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Last updated: 2026-01-14
What is Web3 Attribution?
A complete guide to crypto marketing analytics for growth teams
Web3 Attribution, Defined
Web3 attribution connects off-chain marketing campaigns (Twitter, Discord, email, ads) to on-chain conversions (token swaps, NFT mints, protocol deposits). It answers the question: "Which marketing channels drove real blockchain activity?" For a self-serve web3 attribution tool with a free tier, see Web3 Trackers.
Why Web3 Attribution Matters
In traditional marketing, conversions happen on your website. Someone clicks an ad, lands on your site, and signs up or purchases. Tools like Google Analytics, HubSpot, or Mixpanel track this easily.
In crypto, conversions happen on blockchains. Someone sees your Twitter thread, connects their wallet, and swaps tokens on Uniswap. The conversion happened on Uniswap, not your website. Traditional analytics can't see it.
Without Attribution
- ✗Can't prove which channels drive conversions
- ✗Wasting budget on underperforming campaigns
- ✗Can't report ROI to investors
- ✗Guessing instead of optimizing
With Attribution
- ✓Know exactly which campaigns drive swaps
- ✓Optimize budget based on CAC data
- ✓Show investors data-driven results
- ✓Double down on what works
Web2 vs Web3 Attribution
| Aspect | Web2 (Traditional) | Web3 (Crypto) |
|---|---|---|
| Where conversions happen | Your website | Blockchains (Ethereum, Solana, etc.) |
| Conversion types | Signups, purchases, form fills | Swaps, mints, deposits, transfers |
| Tracking method | Cookies, pixels, UTM parameters | Wallet addresses, referral codes |
| User identity | Email, phone, login | Wallet address (pseudonymous) |
| Data visibility | Private (your analytics) | Public (blockchain data) |
| Common tools | GA4, Mixpanel, HubSpot | Web3 Trackers, Addressable, Dune |
How Web3 Attribution Works
There are several approaches to Web3 attribution. Here are the most common:
1Referral Code Attribution
The simplest and most reliable approach. Generate unique codes for each campaign, users register wallets with codes, and conversions are attributed deterministically.
Campaign: TWITTER_JAN → Code: REF_TW01
User registers wallet 0x1234... with REF_TW01
Wallet 0x1234... swaps on Uniswap
→ Conversion attributed to TWITTER_JAN
✓ Used by: Web3 Trackers, most self-serve tools
2Wallet Connect + Session Tracking
Track when users connect wallets on your site (with UTM parameters), then monitor those wallets for subsequent on-chain activity.
⚠ Limitation: Only works if users connect wallets on your site first
3Identity Graph / Probabilistic
Build profiles linking wallets to web identities using various signals (social logins, ENS names, behavioral patterns). More complex but enables richer targeting.
⚠ Typically enterprise-only, sales-led pricing
What Conversions Can Web3 Attribution Track?
DeFi Conversions
- • DEX swaps (Uniswap, SushiSwap, Jupiter, Raydium)
- • Protocol deposits (Aave, Compound, lending)
- • Liquidity provision
- • Staking transactions
- • Bridge transactions
NFT & Token Conversions
- • NFT mints (primary sales)
- • NFT purchases (secondary)
- • Token purchases/swaps
- • Airdrop claims
- • Custom contract interactions
Key Metrics in Web3 Marketing
CAC (Customer Acquisition Cost)
Marketing spend divided by number of converting wallets. With per-link spend tracking, you can calculate CAC at the individual link level for granular channel insights.
Formula: CAC = Link Spend / Number of Conversions from that Link
Conversion Rate
Percentage of registered wallets that complete on-chain conversions within attribution window.
Formula: CR = Conversions / Registrations × 100
Wallet Quality Score
Composite score based on wallet age, transaction history, balances, and DeFi activity. Identifies high-value users vs. bots/farmers.
Attribution Window
Time period after registration during which conversions are attributed to the campaign. Typical windows: 7, 30, 90 days.
Getting Started with Web3 Attribution
Define your conversion
What on-chain action represents success? Token swap? NFT mint? Protocol deposit? Start with one clear conversion type.
Choose an attribution tool
Self-serve options like Web3 Trackers start at $99/month. Enterprise tools like Addressable require sales calls. Match tool to your budget and needs.
Set up tracking
Create campaigns, generate referral codes for each channel, and integrate the wallet registration flow into your user journey.
Track spend per link
Add your marketing spend directly to each tracking link. This enables accurate cost-per-conversion and ROI calculations at a granular level.
Launch and optimize
Run campaigns, monitor conversion data, view cost-per-conversion per link, and reallocate budget to highest-performing channels.
Frequently Asked Questions
What is Web3 attribution?
Web3 attribution is the process of connecting off-chain marketing activities (campaigns, ads, referral links) to on-chain outcomes (token swaps, NFT mints, protocol interactions). It bridges the gap between traditional marketing and blockchain-based conversions.
Why can't I use Google Analytics for crypto marketing?
Google Analytics tracks events on your website, but crypto conversions happen on blockchains (Uniswap, OpenSea, Aave, etc.). GA4 cannot see or attribute on-chain transactions. You need specialized Web3 attribution tools to connect marketing to blockchain activity.
What's the difference between Web2 and Web3 attribution?
Web2 attribution tracks website conversions (signups, purchases on your site). Web3 attribution tracks blockchain conversions (swaps, mints, deposits) that happen on decentralized networks. The conversion happens in a completely different environment.
How does Web3 attribution work technically?
Most Web3 attribution uses referral codes linked to wallet addresses. Users register their wallet with a campaign code, then the system monitors on-chain activity for that wallet and attributes conversions back to the original campaign.
What conversions can Web3 attribution track?
Common conversions include: DEX swaps (Uniswap, Jupiter, Raydium), NFT mints, protocol deposits (lending, staking, LPs), bridge transactions, token transfers, and custom smart contract interactions.
Do I need to modify my smart contracts for attribution?
No, most Web3 attribution tools work by monitoring on-chain activity for registered wallets. You don't need to modify contracts. The attribution happens at the wallet level, not the contract level.
Which blockchains support Web3 attribution?
It varies by tool. Web3 Trackers supports Ethereum, Base, Solana, and TON. Most tools claim multi-chain support. Always verify specific chain support before choosing a tool.
How accurate is Web3 attribution?
Attribution accuracy depends on the model. Referral code attribution is deterministic — if a wallet registers with code X and then swaps, it's attributed to X. More complex probabilistic models (like identity graphs) have varying accuracy.
Related Resources
Best Web3 Attribution Tools (2026)
Practical buyer guide for choosing the right tool
How to Track Crypto Marketing ROI
Practical guide to proving ROI to investors
Web3 Attribution Tools Comparison
Compare Addressable, Spindl, Formo, and more
DeFi Marketing Guide
Grow your protocol with attribution tracking
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