Updates from the Multibase team.

2024-04-18

Benchmarking Success in Web3

Setting benchmarks is critical for any company across any industry, however benchmarks pose an interesting challenge in Web3 due to the decentralized, nascent, and rapidly evolving nature of the industry. Unlike traditional sectors, Web3 companies face an extreme lack of established benchmarks and comprehensive data sources, making it difficult to assess a company’s performance relative to competition and make informed decisions. We believe Multibase can play an essential role in setting those standards.

2024-04-03

On-Chain & Off-Chain Data: Substitutes or Complements?

Web3 companies should strive for a balanced approach to analytics, leveraging the strengths of both on-chain and off-chain data collection while keeping user privacy and decentralization principles in mind. While each approach offers several pros and cons, analyzing them in tandem can mitigate the downsides to both, thereby strengthening your product roadmap and giving you tangible data to optimize, which will ultimately help you reach product market fit.

2023-06-22

Multibase 0.4.0

Introducing Multibase, the platform that combines web2 and web3 worlds. Import wallets, analyze user behavior, and perform queries. Unlock insights with time, distribution, retention, and user path queries. Our latest feature integrates web2 and web3 data, enabling comprehensive analysis. Combine data sources to understand user behavior and optimize engagement. Multibase empowers web3 businesses with unprecedented insights for informed decision-making. Stay tuned for more innovations!

2023-05-19

Querying User Journey in a Smart Contract

In the fast-paced world of smart contracts, understanding how users navigate through the platform is crucial for optimizing their experiences. User journey queries offer a valuable solution by analyzing the sequence of actions users take and the time it takes for them to progress between methods. By examining the user journey, businesses gain insights into potential friction points, drop-offs, and areas for improvement. This blog explores the concept of user journey queries and their relevance for businesses, using the example of a swap platform. Through user journey queries, businesses can identify potential hurdles, streamline the user journey, benchmark their performance against industry leaders, and ultimately enhance the overall user experience.

2023-04-05

Tracking Smart Contract Retention

Blockchain and DeFi projects are becoming increasingly popular, making it crucial for developers and project managers to track the retention of their smart contracts. Retention rate is a measure of user engagement with a project. A high retention rate indicates users are finding value in the contract, while a low retention rate could mean that users aren't finding it useful enough. Multibase can be used to track the number of users performing specific actions and compare them over time to identify trends in user engagement. By comparing the retention rate of your contract to competitors, you can gain valuable insights into how your project is performing in the market and identify areas for improvement. Overall, tracking retention using Multibase can provide valuable insights that can help improve and evolve your project over time.

2023-04-03

Multibase 0.3.0

Multibase 0.3.0 brings two new features to the table - Distribution queries and Imports with labels. Distribution queries measure the popularity of tokens, NFTs, and contract interactions among your audience to help you make informed decisions about the direction of your project. Imports with labels allow you to bulk-label an entire import under a certain label. This can save you time and effort when importing large amounts of data and applying the same label to each entry.

2023-03-22

New Era Of Customer Analytics

With the emergence of Web3, companies can now see full financial behavior on the blockchain. This means that businesses can assess the health of their contract and better understand their customers' transaction history, balance changes, or contract interactions. The exciting thing about this new age of customer analytics is that the insights you measure can extend further than your own company. By analyzing the blockchain, you can assess the health of competitor companies and compare it to your own. For example, let's say you run a decentralized finance (DeFi) platform. By analyzing the blockchain, you can see how much money your customers are depositing into your platform, how often they are making deposits, and how much they are earning in interest. You can also see how your platform is performing compared to your competitors, as well as how your customers are interacting with other DeFi platforms. In conclusion, the new era of customer analytics enabled by Web3 is opening up a whole new world of insights for businesses. By analyzing the blockchain, companies can better understand their customers and their behavior, as well as gain valuable insights into their competitors. As we continue to move forward, it will be interesting to see how businesses continue to leverage these tools to gain a competitive edge.

2023-03-09

Upselling Your Web3 Users

Upselling in Web3 involves cohorting users by wallet size, contract interaction, token usage, and transaction frequency to target potential customers. Offering premium access, personalized discounts, and promotions can increase engagement and revenue. Multibase simplifies the process of cohorting users. Utilizing blockchain technology can improve the user experience while increasing profits.

2023-02-28

Running a Time Query

The time query is an essential query mode on Multibase. The time query allows you to monitor on-chain properties of your users over time. You can select balance, transaction count, transaction frequency, and more over time. Add conditions and query any time range. You can

2023-02-27

Pricing Your Web3 Product

In web3, pricing is significant for several reasons. Businesses need to be careful when pricing their products or services to ensure that they are not exposed to unnecessary financial risks, especially given the highly volatile nature of cryptocurrencies. Furthermore, pricing is determined by supply and demand, and businesses need to be aware of the market conditions to price their products or services appropriately. As a web3 company, it's essential to keep up with changing market conditions and adjust your pricing accordingly. One effective way is to look at your customers' wallet balances over time, as this can help you track changes in wallet balances and monitor the effectiveness of your pricing strategy. By doing so, you can identify opportunities for upselling and remain competitive in a market lacking standardization. Check out our blog post for more information on how to track your users' balance over time using Multibase.

2023-02-22

Finding Your Web3 Users On-Chain Balance

Knowing how your users' balances change over time can also help anticipate trends. For example, if balances are increasing rapidly, that could indicate growing interest in web3 and more opportunities for your company. On the other hand, decreasing balances may suggest waning interest or other external factors impacting the web3 space. Monitoring the pace and patterns of change, not just current values, provides additional context to inform strategy and spot new opportunities or risks. Tracking a range of metrics, including on-chain balance, over time offers the most comprehensive view of your users and industry.

2023-02-20

The Ultimate Guide to Web3 Analytics

The promise of Web3 is to deliver a future of utility and empowerment that benefits everyone, with data ownership and portability being key to this vision. While Web3 is still in its early stages, if the movements continues to grow, it presents many interesting opportunities for data analysts, product managers, founders, and investors. Because the Web3 movement is built on top of a public ledger, this presents one of the largest opportunities for product optimization in the history of the internet. In this post, we will explore the benefits of decentralized user analytics, use cases, and implementation.

2023-02-09

Launching Multibase: Web3 Wallet Analytics