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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.

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.

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

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).

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.

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)

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

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).

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

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.

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

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

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.

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

Next Steps