Key metrics

Visitors, wallets, transactions

Measure the number of visitors, wallets, and transactions to discover which tactics drive product adoption and growth.

Breakdown by referrer

See what’s moving the needle with a breakdown of your metrics by referrers. Easily understand where your onchain users come from and how they find you.

Session duration

See the average session duration of visitors and users on your app. Understand how long users spend engaging with your product.

Bounce rate

Track your bounce rate to understand how many visitors leave after viewing only one page. A high bounce rate may indicate issues with your landing page or user experience.

Channels, Referrers, UTM, referrals

See where your users are coming from by acquisition channel, referrer, UTM parameters, and referrals.

Channels

Formo automatically classifies every session into one of 12 acquisition channels using a priority-ordered ladder over the referrer domain, utm_medium, and 8 ad-platform click IDs (gclid, gad_source, fbclid, msclkid, ttclid, twclid, li_fat_id, rdt_cid). Classification happens at query time, so rule changes apply retroactively without backfills. The 12 channels (first match wins):

Paid Search - paid traffic from Google, Bing, DuckDuckGo, Yahoo, Yandex, Baidu, Brave, Kagi, Naver, etc.
Paid Video - paid traffic from YouTube, Vimeo, Twitch, Dailymotion, Loom, Wistia.
Paid Social - paid traffic from Meta, X/Twitter, LinkedIn, Reddit, TikTok, Pinterest, Snapchat, Threads, Discord, Telegram, Farcaster, etc.
Email - utm_medium of email, e-mail, e_mail, or newsletter.
Affiliates - utm_medium=affiliate or any non-empty ref query parameter.
Display - utm_medium of display, banner, expandable, or interstitial.
AI - traffic from ChatGPT, Claude, Gemini, Copilot, Perplexity, DeepSeek, Phind, Poe, Mistral Chat, Meta AI, You.com, Pi. (No other analytics tool surfaces this yet.)
Organic Search - unpaid traffic from search engines (utm_medium=organic or referrer matches a search domain with no paid signal).
Organic Social - unpaid traffic from social platforms.
Organic Video - unpaid traffic from video platforms.
Referrers - any other non-empty referrer not matched above.
Direct - no referrer, no UTM, no click ID (typed URL, bookmark, or stripped referrer).

Paid is detected from any of: paid pricing mediums (cpc, cpm, cpv, cpa, ppc, paidsearch, paidsocial, sem, retargeting), any utm_medium starting with paid, or any of the 8 click IDs above. Sub-classification (Search vs Social vs Video) uses the referrer domain.

The Formo SDK automatically adds the following UTM parameters present on the page to events fired from that page load:

utm_source
utm_campaign
utm_medium
utm_term
utm_content
ref

Referrer URL tracking

Referrer URL tracking lets you understand the specific URL where your users are coming from – as long as the site has the correct Referer-Policy header set. We recommend setting the no-referrer-when-downgrade policy, which will only send the domain, path, and query parameters to the destination URL as long as the protocol security level stays the same (i.e. HTTP → HTTP, or HTTPS → HTTPS). If the protocol security level is downgraded (i.e. HTTPS → HTTP), the referrer will not be sent. This is a good compromise to make sure your users’ privacy is respected while still getting a good amount of data. Here’s how to configure this:

Next.js
HTML

If you are using Next.js, you can use the headers property in your next.config.js file to configure the referrer policy:

module.exports = {
  async headers() {
    return [
      {
        source: "/:path*",
        headers: [
          {
            key: "Referrer-Policy",
            value: "no-referrer-when-downgrade",
          },
        ],
      },
    ];
  },
};

You can set the referrer policy using a meta tag in the <head> section of your HTML:

<meta name="referrer" content="no-referrer-when-downgrade" />

Countries

See where your users are coming from by country.

Devices, browsers, OS

Wallets

See the top wallets of your visitors and users.

How to analyze traffic sources

Understand where your users come from and which channels drive the most value. This guide walks you through analyzing traffic sources and optimizing user acquisition.

Step 1: Open Formo

Go to the Formo Dashboard
Select your project
Click Overview in the left navigation

You’ll see the overview with visitors, wallets, and transactions over time.

Step 2: Review the referrer breakdown

View your core metrics by referrer to see where traffic originates:

Data	What it shows
Referrer	The source domain (twitter.com, google.com, direct)
Sessions	Session visits from this source (the session count, not the overview’s unique-visitor Visitors metric)
Wallets	Wallet connects from this source
Transactions	Completed transactions from this source
Volume	Total transaction volume (USD)

You get full attribution for users, volume, and revenue by referrer, referral, and UTM parameters in the Referrers chart.

You can click on any item to drill down into the data, showing you the list of users that came from that source.

Step 3: Measure conversion rates by source

The overview page shows your conversion rates by source:

Conversion Rate = Transactions / Visitors × 100

Example analysis:

Referrer	Visitors	Transactions	Conversion
twitter.com	1,000	50	5%
discord.com	500	75	15%
defillama.com	200	60	30%

In this example, DefiLlama drives 6x better conversion than Twitter despite lower volume.

Step 4: Analyze UTM campaigns

If you use UTM parameters in your marketing links, you can drill deeper:

See your breakdown by UTM campaign, source, medium
Identify which specific campaigns perform best on user acquisition and volume

UTM parameter guide:

Parameter	Purpose	Example
`utm_source`	Platform	twitter, discord, newsletter
`utm_medium`	Channel type	social, email, paid
`utm_campaign`	Campaign name	launch_promo, airdrop_2024
`utm_content`	Ad variation	banner_a, banner_b
`utm_term`	Keywords (for paid)	defi, swap

You can use Formo’s UTM Generator to generate your marketing links. Example URL:

https://yourapp.xyz/?utm_source=twitter&utm_medium=social&utm_campaign=launch_promo

Once Formo is installed, any incoming clicks with UTM parameters leading to wallet connects or transactions in your app will be attributed automatically.

Step 5: Analyze by device and geography

Check the Devices and Countries sections: Device insights:

High mobile traffic but low mobile conversion? Mobile UX issue.
Desktop dominates? Your users are power users.

Geographic insights:

Unexpected traffic from certain countries? Potential new markets.
Low conversion from specific regions? Localization opportunities.

Optimizing based on data

Double down on high-converting sources:

Identify your top 3 converting referrers
Allocate more budget/effort to these channels
Create content tailored to these audiences

Investigate low-converting sources:

High traffic but low conversion = landing page issue
Check if these visitors bounce or explore but don’t convert
Consider if this traffic is actually relevant

UTM best practices:

Use consistent naming conventions
Track all paid campaigns with unique UTMs
Add UTMs to social media links, emails, and partner links

Attribution models

Formo supports multiple attribution models. Learn more in the Attribution guide.

Model	Best for
First Touch	Understanding discovery channels
Last Touch	Understanding conversion drivers
Custom	Use the Explorer to build your own attribution model

Next Steps

Activity

View real-time events and Live View

Explorer

Run custom SQL queries

Funnels

Track conversion by source through funnels

Attribution Guide

Complete attribution workflow

Visitors, wallets, transactions

Breakdown by referrer

Session duration

Bounce rate

Pages

Entry and exit pages

Channels, Referrers, UTM, referrals

Channels

Referrer URL tracking

Countries

Devices, browsers, OS

Wallets

How to analyze traffic sources

Step 1: Open Formo

Step 2: Review the referrer breakdown

Step 3: Measure conversion rates by source

Step 4: Analyze UTM campaigns

Step 5: Analyze by device and geography

Optimizing based on data

Attribution models

Next Steps

Activity

Explorer

Funnels

Attribution Guide

​Visitors, wallets, transactions

​Breakdown by referrer

​Session duration

​Bounce rate

​Pages

​Entry and exit pages

​Channels, Referrers, UTM, referrals

​Channels

​Referrer URL tracking

​Countries

​Devices, browsers, OS

​Wallets

​How to analyze traffic sources

​Step 1: Open Formo

​Step 2: Review the referrer breakdown

​Step 3: Measure conversion rates by source

​Step 4: Analyze UTM campaigns

​Step 5: Analyze by device and geography

​Optimizing based on data

​Attribution models

​Next Steps

Activity

Explorer

Funnels

Attribution Guide

Visitors, wallets, transactions

Breakdown by referrer

Session duration

Bounce rate

Pages

Entry and exit pages

Channels, Referrers, UTM, referrals

Channels

Referrer URL tracking

Countries

Devices, browsers, OS

Wallets

How to analyze traffic sources

Step 1: Open Formo

Step 2: Review the referrer breakdown

Step 3: Measure conversion rates by source

Step 4: Analyze UTM campaigns

Step 5: Analyze by device and geography

Optimizing based on data

Attribution models

Next Steps