STIP Data Monitoring and Reporting - Objective 2 - Spindl - [Final]

Proposal: STIP Data Monitoring and Reporting - Objective 2 - Spindl - [DRAFT]


Spindl is the preeminent attribution and growth measurement platform for web3, enabling teams to construct coherent growth funnels and understand where their users are coming from, how much value they’re contributing, and how well they are being retained.

Incentivized growth among competing dApps on Arbitrum presents an interesting challenge for what Spindl specializes in: on-chain growth measurement. It’s rare to have developers arranged at a starting line, armed with incentives to galvanize growth, and then see how far they get given the various growth and incentive strategies deployed.

It’s also a showpiece for what Spindl does best: on-chain measurement and attribution.

Even limiting ourselves to transactions on Arbitrum, a user will transit a unique, incentivized journey—mints, swaps, bridging—until landing on the virtual doorstep of a dApp. How did they get there, and whom do we thank for their arrival? That function is described by the oft invoked (and misused) term of ‘attribution,’ a core concern of the Spindl product.


Spindl will create public dashboards using a first touch attribution model showing all of the STIP grantees who onboarded and engaged users on Arbitrum. This is any smart contract that was a user’s ‘first touch’ for eventual Arbitrum usage, pivoted by the downstream dApp.

The dashboards will provide the following metrics, pivoted by a user’s first touchpoint on Arbitrum:

  • TVL
  • Transactions
  • Users
    • New Arbitrum wallets
  • Fees Generated
  • Volume
  • User Retention
    • Incentivized Users vs Others
  • User Acquisition Cost
  • Lifetime Value of a User

As well a sector analysis, defined by the Protocol Labs team: DEX, Lending/Borrowing, Yield Aggregators, Perpetuals, etc.

This analysis, in addition to self-reporting by grantees, is critical to achieving the goals of the STIP program and informing future ones like it to:

  • accelerate ecosystem growth;
  • experiment with grant distribution models;
  • generate data to inform future programs; and,
  • uncover new strategies to drive activity on the network.

The image below portrays Spindl’s analysis of Base’s On-Chain Summer program. A dApp-to-dApp attribution Sankey: on right, the dApp which gained a new user; on left, the dApp that onboarded the user to Base, per a first-touch attribution model.

This is the user acquisition graph for the most popular dApps and NFT projects, during the first three weeks of Base.

Project Timeline

The first iteration of the dashboard, including: TVL, Transactions, Users, Fees Generated, Volume, and User Retention will be provided to Plurality Labs and the Arbitrum community 6 weeks after the SP is contracted. Refinement and additional metrics, stated above, will be added to the dashboards in the following weeks.

Milestone/Tranche amounts

Spindl is requesting 100,000 ARB to measure the impact of STIP on the growth of the Arbitrum ecosystem and each of the STIP recipients, distributed upon meeting the following milestones:

  • 25,000 ARB up-front
  • 50,000 ARB when the dashboards are delivered, showing initial metrics (TVL, Volume, Users, Transactions, Fees Generated, and Retention) pivoted by STIP recipient
  • 25,000 ARB at the conclusion of the program on April 1, 2024

Prior experience and Proposed Team

Antonio Garcia-Martinez, Founder/CEO

  • Before founding Spindl, Antonio was Head of Search Monetization at Branch Metrics, a leading web2 attribution company, where he built a pioneering mobile ads system using exclusively on-device data, built on top of Branch’s world-class attribution system.
  • Antonio was an advisor to Twitter and Facebook’s first ads targeting product manager. Prior to that, he was the CEO/Founder of AdGrok (acquired by Twitter).
  • Antonio is also the author of the New York Times best seller, Chaos Monkeys.

Kunal Modi, CTO

  • Kunal leads the engineering team at Spindl and is building web3’s first attribution system. Kunal previously worked at Airbnb as an engineering manager on its Experiences Growth team. Prior to Airbnb, Kunal spent 5+ years at Facebook as an Engineering Manager of Live Video. He hold a B.S. Degree in Electrical Engineering and Computer Sciences from University of California, Berkeley.

Spindl’s team has industry leading experience and expertise, including: Data Engineers from Circle, Backend Engineers from Coinbase, Data Scientists from Branch Metrics and Coinbase, and Business Development from Polygon.