your Twitter followers to their onchain identities, revealing wallet balances, protocol usage, and asset holdings. The platform also offers cookie-free tracking and cross-channel campaign analytics covering CAC, LTV, and ROI across Web3 and traditional ad channels. This makes it a strong fit for social-first and B2B-focused growth strategies.

Formo delivers unified analytics (web, product, marketing) across the entire user journey from offchain and onchain. It combines web analytics, wallet intelligence, onchain attribution, and indexing in a single platform. You see what users do before, during, and after they connect their wallets, whether they come from your website, app, socials, or onchain.

The right choice depends on where you need visibility most: your socials or the full product / marketing funnel.

Feature Comparison at a Glance

Here is how the platforms compare across the capabilities that matter most for onchain growth teams.

Capability	Formo	Safary
Primary focus	Unified product analytics and marketing attribution for DeFi	Social intelligence, X-to-wallet mapping, and campaign analytics
Data source	Website, app, wallet connections, transactions, smart contract events	X (Twitter) followers, website traffic, onchain activity
Cookie-free tracking	Yes	Yes
Web analytics (pageviews, sessions, UTM)	Yes	Yes (UTM tracking and campaign analytics included)
Wallet intelligence (token holdings, DeFi activity)	Yes, enriched automatically from onchain activity	Yes, via Zerion API across EVM and Solana
Onchain attribution (campaign to transaction)	Full-funnel, all channels with support for referrers, referrals, UTMs, ad click ids, and builder codes	Yes, social-to-onchain conversion tracking
Cross-channel campaign analytics (Google Ads, Facebook Ads, Web3)	Yes, full support for click ids across all major ad platforms from Meta to X	No
Revenue tracking (CAC, LTV, ROI)	Revenue per wallet (RPW), volume tracking	CAC, LTV, and ROI advertised as core metrics
Product analytics (funnels, cohorts, retention)	Yes, full product analytics suite	Limited; platform is campaign and acquisition-focused
Social intelligence (X follower enrichment)	Limited to social handles	Core feature: whale detection, quality scoring, follower-to-wallet mapping
B2B prospecting and lead prioritisation	No	Yes, identifies B2B leads for outreach
Audience segmentation	Yes, by onchain activity, DeFi positions, token holdings, wallet labels, and lifecycle stage	Yes, by onchain activity and token holdings
Setup	Install the SDK, takes 15-30 minutes	Tracking snippet + optional X account connection
Pricing	$199/month (Growth): up to 5,000 MAUs, 500,000 monthly events, 10,000 monthly responses for token-gated forms, 5 workspace seats. Including: audience insights, user segmentation, retention analysis, funnels and charts. $499/month (Scale): up to 10,000 MAUs, ♾️ monthly events, 50,000 monthly responses for token-gated forms, ♾️ workspace seats. Including: ask AI, import wallets, contract events, query API. Custom (Enterprise): ♾️ users and events, custom pricing, volume discounts for larger organisations	Paid plans require contacting sales. Estimated to be $1000/month or more.

What Safary Does Best

Safary built its platform around a single insight: your X followers have wallets, and those wallets tell you who is worth reaching out to. The platform syncs your Twitter followers, maps them to onchain addresses, and enriches each profile with wallet data. It also extends beyond social, offering cookie-free tracking and the ability to compare Web3 and traditional advertising campaigns in one view.

Social-First Wallet Intelligence

Wallet intelligence is the practice of enriching a user identity with onchain context: token holdings, protocol usage, transaction history, and asset composition. When you connect your X account to Safary, you get a searchable database of followers enriched with this data, using the Zerion API across 600+ chains. The platform surfaces:

Wallet balances and asset holdings across EVM chains and Solana
Protocol usage patterns (which DeFi apps they interact with)
Whale detection for high-value holders worth targeting
User quality scoring based on onchain engagement levels

This is valuable for BD and marketing teams running outbound campaigns. If you are prospecting partnerships or identifying power users in your follower base, Safary surfaces that intelligence without manual blockchain explorer lookups.

Campaign Analytics

Safary allows marketing teams to compare Google Ads, Facebook Ads, and Web3 campaigns in a single view, alongside metrics for CAC (customer acquisition cost), LTV (lifetime value), and ROI. This cross-channel visibility means you can evaluate whether your Web3-native campaigns outperform or underperform traditional digital advertising spend, all in one dashboard.

X-to-Onchain Attribution

Safary tracks conversions from social engagement to onchain actions. You can measure whether a follower who engaged with your tweet later deposited funds into your protocol or connected their wallet to your app. The platform visualises this as a funnel: follower, website visit, wallet connection, transaction.

Squid Router used Safary to track user behaviour across multiple chains and interfaces, merging data from Keplr and Leap wallet integrations. The team sends weekly reports covering wallet quality, whale detection, and funnel insights from visitors to conversions.

Built for B2B Prospecting

Safary identifies who in your audience is worth talking to. If your growth strategy involves partnership outreach, influencer collaboration, or high-touch sales to protocols and DAOs, the wallet enrichment data helps you prioritise. The platform also offers a Crypto Marketing Certification programme for teams that want to formalise their Web3 marketing knowledge.

The platform is less focused on measuring product performance or retention cohorts. It answers "which of my followers are active DeFi users?" more than "why did 30% of users churn after their first transaction?"

What Formo Does Best

Formo takes a different approach. Instead of starting with your social graph, it starts with your product. The platform unifies offchain web analytics with onchain wallet data, giving you visibility into the full user lifecycle from first visit to long-term retention.

Unified Analytics for the Entire Funnel

Formo bridges the gap between what users do on your website and what they do onchain. The platform tracks site visits and referral sources, wallet connections and signatures, onchain transactions and contract events, custom events you define (button clicks, feature usage, form submissions), Revenue Per Wallet (RPW) and retention cohorts, and user lifecycle stages (new, returning, at-risk, churning).

This matters because most crypto products have a multi-step journey from awareness to activation and retention. A user discovers your app through a blog post, explores the interface, connects their wallet, makes a test transaction, then either becomes a power user or churns. Formo shows you where drop-off happens and which acquisition channels drive the highest lifetime value.

Wallet Intelligence

You do not need to connect your X account to use Formo. The platform enriches wallet profiles automatically based on onchain activity, analysing token holdings and portfolio composition, apps and protocols the wallet has interacted with, transaction history and spending patterns, and wallet age and activity frequency.

This enables precise audience segmentation. You can build cohorts like "wallets holding more than 1 ETH who used a lending protocol in the last 30 days" or "users who made their first transaction but have not returned," then analyse retention, conversion rates, and revenue metrics for each segment.

Onchain Attribution Across All Channels

Formo helps you understand which marketing channels actually drive onchain conversions, not just clicks. Traditional analytics measure clicks and visits. For crypto apps, this misses what matters:

What traditional tools measure	What actually matters
Page views	Wallet connects
Time on site	Transactions completed
Form submissions	Volume/revenue generated
Bounce rate	User quality (net worth, labels)

Safary's attribution is built around one source: your X following. It answers whether a Twitter follower converted. Formo's attribution feature covers every channel a crypto user might come from organic search, Discord announcements, DeFiLlama listings, influencer referral links, paid ads, partner campaigns, and direct traffic and attributes each wallet's onchain actions back to that original source.

The mechanism is referral, referrer, and UTM parameter capture. When a user lands on your app from any tracked link, Formo automatically captures parameters such as utm_source, utm_medium, utm_campaign, and utm_content and permanently associates them with that user's session and, when they connect, their wallet address. You do not need to instrument this manually the SDK captures it on install.

Formo supports three attribution models you can switch between in the dashboard:

First-touch attribution gives full credit to the channel that introduced the user. Use this to understand which sources build awareness and drive discovery.
Last-touch attribution gives full credit to the channel that preceded the wallet connection or transaction. Use this to understand what closes conversions.
Linear attribution splits credit equally across every touchpoint the user had before converting. Use this when you want a balanced view of the full acquisition path.

Beyond model flexibility, Formo lets you measure attribution at the transaction level, not just the connection level. For each traffic source, you can track visitors, wallet connection rate (visitors who connected), transaction rate (connected wallets who transacted), volume generated, and revenue per wallet.

Retention Cohorts and Lifecycle Analytics

Safary's analytics surface answers to acquisition questions: who are my followers, which of them are whales, are my campaigns driving wallet connections? Formo continues where acquisition data ends.

Retention cohorts in Formo group users by the week or month they first connected, then track what percentage of each cohort returned and transacted in subsequent periods. This lets you answer: of the wallets acquired through our December Discord campaign, how many were still active in January, February, and March? Of the wallets from our influencer push, what was their 30-day and 90-day retention compared to organic users?

The platform also tracks lifecycle stage in real time for every wallet: new, returning, at-risk, and churning. Teams can build segments like "users who have not transacted in 21 days but had high volume in their first two weeks" and trigger re-engagement campaigns before those wallets exit permanently.

Data Platform for Product and Growth Teams

Formo is designed for teams that need to answer product and growth questions: which marketing campaigns drive users who actually transact, what is our week-one retention rate for users acquired through different channels, which wallet segments have the highest revenue per user, and where in the funnel are users dropping off.

The platform replaces fragmented tools (Mixpanel for product analytics, Dune for onchain queries, spreadsheets for retention tracking) with a single interface. You do not need a data team to set up custom dashboards or write SQL queries.

Ask AI and AI-powered Insights also give teams natural-language access to their analytics data. Ask Formo questions like "which acquisition channel has the highest transaction volume per visitor this month?" or "compare retention across users acquired from X vs Substack" and get structured answers with supporting data. The weekly Insights feature generates an automated analysis of acquisition quality, activation rates, revenue, and churn without requiring you to build the report manually.

Finally, Formo is extensible and integrates with the tools you already use. Integrations include an MCP server, CLI, and public APIs that you can connect with AI agents and internal services.

Key Differences: Where They Diverge

Data Entry Point

Safary: Starts with your X followers. You sync your Twitter account and the platform maps those social profiles to wallet addresses. Cookie-free tracking captures website visitors independently of the X integration.

Formo: Starts with your product traffic. Anyone who visits your website or app gets tracked, whether they came from X, Farcaster, Lens, organic search, or paid ads. No social account connection required.

Scope of Analytics

Safary: Covers social-to-onchain attribution and cross-channel campaign performance (including Google Ads and Facebook Ads). Stronger on social intelligence and acquisition-side metrics; lighter on product retention and cohort analysis.

Formo: Covers the full analytics stack: web analytics, product usage tracking, onchain attribution, retention cohorts, revenue metrics, and user segmentation. Broader in scope and designed to replace multiple tools.

Pricing

Safary

Free tier available with one-line integration
Paid plans require contacting the Safary team; no public pricing tiers listed

Formo

Free tier available for early-stage teams
Growth: $199/month, with: up to 5,000 MAUs, 500,000 monthly events, 10,000 monthly responses for token-gated forms, 5 workspace seats. Including: audience insights, user segmentation, retention analysis, funnels and charts
Scale: $499/month, with: up to 10,000 MAUs, ♾️ monthly events, 50,000 monthly responses for token-gated forms, ♾️ workspace seats. Including: ask AI, import wallets, contract events, query API
Enterprise: custom pricing, with unlimited events and users, and volume discounts for larger organisations

When to Choose Each Platform

Choose Formo if…	Choose Safary if…
You're building a DeFi app	You need unified analytics across web, wallet, and onchain data
Your team measures retention, churn, and revenue by cohort	You acquire users from multiple channels and need full attribution
You want to replace GA4, Dune, and Mixpanel with one platform	You do not have a large X following but still need wallet intelligence for actual users
Your product has a multi-step funnel and you need to identify drop-off points	Your primary acquisition channel is X and you have a follower base worth analysing
You need B2B prospecting intelligence (whale wallets, protocol partnerships)	You want to compare Web3, Google Ads, and Facebook Ads campaigns in one view
Your sales cycle involves prospecting DAOs, protocols, or whale investors	You want a Crypto Marketing Certification for your team
You spend significant time manually researching wallet addresses of potential partners

Note: the two-column layout above reflects the source table structure, where rows pair a Formo reason with an unrelated Safary reason rather than a strict comparison.

When to Choose Safary

Safary makes sense if your growth strategy centres on social channels and you need intelligence about your audience before they become users. The Crypto Marketing Certification programme is an additional reason to consider Safary if your team wants formalised Web3 marketing credentials alongside the platform.

Safary is less suited for teams without an active X presence, product teams focused on retention and lifecycle analytics, apps that acquire users primarily through SEO, paid ads, or referrals rather than social, and teams that need deep cross-channel attribution beyond the social funnel.

When to Choose Formo

Formo is built for teams that need end-to-end visibility into user behaviour, from acquisition to retention. It is the better choice when your priority is understanding product performance and optimising growth across all channels.

Formo is less suited for teams whose primary need is B2B prospecting based on social follower data, or projects that only care about social-to-onchain attribution and do not need broader product analytics.

The platform is designed for crypto-native product teams, founders, and growth leads who need to answer the same questions Web2 teams ask (retention, LTV, funnel conversion) but with onchain data woven in. If you are building a DeFi app, NFT marketplace, or onchain product and need to understand user behaviour holistically, Formo is the stronger fit.

Can They Work Together?

Safary and Formo are not direct competitors. They solve different problems for different stages of the growth funnel.

Safary is a social intelligence and campaign analytics tool. It helps you understand who your X followers are onchain, whether your social campaigns drive conversions, and how your Web3 spend compares to traditional digital advertising.

Formo is a unified product analytics platform. It helps you understand how users move through your product, which channels drive the best retention, and where growth opportunities hide in your data.

For teams that need both social intelligence and product analytics, the platforms can complement each other: Safary for top-of-funnel social prospecting and acquisition benchmarking, Formo for mid-to-bottom-funnel product analytics and retention. Most early-stage teams should start with the tool that matches their primary growth lever.

Need analytics that go deeper than your social graph?

Safary tells you who your followers are. Formo tells you what your users do, where they drop off, and which acquisition channels actually drive revenue. Most onchain teams set up Formo in under 10 minutes and immediately see data they never had before.

What you get with Formo:

Unified offchain + onchain analytics in one dashboard
Autocapture for wallet events (no manual instrumentation required)
Wallet intelligence: token holdings, DeFi activity, net worth
Onchain attribution: connect marketing spend to actual transactions
40+ chains supported out of the box

Book a free Formo demo

FAQs

What is the difference between Safary and Formo?

Safary maps your X (Twitter) followers to their onchain wallet identities and offers cross-channel campaign analytics. Formo tracks the full user journey from website visit to onchain transaction, with retention cohorts, funnel analysis, and wallet intelligence built in. Safary is social-first; Formo is product-first.

Does Safary offer cookie-free tracking?

Yes. Safary explicitly markets cookie-free tracking as a core differentiator, which is valuable for crypto audiences that commonly use privacy-focused browsers. Formo also tracks users via wallet addresses rather than cookies, making both platforms more reliable than traditional analytics for crypto teams.

Can Safary track CAC, LTV, and ROI?

Yes. Safary advertises CAC, LTV, and channel ROI as core metrics, with the ability to compare Web3, Google Ads, and Facebook Ads campaigns in one view. Formo tracks equivalent metrics via Revenue Per Wallet (RPW) and retention cohorts. See our guide to RPW and Web3 monetisation.

Do I need an X account to use Formo?

No. Formo requires only an SDK installation on your website or app. Wallet connections, onchain transactions, and web events are tracked automatically without connecting any social account. See Formo pricing and setup.

Which platform is better for DeFi product analytics?

Formo. DeFi teams need onchain funnel tracking, wallet-based retention cohorts, and campaign-to-transaction attribution across all channels. Safary is stronger for social-led acquisition and outbound prospecting. See our guide to DeFi marketing analytics for key use cases.

Formo vs. Addressable: Analytics and Attribution vs. Paid Acquisition (Features and Pricing Compared)

Yos Riady — Mon, 27 Jul 2026 09:12:41 +0000

Original article: https://formo.so/blog/formo-vs-addressable-web3-analytics

Key Takeaways

Formo is a full-stack product analytics platform: it tracks the entire user journey from first website visit through wallet connection, onchain transactions, and long-term retention.
Addressable.io is a wallet-targeted advertising platform: it runs programmatic ad campaigns that target specific wallet behaviours across 900M+ wallets and 400K+ websites.
These tools are complementary, not competing. Choose Formo to understand and optimise user behaviour. Choose Addressable to acquire new wallets through paid channels at scale.

Formo and Addressable both serve crypto teams, but they occupy fundamentally different roles in the growth stack.

Formo is a full-stack analytics and attribution platform designed to help you understand user behaviour across the entire journey: from first website visit (awareness) through wallet connection (acquisition), onchain transactions (activation), and long-term retention. It is built for product and growth teams who need to measure what matters and make data-driven decisions about what to build next.

Addressable.io is a wallet-targeted advertising platform focused on paid user acquisition. It provides access to wallets across 7 blockchains for programmatic ad campaigns that target specific wallet behaviours and demographics on X and display ads.

The positioning gap is clear: Formo answers "where do my users come from, what are users doing, and why?" while Addressable answers "how do we get more wallets to our site through paid ads?" This comparison breaks down when each platform makes sense and how to decide based on your team's stage and goals.

Feature Comparison at a Glance

Here is how the platforms compare across capabilities that matter for onchain growth teams.

Capability	Formo	Addressable
Product analytics (funnels, retention cohorts, user journeys)	Yes, full web and product analytics suite	Campaign dashboards; not a product analytics suite
Onchain attribution (campaign to transaction)	Full-funnel, all channels from socials to web to app to onchain with support for referrer, referrals, builder codes, and UTM attribution	Yes; Web2-to-Web3 attribution from ad click through onchain conversion
Wallet intelligence	Deep enrichment across 90+ chains across EVM and Solana: token holdings, individual DeFi positions, transaction frequency, wallet labels, net worth	Basic wallet metadata for targeting; optimised for ad segmentation rather than behavioural profiling
User profiling / CRM features	Wallet profiles with net worth, socials, attribution, volume, revenue, and lifecycle stages (new, active, at-risk, churned)	User Radar: Addressable's own CRM product for tracking website visitors with wallets
Analytics event tracking	Yes, with full autocapture for wallet events on web and mobile	Limited, campaign performance tracking only
Custom user segmentation	Yes, by web demographics such as device, country, browser as well as wallet data such as DeFi positions, token holdings, wallet labels, and lifecycle stage	Pre-built audience segments; custom segment creation available
Programmatic ad campaigns	No, use alongside X Ads API	Yes
Wallet-based retargeting	No, but user profile data is exportable for use in retargeting on any channel	Yes
Contract events indexing	Yes	No
API access	Yes	No
Multi-chain support	All major EVM chains and Solana	7 chains only
Pricing	$199/month (Growth): up to 5,000 MAUs, 500,000 monthly events, 10,000 monthly responses for token-gated forms, 5 workspace seats. Including: audience insights, user segmentation, retention analysis, funnels and charts. $499/month (Scale): up to 10,000 MAUs, ♾️ monthly events, 50,000 monthly responses for token-gated forms, ♾️ workspace seats. Including: ask AI, import wallets, contract events, query API. Custom (Enterprise): ♾️ users and events, custom pricing, volume discounts for larger organisations	Analytics from $2,000/month. Ads are custom pricing; demo required to get a quote.

The Core Difference: Analytics vs Paid Ads

The fundamental difference between Formo and Addressable is about where they sit in the growth funnel and what problems they solve.

Formo: Full-Funnel Analytics and Attribution

Onchain attribution is the practice of connecting offchain marketing touchpoints (UTM parameters, referral sources, ad clicks) to onchain conversion events such as transactions and revenue. Formo builds this into a complete analytics and data platform, so you can track not just the conversion but everything that comes before and after it.

Formo helps teams answer: which acquisition channels drive the highest-quality users, where users drop off in the onboarding funnel, what wallet behaviours predict long-term retention, how different user segments engage with the protocol over time, and which features drive revenue versus which are ignored.

Core capabilities include product analytics (funnels, retention cohorts, user journeys, custom dashboards), wallet intelligence (rich user profiles with holdings, DeFi positions, transaction history, and engagement scores), onchain attribution across 40+ EVM chains, real-time event tracking with autocapture for wallet events, and custom segmentation by wallet properties, lifecycle stage, and onchain behaviour.

Addressable: Wallet-Targeted Advertising

Wallet-targeted advertising is the practice of running programmatic ad campaigns that identify and reach users based on their onchain behaviour rather than browser cookies or demographic data. Addressable provides access to 900M+ wallets across 7 blockchains for this purpose.

The platform helps teams: run wallet-based retargeting campaigns, target users based on their onchain footprint (protocols used, tokens held, transaction volume), optimise ad spend with AI-driven campaign refinement, and measure cost per wallet (CPW) and ROAS. Addressable also offers User Radar, their CRM product for tracking wallet interactions and re-engagement after campaigns.

Addressable excels at the top of the funnel. If your goal is to get qualified wallets to connect to your protocol through paid channels, and you have budget for programmatic advertising, Addressable provides targeting precision and scale that generic ad platforms cannot match.

When to Choose Each Platform

Choose Formo if…	Choose Addressable if…
You're building a DeFi app	You need to understand what users do after wallet connection
You are measuring retention, engagement, LTV, and revenue per wallet	You need funnel analysis to identify where users drop off
You want wallet intelligence for deep behavioural profiling	You operate across 40+ chains and need unified analytics
You want a free tier to start and transparent paid pricing	Product and growth teams (not just marketing) need access to data
Your primary goal is paid wallet acquisition at scale	You have significant ad budget (typically $10K+/month) for programmatic campaigns
You need wallet-based retargeting across the Web3 ecosystem	Your KPIs are acquisition metrics: CPW and ROAS
You already have product analytics set up	Your marketing team runs paid campaigns and needs Web3-native targeting

Note: the two-column layout above reflects the source table structure, where rows pair a Formo reason with an unrelated Addressable reason rather than a strict comparison.

When to Choose Formo

Formo makes sense when your primary challenge is understanding and the whole funnel from acquisition to activation to retention, not just acquiring more users.

You Need Onchain Attribution Across All Channels

Formo handles attribution that covers every channel a crypto user might come from organic search, Discord announcements, DeFiLlama listings, influencer referral links, paid ads, partner campaigns, and direct traffic, and attributes each wallet's onchain actions back to that original source.

The mechanism is UTM parameter capture. When a user lands on your app from any tracked link, Formo automatically captures the utm_source, utm_medium, utm_campaign, and utm_content parameters and permanently associates them with that user's session and, when they connect, their wallet address. You do not need to instrument this manually — the SDK captures it on install.

Formo supports three attribution models you can switch between in the dashboard:

First-touch attribution gives full credit to the channel that introduced the user. Use this to understand which sources build awareness and drive discovery.
Last-touch attribution gives full credit to the channel that preceded the wallet connection or transaction. Use this to understand what closes conversions.
Linear attribution splits credit equally across every touchpoint the user had before converting. Use this when you want a balanced view of the full acquisition path.

Referral programmes are also tracked automatically. Add a ref parameter to any partner or influencer link (?ref=partner_name) and Formo captures it alongside UTM data, letting you attribute wallet connections and transactions back to individual referrers: a capability that matters for teams running KOL campaigns or protocol-to-protocol growth partnerships.

You Need to Understand User Behaviour

Most Web3 marketing tools stop at wallet connection. They tell you how many wallets you acquired and maybe which campaign drove them, but they cannot tell you what those wallets did next. Formo tracks the full journey: did the user complete their first transaction, which features did they interact with, did they return the next day or the next week, and what is their lifetime value and Revenue Per Wallet (RPW).

Example: A DeFi protocol runs campaigns across Twitter, Farcaster, and paid ads. Addressable tells them which campaign drove the most wallet connections. Formo tells them which campaign drove users who actually deposited funds, returned for a second session, and stuck around for 30 days. That is the difference between vanity metrics and actionable growth data.

Addressable cannot tell you what users do after they connect their wallet. You will not have funnel analysis to identify drop-off points, retention cohorts to measure long-term engagement, custom event tracking for in-app behaviour, or revenue analytics (LTV, RPW, ARPU).

This matters because crypto retention is notoriously difficult to measure without onchain data. Login counts and session data are unreliable: a user might not log into your app but still interact with your smart contracts. Formo's retention model is built on onchain activity, not session state, so the numbers reflect what users actually do on-protocol.

You Are Optimizing for Product-Market-Fit (PMF) and UX

If your roadmap is PMF-driven and need user behaviour data, product analytics is a must. Formo answers: where do my users come from, where are users dropping off in the onboarding flow, which features correlate with higher retention, what is the conversion rate from wallet connection to first transaction, and how do power users differ from casual users in their onchain behaviour. Without analytics, you are building in the dark.

Kairos Swap, a DEX on Base with over $200M in volume, uses Formo to understand where users find them, how active they are across DeFi, and which social channels drive the highest-quality users. That insight informs both product decisions (which features to prioritise) and marketing strategy (where to focus acquisition efforts).

You Need Wallet Intelligence for User Profiling

Wallet intelligence lets you enrich a plain wallet address with context from offchain and onchain datasources to understand who a user is and how they behave.

Formo transforms every wallet into a rich user profile with onchain holdings (ERC-20 tokens, NFTs, stablecoins, DeFi positions across multiple chains), protocol usage history, engagement signals (transaction frequency, net worth, wallet age, Sybil scores), and lifecycle stage (new, active, at-risk, churned).

Addressable's User Radar provides wallet interaction tracking and re-engagement, but it does not offer the depth of behavioural profiling that Formo does. Wallet data in Addressable is optimised for ad targeting, not for understanding individual user journeys.

Addressable provides probabilistic (not 100% accurate) metadata about wallets optimised for ad targeting and nothing else. Formo provides wallet profiles optimised for understanding user behaviour from offchain to onchain, using trusted and public data sources. These are different use cases, and both can be valuable depending on your goal.

You Want to Start Free and Scale Transparently

Formo offers a free tier for up to 500 MAUs (monthly active users), making it accessible for early-stage teams. Paid plans start at $199/month (MAU-based) and scale with your growth.

Addressable requires a sales demo to access pricing, which typically signals enterprise-level spend. If you are pre-product-market fit or running lean, Formo's pricing model is more accessible.

You Need Real-Time Alerts, Contract Events, and AI-Powered Insights

Three Formo capabilities have no Addressable equivalent.

Alerts let you set triggers on specific wallet actions: notify the team when a wallet with a net worth above a defined threshold connects, when a high-value user's first transaction fires, or when a key contract event occurs. For DeFi teams managing significant protocol TVL, knowing when a whale wallet connects in real time is operationally useful in ways a weekly social intelligence report cannot replicate.

Ask AI and AI-powered Insights give teams natural-language access to their analytics data. Ask Formo questions like "which acquisition channel has the highest transaction volume per visitor this month?" or "compare retention across users acquired from Discord vs DeFiLlama" and get structured answers with supporting data. The weekly Insights feature generates an automated analysis of acquisition quality, activation rates, revenue, and churn without requiring you to build the report manually.

Contract events tracking ingests your smart contract events directly into Formo in real time.

None of this requires a data team. The Explorer also gives direct SQL access to your raw event data, and the Query API lets you connect external BI tools like Metabase or Grafana to the same underlying dataset.

You Are Building for Multi-Chain Users

Formo supports all major EVM chains and Solana. If your users bridge assets, interact with protocols across multiple chains, or hold tokens on Ethereum, Arbitrum, Base, and Polygon simultaneously, Formo tracks all of it in one place. Addressable supports only 7 blockchains, which may limit visibility for teams operating across the broader crypto ecosystem.

When to Choose Addressable

Addressable makes sense when your primary goal is paid wallet acquisition at scale.

You Have Significant Ad Budget and Need Programmatic Campaigns

Addressable is built for teams running serious paid acquisition campaigns. If you are spending five figures or more per month on ads and need programmatic targeting across 400K+ websites and apps, Addressable provides infrastructure that generic ad platforms cannot match. The platform's AI-driven optimisation continuously refines targeting to improve ROAS and reduce cost per wallet.

You Need Wallet-Based Retargeting

Traditional retargeting relies on cookies, which are increasingly restricted and do not work well in Web3. Addressable's wallet-based retargeting lets you target users based on their onchain behaviour, even if they have never visited your site before. You can target users who have interacted with competing DeFi protocols but have not tried yours yet, or re-engage wallets that connected but did not transact.

Your Primary KPI Is Top-of-Funnel Wallet Acquisition

If your growth strategy is "get more wallets to connect, then figure out activation and retention later," Addressable is purpose-built for that. This approach makes particular sense for token launches where initial wallet distribution is the priority, NFT drops where you need to reach collectors quickly, and airdrop campaigns where volume of eligible wallets matters more than engagement depth.

You Already Have Product Analytics and Need an Acquisition Layer

If you have already instrumented your app with Formo, Mixpanel, Amplitude, or another product analytics tool, and your gap is specifically paid acquisition, Addressable fills that role without duplicating capabilities you already have. The two platforms complement each other: Addressable drives wallet acquisition, and your analytics stack measures what those wallets do after they arrive.

How to Decide Based on Your Growth Stage

Pre-Product-Market Fit

Choose Formo. Your goal is to understand whether anyone wants what you are building and why. You need to see which features users engage with, where they drop off in onboarding, whether they return after their first session, and what distinguishes power users from one-time visitors. Paid acquisition makes no sense before you have nailed retention. Start with Formo's free tier, instrument your app, and build retention cohorts. Once you see consistent week-over-week retention above 20%, you are ready to think about paid acquisition.

Early Growth

Still choose Formo. You have found product-market fit and are now optimising the user journey: improving activation, increasing retention, and understanding which acquisition channels drive the highest-quality users. Use onchain attribution to connect organic touchpoints (Twitter, Farcaster, word of mouth) to downstream behaviour, so you know where to double down.

Scaling

Formo is essential. Organic growth alone may not hit your targets. Addressable starts to make sense here, but only if you have at least $10K/month to spend on ads, you have already optimised your funnel and retention with Formo, and you have someone on the team or an agency who can manage paid campaigns. Keep Formo as your analytics foundation; use Addressable to add acquisition volume on top.

Mature

Use both if your growth model supports it. At scale, you likely have dedicated marketing and product teams, significant ad budget, and multiple acquisition channels. Run Addressable campaigns for top-of-funnel acquisition and use Formo to measure the quality of those wallets. Build feedback loops: if Formo shows that wallets from a specific Addressable campaign have low retention, pause that campaign and reallocate budget to higher-performing segments.

The Bottom Line

Formo and Addressable solve different problems for different stages of the growth funnel.

Formo is the data foundation for product and marketing teams in crypto. If you are asking "where do my top users come from?" and "what are users doing and why?", Formo is the answer.

Addressable is a marketing execution platform for paid acquisition at scale. If you are asking "how do we get more qualified wallets to our site via ads?", Addressable is the answer.

For most crypto teams, especially in the early stages, Formo is the first choice. You cannot improve what you cannot measure, and you cannot build a sustainable growth model (with ads or otherwise) without understanding user behaviour. Analytics and attribution comes before paid acquisition in the growth stack. Running paid acquisition without analytics is flying blind.

The decision framework is simple: need to understand users and optimise your product? Start with Formo. Need to run paid wallet acquisition campaigns? That is where Addressable adds value. Need both? Start with Formo, then add Addressable when you have the retention and budget to justify it.

You cannot optimise what you cannot measure.

Addressable tells you how many wallets you acquired. Formo tells you what those wallets did next, whether they came back, and whether they were worth the spend. Most onchain teams set up Formo in under 10 minutes and immediately see data they never had before.

What you get with Formo:

Unified offchain + onchain analytics in one dashboard
Autocapture for wallet events (no manual instrumentation required)
Wallet intelligence: token holdings, DeFi activity, net worth
Onchain attribution: connect marketing spend to actual transactions
40+ chains supported out of the box

Book a free Formo demo

FAQs

What is the difference between Formo and Addressable?

Formo is an analytics and attribution platform that tracks the full user journey from website visit to onchain transactions, with wallet intelligence and retention analytics built in. Addressable is a paid advertising platform that targets wallets based on onchain behaviour. They are complementary tools, not alternatives.

Does Formo offer onchain attribution?

Yes. Formo's onchain attribution covers all acquisition channels (organic, social, paid, referral, etc), not only paid ad campaigns, and extends into post-conversion retention and revenue tracking.

Can Addressable replace product analytics?

No. Addressable provides campaign dashboards and tracks onchain events for attribution purposes, but it does not offer funnel analysis, retention cohorts, user journey mapping, or revenue per wallet metrics. For product analytics, you need an analytics and attribution platform like Formo.

How many chains does each platform support?

Formo supports 40+ EVM chains with unified wallet profiles. Addressable supports 7 blockchains for ad targeting. If your users operate across the broader multi-chain ecosystem, Formo provides more complete coverage.

When should an onchain team start using paid acquisition?

After you have established PMF and consistent retention. If users connect their wallet and do not return, paying for more wallets accelerates burn without improving the product. Start with Formo to instrument your funnel and reach a week retention rate above 20%, then evaluate Addressable for paid acquisition.

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