Lock, Stock, and Web3 Product Metrics to Track in Your Project

📥 Acquisition

1. Wallet Connections: Tracks potential users connecting a wallet, showing interest.
2. Cost Per Wallet (CPW): Total spend (marketing, incentives, airdrops) per new wallet connected.
3. Conversion Rate: Percentage of visitors converting to wallet connections or sign-ups.

⭐️ Activation

1. Activated Wallets: Users who complete a meaningful first interaction (e.g., staking, minting, swapping, depositing).
2. Activation Rate: Measures percentage of new wallets that perform a core action shortly after onboarding.
3. Time-to-First Transaction: Tracks the time it takes new wallets to make their first transaction, a sign of early engagement.

🎯 Engagement

1. Active Wallets (DAW/WAW/MAW): Number of wallets interacting with the product within a given month. Shows ongoing user interest.
2. Unique Active Users: DAU/WAU/MAU: Measures the number of unique users interacting with your dApp. High activity from a few wallets (e.g., 100 wallets doing 1M actions) can skew stats, so tracking unique users gives a clearer picture of adoption.
2. Transaction Frequency: Average number of transactions per user over a set period.
3. Intensity of Use: Measures value and type of interactions (e.g., trades, swaps, staking) to gauge depth of engagement.

💱 Retention

1. Retention Rate: Wallets that come back regularly (daily, weekly, monthly).
2. At-Risk Users: Users that have decreased or stopped interactions; flag these to refine retention strategies.
3. Saved Users: Users who became inactive; monitoring churn helps adjust retention efforts.

🐳 Monetization

1. Average Revenue per User (ARU): Revenue generated per active wallet, indicating the average value contributed by each user.
2. Transaction Value per User: Measures the average transaction value per user over a set period, showing typical user spend.
3. User Lifetime Value (ULV): Expected revenue from a user’s lifecycle, critical for evaluating the balance between acquisition cost and value generated.
4. User Fee Contribution: Total fees generated per user, useful for assessing user impact on protocol revenue.

👀 Read the full guide to metrics in our blog

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⏺ From Complex to Seamless – A Case Study of Fireblocks Integration to Minto Finance

Gasless transactions, Web2 user onboarding, and in-app purchases were brought to Minto through Fireblocks integration, significantly optimizing the user experience.
Read on how we made it happen👇

➡️The Challenge | Onboarding Web2 Users to Web3

Minto Finance aimed to simplify Bitcoin mining by enabling users to participate through a hash rate token without the need for hardware. The challenge? Delivering a platform that’s user-friendly, secure, and appealing to both web2 users and crypto enthusiasts.

➡️ The Solution | Fireblocks Integration

To meet these challenges, Fireblocks became the cornerstone of Minto’s revamped platform:

1️⃣

Effortless Onboarding

: Firebase and Fireblocks enabled smooth account creation for all users.

2️⃣

Gasless Transactions:

The Gas Station module eliminated the need for manual gas fee management, simplifying the user experience.

3️⃣

Flexible Token Purchases:

Fireblocks supported diverse payment options, including credit cards, crypto invoices, and DEX swaps.

4️⃣

Enhanced Security:

All transactions—purchasing, staking, and DAO voting—were secured with Fireblocks’ robust infrastructure.

➡️The Results | A Transformed Platform

The integration produced measurable success:

1️⃣

Simplified Registration:

A smoother process reduced drop-off rates.

2️⃣

Increased Participation:

Flexible payments and frictionless transactions drove higher engagement.

3️⃣

User-Focused Design:

With blockchain mechanics managed in the background, users concentrated on mining and growing their assets.

🤩 Want the full story? Explore the details on our portfolio page: Fireblocks Integration Case Study