Funnels

Build multi-step conversion funnels that track user journeys from page view to wallet connect to onchain transaction, with drop-off rates at each step.

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.

Step Order

Control whether funnel steps must be completed in sequence or in any order. This setting changes how Formo counts conversions and can significantly affect your reported numbers.

Sequential (Closed Funnel)

Step B must happen after Step A, but any number of events can happen between A and B.

This is the default and most common mode. Users must progress through your defined steps in order, but they can perform other actions in between. For example, in a funnel of Page View → Wallet Connect → Swap, a user who visits the page, browses other pages, connects their wallet, checks token prices, and then swaps would still count as converted.

Seeing less than expected counts in the sequential funnel? Users likely:

• Skipped steps in your defined funnel
• Completed steps in a different order
• Had multiple wallets/sessions where they completed different parts of the funnel

Consider making the funnel less strict by removing some intermediate steps, or use an open funnel.

Any Order (Open Funnel)

Counts users who performed each event, regardless of sequence or timing.

In this mode, users must complete all defined steps within the conversion window, but the order does not matter. The first step in your funnel could be the last action the user takes. This is useful when your funnel steps represent a set of actions rather than a linear journey.

When to use each mode:

Mode	Best for	Example
Sequential	Linear user journeys where order matters	Page view → Wallet connect → Swap
Any order	Feature adoption or non-linear flows	Deposit, Borrow, and Swap in any sequence

Start with Sequential (the default). Switch to Any order only if your funnel represents actions that genuinely happen in variable order — such as multi-step DeFi flows where users may borrow before swapping, or complete approvals in any sequence.

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.

Deep Dive: How is this calculated?

2×2 Contingency Table

All insights are derived from a standard binary exposure vs. conversion table:

	Converted	Did Not Convert	Total
Did Event	a	b	a+b
Did NOT Event	c	d	c+d
Total	a+c	b+d	N

Key Metrics

1. Lift $$Lift = \frac{a / (a+b)}{(a+c) / N}$$
   • Interpretation: Lift > 1 indicates a positive effect.
2. Odds Ratio $$\text{Odds Ratio} = \frac{a \times d}{b \times c}$$
   • Interpretation: An Odds Ratio > 1 confirms a positive correlation.

Noise Reduction

To 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.

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:

Step	Event Type	Example
1	Page view	Visit /swap
2	Wallet connect	User connects wallet
3	Transaction	User submits transaction

By default, steps must happen in order (Sequential mode). Formo tracks users who complete step 1, then step 2, then step 3 in sequence. You can change this to Any order in the Step Order settings.

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:

Window	Best for
1 day	Immediate actions (mints, swaps)
7 days	Considered purchases
14 days (default)	Complex user journeys
30 days	Long 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

Step 6: Add breakdowns

Click Add Breakdown to compare conversion across segments:

Breakdown	What you learn
Referrer	Which traffic sources convert best
Country	Geographic conversion differences
Device	Mobile vs desktop performance
UTM Source	Campaign performance

Example: DEX swap funnel

Track users from landing to completed swap:

Step	Event	Typical conversion
1	Visit /swap	100% (baseline)
2	Connect wallet	40-60%
3	Approve token	70-80%
4	Complete swap	85-95%

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

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