Tracking Smart Contract Retention
Tracking Smart Contract Retention
April 05, 2023
Image of author Wyatt Miller
Wyatt Miller

Why Tracking Retention of Your Smart Contract is Important

As the world of blockchain and decentralized finance (DeFi) continues to evolve and grow, it's becoming increasingly important for developers and project managers to track the retention of their smart contracts.

The Importance of Contract Retention

Why is retention important? Simply put, it's a measure of how engaged your users are with your project. If you have a high retention rate, it means that users are finding value in your contract and are continuing to use it over time. On the other hand, if your retention rate is low, it may be a sign that users are not finding your contract useful or engaging enough to continue using it.

Using Multibase to Track Contract Retention

So how can you use Multibase to track retention? Let's say you have a smart contract that allows users to perform various actions, such as swapping tokens, transferring tokens to other users, minting new tokens, and staking tokens to earn rewards.

You can use Multibase to track how many users perform each of these actions in a given month, and then compare that to the number of users who perform the same action in the following months.

For example, let's say that in the first month after your contract launches, 100 users perform a swap transaction. In the second month, you can use Multibase to see how many of those same 100 users perform another swap transaction. If 80 of them perform another swap, that means you have an 80% retention rate for that particular action. You can then continue tracking retention for each action over time to see how user engagement evolves.

Comparing Your Contract to Competitors

Another way that tracking retention using Multibase can be useful is by comparing your contract to your competitors. For example, let's say that you have a smart contract that allows users to stake tokens and earn rewards.

You can use Multibase to track how often users are claiming their staking rewards on your platform, and then compare that to similar contracts in the market. By doing this, you can gain insights into how your contract stacks up against the competition in terms of user engagement and retention.

Identifying Areas for Improvement

In addition to comparing specific actions like staking rewards, you can also use Multibase to compare overall retention rates between different contracts. This can help you identify areas where your contract may be falling short compared to the competition, as well as areas where you may be outperforming them.

Overall, using a tool like Multibase to track retention and compare your contract to competitors can provide valuable insights into how your project is performing in the market. By identifying areas where you may be falling short and areas where you have a competitive advantage, you can make more informed decisions about how to improve and evolve your project over time.

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