What are Blockchain analytics tools?
Much like existing analytic tools, blockchain analytics tools measure how your audience is engaging with a tool.
However, unlike existing analytic services, blockchain attribution needs to consider a lot of touchpoints and services that are specific to Web3 actions.
Don't get this confused with our category of research and analysis tools.
Web3 research and analysis tools are to help people find trending and growing assets in the space.
These analytics tools are aimed at brands and businesses who want to better understand how users are interacting with their product so that can improve the customer experience and generate faster growth.
Why are blockchain analytics tools needed?
There are lots of Web3-specific platforms which traditional analytic services simply don't encompass.
From the chat services that form the backbone of Web3 communities to wallets across different blockchains.
Web2 analytics platforms can help with some of these, but if you want detailed data on where your best users are coming from and how they're interacting with your brand, you need a specific built analytics platform.
One that takes all of these new, growing platforms into account.
If you don't use them, you're going to end up making poor decisions based on incomplete data.
Best blockchain analytics tools
The best tool is really going to depend on you and your use case.
We're outlining a couple of the more popular options below with links to their more detailed profile pages so you can make a more informed decision.
1. Third Society
Great overview for teams
Third Society is specifically designed for Web3 teams to measure, analyze and grow their network.
It helps teams track both on-chain and off-chain activity, giving them access to insights on user engagement and growth, as well as data-driven suggestions for product iteration.
Additionally, Third Society's analytics platform provides predictive analytics capabilities that allow teams to make faster decisions based on accurate projections of future performance.
Teams can gain insights faster via dynamic dashboards and automated notifications to help anticipate needs before they occur.
2. Safe Treasury
Great for financial brands
Safetreasury.io is a dashboard for Web3 teams that provides a secure decentralized finance platform.
With Safetreasury.io, teams can easily manage their finances, cryptocurrency holdings, and portfolios with just a few clicks.
It gives users the ability to send and receive payments, track budgets, set limits on transactions and deposits, and receive regular updates about their funds all in one place.
The dashboard also allows users to monitor market changes in order to be better prepared when making investment decisions.
Very powerful analytics platform
Orbit is a web3 analytics platform designed to give users an in-depth look at blockchain data.
It allows users to track and analyze the performance of decentralized applications, view transaction status updates, review smart contract deployments, monitor cryptocurrency movements and much more.
The platform also provides comprehensive commentary about key trends in the industry for anyone looking to dive deeper into the world of blockchain.
Additionally, it makes it easier for blockchain developers and entrepreneurs to identify potential investment opportunities or issues that may arise when launching a decentralized application.
What separates good from great blockchain analytics tools?
The best Web3 analytics and attribution tools consider the entire activity of the average Web3 user. We're talking where they interact with the community to where they do their due dilligence.
The basic Web2 approach to Analytics simply isn't enough.
The best brands are now building a complete service based on Web3 from the ground up and not simply adding it as an "extra feature" to an existing, incomplete solution.
Key features of great blockchain analytics tools
If you're looking for a good blockchain analytics tool to help you grow your project, these are some of the common and incredibly useful features you should be looking for.
User acquisition attribution
User attribution is basically tracking a system user’s interactions with digital content or marketing materials.
It's super important as it's going to help you understand what's resonating with your users and then understanding who those best users are and where they're coming from.
By measuring this data, you can optimize your campaigns, allocate resources effectively and identify opportunities for investment and improvement.
It's the very basics you should be looking for with a decent analytics platform.
On and off-chain data
One of the more complicated issues that arises in Web3 is that we also have to consider off-chain data.
There are plenty of research tools that simply pull generic trends from on-chain data by monitoring smart contracts.
But that doesn't necessarily help you understand how your audience is interacting with things like your content and marketing materials.
For Web3, you need to marry both on and off-chain data to get a great overview of your audience and how they're interacting with your project.
Integrations with new and legacy analytics systems
Following on from the above with this.
A lot of Web3 analytics platforms are bringing data around wallets and on-chain usage. This information doesn't exist in existing analytics systems.
However, those existing analytics platforms have detailed data on web traffic, engagements with ads, referral partners and so much more.
You're going to need that data to accurately map the entire customer journey.
The easiest way to do this is to have an analytics platform that integrates with these existing systems to give you a complete overview of the entire customer journey.
How to choose the best Web3 analytic tool for you
This really depends on your own use case.
You're going to have to find the tool that not only tracks the usage stats you need to make the best improvement decisions, but you're also going to have to find onwe that you enjoy using.
The below is a growing list of the best Web3 analytics tools for you to choose from.