Product analytics in Web3

One of the most exciting aspects of an analytics tool is that every user finds different insights, some of them even unexpected by the creators of the tool.

As you already know, I've been building Arena, a product analytics platform for Web3 dApps for the last few months. We already have an MVP and some initial clients. It's amazing to realize that the most relevant use cases that they mention, aren't the ones we expected. Let me tell you some examples:

1- Users going to the HELP page

One of our clients was previously using Mixpanel, a great Web2 product analytics platform. They were tracking their off-chain events and knew that a large group of users were stopping their conversion process to visit the HELP page of the dApp.

Considering that Mixpanel isn't specifically created for Web3 projects, this dApp couldn't deep-dive and learn who were the users with this specific behavior.

When they set up Arena, they saw the same patterns, but they were able to filter the data and look for more specific insights. They realized that all the users looking for help were Newbies (wallets with less than 10 historic transactions).

They realized that their product was working well and the conversion process was clear, but beginners still needed additional help.

?? They added step-by-step guides and their HELP requests decreased by 30%

2- Gas fee tokens

Another dApp was experiencing high dropout rates at the moment of the on-chain transaction. Users were going through the whole conversion process, pressing the button BUY, but weren't confirming the transaction with their wallets.

They were using Google Analytics and were frustrated because GA showed them a lot of conversions (users pressing the BUY button), but they weren't seeing those transactions on the blockchain.

With Arena, they realized that 90% of the users that were pressing the BUY button didn't have the MATIC token in their wallets, and they only allowed users to pay gas fees with MATIC. In other words, users wanted to convert, but didn't have the 20 cents they needed to pay as fees in the required token.

?? They added USDC as an additional option to be automatically swapped into MATIC for gas fee payments and dropouts decreased by 60%.

In conclusion, a product analytics platform is an intrinsic aspect of any digital product. Web2 product analytics tools don't work sufficiently well for Web3 projects and new tools are required. If you want to discuss how Arena can help you to understand your users behavior and grow your product, please reach out ??.