Why On-Chain Data Matters for Brands and Protocols
This conversation delves into the complexities of user retention in Web3, emphasizing the importance of on-chain data for brands.
It discusses various frameworks for data analysis, the significance of event-specific insights, and the role of user personas.
The speakers highlight the current state of data analysis in the Web3 space, the challenges of getting started with SQL, and the necessity of testing assumptions in data queries.
They also explore the creation of meaningful dashboards tailored to specific audiences and the importance of shifting mindsets in data analysis.
Key Takeaways
- User retention in Web3 is challenging due to high churn rates.
- On-chain data provides unique insights into user behavior and competitor analysis.
- Brands often overlook the potential of on-chain data for marketing and product development.
- Event-specific analysis can yield valuable insights about user engagement.
- Understanding user personas is crucial for effective data analysis.
- There is a gap in hiring data analysts in the Web3 space despite the abundance of data.
- Getting started with SQL doesn't require extensive knowledge; focus on the basics.
- Testing assumptions in data queries is essential for accurate analysis.
- Dashboards should be designed with the target audience in mind for maximum impact.
- The mindset of data analysts should shift from identifying problems to exploring opportunities.
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