Multibase

BTC price is up today so I think my efforts to pump crypto are working. 😂 I'm doing one web3 product review everyday to kicktstart the bull run. Today's startup: Multibase @multibase_co is a web3 focused analytics platform similar to Amplitude or MixPanel, but with on-chain data built into the experience. Please like/repost/share if you love great web3 products! Overview 📋 Multibase focuses on giving founders and product leaders the insights they need to build great web3 products. This includes in-app activities, like clicking through onboarding or viewing an NFT listing, as well as on-chain activities like completing a transaction or sending tokens. Multibase most reminded me of Amplitude, which I used to use at Chess .com to analyze activity for millions of users. Multibase has all of the necessary reporting to track key conversion funnels like onboarding, completing a purchase, etc. as well as retention analysis. They also have sophisticated segmentation to identify user characteristics. With a thorough implementation, I’m confident that most web3 businesses could learn a lot by leveraging the Multibase analytics. Team Members 🛠️ @emmettmiller_ @wymi_ Leo Schottenstein Funding 💰 @ycombinator @OrangeDAOxyz What I loved ❤️ 1️⃣ I was able to find key insights within just a few minutes. I didn’t connect with data from my own products (this was demo data from another source), but I found some interesting trends after just a few clicks. For example, I thought it would be interesting to create an onboarding funnel and see where the major drop-offs occurred. Apparently the biggest drop-off was between “initiated” and “successful” transactions. Not sure whether this is something that can be remedied, but Multibase made it easy to ask this question and look for possible solutions. 2️⃣ Multibase easily covers the most critical product use cases. Conversion rates are easy to see with their funnel tool, and retention is very easy to see with their retention tools. From there, any number of segmentation options can help improve the complexity of the insights and find user trends. 3️⃣ As I said in the overview, the product this most reminded me of is Amplitude, which I think is high praise given that Amplitude is a clear category leader. Though Multibase is still early, I suspect they offer majority of the same features as Amplitude but at a lower cost, and also with the critical blockchain integration elements. Opportunities 🚀 1️⃣ I think the biggest opportunity, by far, is building out extensive educational resources. This could be things like templates within the product (”Onboarding Conversion”) or just videos and knowledgebase resources. For now, their documentation is fairly scarce. The platform is powerful, but the key to longterm adoption will be helping users feel comfortable with their default dashboards, and learning how to answer their own questions within the data. But the learning curve isn’t simple, so educational resources will go a long way to help people see how the product can benefit their businesses. 2️⃣ Regarding the previous point — I’m very curious whether some AI integration (like ChatGPT data interpreter) could give users superpowers as they look to set up the right reports to answer their questions. The AI might even be able to coach users on best practices regarding product analytics, and that could be one way to enhance the platform from an educational perspective. 3️⃣ Small point, but I’d love to see them support data imports from many other top blockchains. I suspect they are covering the biggest chains currently, but as a founder building on BTC and ICP, I’d love to see support for those blockchains. For now, it makes sense that they would target ETH, Solana, MATIC, BSC, and ETH L2s since that’s where a lot of the web3 activity is focused. Conclusion 🧐 As a founder, I would love to use Multibase. I think it will encourage the right product development questions and improvement cycles and help web3 founders build lasting products that people love. I highly recommend Multibase for anyone who wants to improve their product and onchain analysis.