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Most crypto apps lose 60 to 80 percent of users between landing page and first transaction. Funnels show you exactly where your leaks are, and Conversion Insights reveal the underlying why.

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Part 1: Navigate to the Chart Builder

1
Click Dashboards in the sidebar, then click Create Chart.
2
In the chart type selector, choose Funnel.
3
Name your funnel (e.g., “Landing to First Swap”) and click Create.
The funnel builder opens with a blank canvas. You’ll see the chart editor on the right and a preview pane on the left.

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Part 2: Define Your Funnel Steps

Funnels require at least 2 steps. Each step is an event that users must complete in sequence. Let’s build a classic conversion funnel: Step 1: Page View
1
Click the + Add Step button.
2
Select page from the event dropdown. This captures every user who lands on your dapp.
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(Optional) Add a filter: Path = “/swap” to track only users who visit your swap page.
Step 2: Wallet Connect
1
Click + Add Step again.
2
Select connect from the events list.
3
(Optional) Add a filter to track only specific chains: Chain = “ethereum”.
Step 3: Transaction
1
Click + Add Step once more.
2
Select transaction from the events list. This counts users who completed an onchain transaction.
3
(Optional) Add a filter: Contract Address = “0x…” to track swaps on your DEX only.
Funnel chart
Too many steps? Start with 3-4 key steps. Long funnels (6+ steps) can hide important patterns because conversion drops exponentially. Create separate funnels for different user paths (e.g., one for swaps, one for pools).

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Part 3: Set Your Conversion Window

The conversion window defines how much time a user has to complete the next step. For example, if Step 1 is “page” and Step 2 is “connect”, a 1-day window means we count the user toward Step 2 only if they connect a wallet within 24 hours of landing.
1
Scroll to Conversion Window in the settings panel.
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Choose your window based on your funnel:
  • 1 day: Fast decisions (DEX swaps, quick stakes)
  • 7 days: Deliberate decisions (pool deposits, farm selections)
  • 14 days: Default (balances most use cases)
  • 30 days: Long consideration cycles (lending protocols, governance)

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Part 4: Choose Funnel Type

Formo supports two funnel types: Closed Funnel Each step must follow the previous step. User must view a page, then connect, then swap. Most common. Open Funnel Each step is independent. User can swap without connecting first (e.g., batch transactions, programmatic access). Choose this if your funnel steps can happen in any order.
1
Click the Funnel Type dropdown (default: Closed).
2
Select Open only if your user journey allows non-sequential steps.

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Part 5: Analyze the Results

Once your funnel is configured, the preview pane shows your funneling data in real-time:
  • Absolute numbers: Count of users at each step
  • Conversion rate: Percentage of users who advance
  • Drop-off: Users who left at each step
  • Visual width: Bar width represents conversion percentage
Look for bottlenecks. If 80 percent of users land on a page but only 20 percent connect a wallet, your wallet connection is the biggest leak.
Funnel analysis

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Part 6: Add Breakdown Dimensions

Break down your funnel by user attributes to find patterns:
1
In the settings panel, scroll to Breakdowns.
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Select a dimension:
  • Referrer: Which traffic source converts best?
  • Country: Geographic patterns?
  • Device: Mobile vs desktop conversion?
  • UTM Source: Which campaign drives best users?
  • Chain: Which blockchain has highest conversion?
3
The funnel splits into multiple bands, one per breakdown value. Compare conversion rates across each.
Pro tip: If your iOS users convert at 5 percent but web at 25 percent, you have a mobile UX problem. If users from Twitter convert at 40 percent but Discord at 15 percent, adjust your acquisition strategy.

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Part 7: Use Conversion Insights

Formo uses statistical analysis to find what drives conversions. Click the Insights tab (next to the funnel chart) to see:
  • Lift: Which attributes increase conversion probability
  • Odds ratio: How much more (or less) likely users with this attribute convert
  • Statistical significance: Is this insight real or noise
Example insight: “Users from Referrer=twitter have 2.3x lift in Step 2 conversion (wallet connect). This is statistically significant (p < 0.05).” Act on this: Double down on Twitter traffic if wallet conversion is your bottleneck.

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Part 8: Save Your Funnel to a Dashboard

1
Click Save to Dashboard in the top right.
2
Select an existing dashboard or create a new one (e.g., “Conversion Analytics”).
3
Add a title for the chart (e.g., “Swap Conversion Funnel”) and click Save.
Your funnel is now saved and will update daily with new data. Return to your dashboard anytime to track trends.

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Real-World Example: DEX Swap Funnel

Here’s how to set up a high-quality funnel for a DEX:
StepEventFilterMeaning
1pagepath = “/swap”Users who visit the swap page
2connectchain in (ethereum, polygon, arbitrum)Users who connect a supported wallet
3transactioncontract_address = “0xE592427A0AEce92De3Edee1F18E0157C05861564”Users who execute a swap
Set conversion window to 1 day (most swaps happen quickly). Add breakdowns for referrer and device to see which sources and platforms convert best. Check Insights weekly to catch new patterns.

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Best Practices

  • Segment your funnels: Don’t mix swap and pool deposit users in one funnel. Create separate funnels for each user path.
  • Monitor daily: Check your funnel once a week. Look for drops (potential bugs) or spikes (successful campaigns).
  • Pair with retention: A high-conversion funnel is great, but if users don’t return, you’re not growing. Use Retention tracking to measure long-term value.
  • Use Ask AI: Click the chat bubble and ask “Why did my wallet connection rate drop 10% this week?” Formo will analyze your data.
  • Contract events: If you track Contract Events, you can create funnels for specific contract interactions (e.g., “approved” to “swap” to “received”).

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DeFi-Specific Funnel Recipes

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Staking Funnel

Track staking adoption with this canonical four-step funnel:
StepEventFilter
1pagepath = “/stake”
2connectchain = “ethereum”
3approvalcontract_address = “0x…“
4stakefunction_name = “stake”
High drop-off at Step 2 (wallet connect) indicates UX friction; at Step 3 (approval) suggests confusing token permissions.

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Liquidity Provision Funnel

Liquidity provision funnels are longer because users must approve two tokens, then add liquidity:
StepEventFilter
1pagepath = “/pool”
2connect-
3approval_1function = “approve”, token = “tokenA”
4approval_2function = “approve”, token = “tokenB”
5addLiquidityfunction = “addLiquidity”
Two approval steps cause most drop-off.

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Multi-Step DeFi Flow: Deposit to Borrow

Track the full lending funnel (Deposit > Borrow > Repay):
StepEventFilter
1depositfunction = “supply”
2borrowfunction = “borrow”
3swap(optional) use borrowed assets
4repayfunction = “repay”
Use Open Funnel here (borrow and swap may happen out of order).

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Key DeFi Drop-Off Patterns

Common friction points and solutions:
Drop-Off PointCommon CauseFix
Wallet Connect (Step 2)No visible button; multi-chain confusionAdd prominent connect button; default to user’s last-used chain
Token Approval (Step 3)Unclear why approval neededAdd UX explainer (“We need permission to transfer your tokens”)
Transaction SubmitHigh gas fees; browser extension timeoutShow gas estimate upfront; increase approval window

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Whale Swap Alert Setup

Monitor high-value swaps on your DEX:
  1. Create a funnel with step: transaction + filter amount_usd > 100000
  2. Add breakdown by user_address to spot repeat whale traders
  3. Set an alert to get notified when whale wallets transact
  4. Use Insights to find attributes of whale traders and target similar users

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Failed Transaction Alert

Track when transactions fail to identify UX issues that cause drop-off:
  1. Go to Project Settings > Alerts
  2. Click Create Alert
  3. Configure: Event = transaction, Condition = status = failed
  4. Set notification to Slack or email
  5. Investigate spikes in failures — they often correlate with funnel drop-off at the transaction step

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Next Steps

Your conversion funnel is live. Next steps:

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FAQ

Yes. If you’ve set up Contract Events, you can select any of them in the funnel builder. For example, a Uniswap funnel might be: “page” > “swap (contract event)” > “Transfer (contract event)”.
Closed funnel: User must complete steps in order. Page view, then wallet connect, then swap.Open funnel: Steps are independent. User can swap without a page view event (e.g., direct contract calls, wallet batch operations). Use open funnels when your steps can happen in any sequence.
  • Swap, stake, claim: 1 day (fast decisions)
  • Pool deposits, farming: 7 days (deliberate)
  • Loans, governance: 14-30 days (long consideration)
Start with 14 days (default) and adjust based on your product.
Ready to dive deeper? See the complete Funnel Analytics documentation or email us at support@formo.so.