“A decentralized application (dApp) is an application that combines a set of smart contracts deployed on a blockchain network, and a frontend user interface (UI) that interacts with the smart contracts in the blockchain network.” – Ethereum
Decentralized applications’ performance tracking requires collecting data from both on-chain and off-chain data sources. Therefore, KPIs are segmented into two main groups:
• Off-chain KPIs
• On-chain KPIs
The first step in the KPIs dashboards creation process is the KPIs definition step. In this phase, we reverse engineer the User Journey to define the KPIs needed.
In this article, we will go through the most important metrics and KPIs to monitor, in order to keep track of a dApp’s performance based on general Web3 User Journeys.
Off-chain Key Performance Indicators
Off-chain KPIs are the ones that require the data collection process to be off-chain, from data sources that are not in blockchain networks.
Below, we list the most important off-chain KPIs that dApp owners must monitor:
Number of the dApp visitors
The dApp’s Traffic is one of the most important marketing KPIs. It shows how many users entered the Marketing Funnel, and allows to measure the conversion rates of the advertising campaigns.
Number of the dApp Wallet Connections
The number of unique wallet connections shows how many visitors have converted and connected their wallet to interact with the dApp’s smart contract(s). Moreover, this KPI allows to measure the conversion rates of the dApp’s landing pages.
User Conversion Rates
The user conversion rates KPIs are very useful to growth teams to be able to detect and find optimization opportunities to grow and boost the business KPIs.
On-chain Key Performance Indicators
On-chain KPIs are the ones that require the data collection process to be on-chain, from blockchain networks data.
Below, we list the most important on-chain KPIs that dApp owners must monitor:
Number of Users
The number of Users or Unique Wallets interacting with the Smart Contract(s), allows to measure the number of clients which can also open the doors to calculate the dApp revenue if the smart contract(s) interactions are accompanied with fees.
Number of Transactions
Measuring the number of transactions made to the dApp’s Smart Contract(s) opens the doors to explore multiple business KPIs depending on the case. It allows us to measure the demand of the dApp, for example.
Smart Contract(s) Volume
The total amount of incoming value to dapp’s smart contracts. Same as the previous KPI, it opens the doors to explore multiple business KPIs depending on the case.
Smart Contract(s) Balance
The total value of assets in dapp’s smart contracts. Same as the previous two KPIs, it opens the doors to explore multiple business KPIs depending on the case.
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