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Funnels
Visualize how users progress through a series of steps with Funnel Analysis.
  • Analyze the user flow across pages, domains, and subdomains throughout your site and app.
  • Go beyond pageviews and track contract events and custom events to build a funnel.
  • Measure the conversion rate to understand the percentage of visitors who started the user flow and ended with a conversion event.
  • Measure the percentage drop-off between the individual funnel steps to spot where you lose the most users.
  • Use filters to segment your audience. Filter conversion funnels by marketing campaign, traffic source, device, and more.

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Conversion Windows

Specify a conversion window for your funnels to control the time period during which funnel steps must be completed. The default conversion window is 2 weeks, meaning all steps must be completed within that time. Longer windows will include more event completions.

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Funnel Breakdowns

Break down funnel steps by key dimensions to understand how different user segments convert:
  • Referrer: See which traffic sources drive the best conversions
  • Country: Understand geographic differences in conversion rates
  • Device: Compare mobile vs desktop conversion performance
  • OS: Analyze conversion rates across operating systems

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Conversion Insights

Discover which events or user properties are most strongly associated with conversion. We prioritize two key metrics to help you identify meaningful drivers:
  • Lift: Measures the impact of an event. A lift > 1 means users who perform the event are more likely to convert.
  • Odds Ratio: Measures the strength of the association. Useful for verifying that an observed lift is not just due to random chance, especially for rare events.
2×2 Contingency TableAll insights are derived from a standard binary exposure vs. conversion table:
ConvertedDid Not ConvertTotal
Did Eventaba+b
Did NOT Eventcdc+d
Totala+cb+dN
Key Metrics
  1. Lift Lift=a/(a+b)(a+c)/NLift = \frac{a / (a+b)}{(a+c) / N}
    • Interpretation: Lift > 1 indicates a positive effect.
  2. Odds Ratio Odds Ratio=a×db×c\text{Odds Ratio} = \frac{a \times d}{b \times c}
    • Interpretation: An Odds Ratio > 1 confirms a positive correlation.
Noise ReductionTo prevent false positives, we automatically filter out events with:
  • Low volume (fewer than 10 users).
  • Negligible impact (less than 0.2% - 1.5% absolute difference depending on baseline conversion).

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How to create your first funnel

Build a conversion funnel to track how users progress from first visit to onchain action. This guide walks you through creating, analyzing, and optimizing funnels.

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What is a funnel?

Think of a funnel like a kitchen funnel: wide at the top, narrow at the bottom. Users enter at the top (e.g., visiting your site) and progress through steps until some complete the final action (e.g., making a transaction). At each step, some users drop off. Funnels help you:
  • Measure conversion rates between steps
  • Identify bottlenecks where users drop off
  • Compare performance across segments (referrers, devices, countries)

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Step 1: Navigate to Funnels

  1. Go to the Formo Dashboard
  2. Select your project
  3. Click Funnels in the left navigation
  4. Click Create Funnel

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Step 2: Add funnel steps

Define the user journey you want to track. Click Add Step for each action:
StepEvent TypeExample
1Page viewVisit /swap
2Wallet connectUser connects wallet
3TransactionUser submits transaction
Steps must happen in order. Formo tracks users who complete step 1, then step 2, then step 3 (in sequence).

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Step 3: Configure each step

For each step, specify: Page view steps:
  • Event type: page
  • Filter: path = /swap (or any URL path)
Wallet connection steps:
  • Event type: connect
  • Optional: filter by chain
Transaction steps:
  • Event type: transaction
  • Optional: filter by contract address or status
Contract event steps:
  • Event type: Your contract event (e.g., Swap, Transfer)
  • Requires contract events to be configured

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Step 4: Set the conversion window

Choose how long users have to complete all steps:
WindowBest for
1 dayImmediate actions (mints, swaps)
7 daysConsidered purchases
14 days (default)Complex user journeys
30 daysLong sales cycles
Users must complete all steps within this window to count as converted.

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Step 5: Analyze your funnel

After creating your funnel, you’ll see:
  1. Conversion rate - Percentage who completed all steps
  2. Drop-off by step - Where users abandon the journey
  3. Absolute numbers - User count at each step
Funnel Analysis

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Step 6: Add breakdowns

Click Add Breakdown to compare conversion across segments:
BreakdownWhat you learn
ReferrerWhich traffic sources convert best
CountryGeographic conversion differences
DeviceMobile vs desktop performance
UTM SourceCampaign performance

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Example: DEX swap funnel

Track users from landing to completed swap:
StepEventTypical conversion
1Visit /swap100% (baseline)
2Connect wallet40-60%
3Approve token70-80%
4Complete swap85-95%
If you see a big drop between steps 1 and 2, focus on improving wallet connection UX.

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Using Conversion Insights

After running your funnel, check the Insights tab to see which user behaviors correlate with conversion:
  • High lift events: Users who did X are 2x more likely to convert
  • Negative indicators: Users who did Y are 50% less likely to convert
Use these insights to:
  • Encourage high-lift behaviors in your UX
  • Reduce friction that causes negative behaviors

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Next Steps

Contract Events

Add onchain events to your funnels

Custom Events

Track custom conversion points

User Flows

Visualize all user paths

Retention

Measure user return rates