Spindl
Web3 attribution and analytics platform tracking users from off-chain to on-chain
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About Spindl
Spindl is an onchain advertising and attribution platform that helps Web3 projects track which marketing channels actually drive user conversions. Traditional Web2 attribution relies on cookies and URL parameters, which break in the crypto world where users interact across multiple wallets, chains, and dApps. Spindl solves this by building a cross-chain identity graph that connects wallet activity to specific touchpoints, allowing projects to see whether a user came from a Twitter post, a quest platform, or an airdrop campaign.
The core technical challenge lies in data accuracy. Attribution requires strict event ordering, but blockchain data arrives late and out of order from different providers with varying SLAs. Spindl developed a hybrid architecture combining stateful storage for user touchpoints with batch processing pipelines, enabling reliable attribution even with delayed data. It also handles extreme identity variance—from MEV bots transacting thousands of times daily to first-time wallet users—and dynamic identity merges as users move between onchain and offchain behaviors.
In practice, Spindl moves beyond simple click-tracking to enable performance-based advertising where rewards are tied to verifiable onchain actions like token swaps or NFT purchases. This creates new possibilities such as multi-touch attribution models that fairly credit multiple contributing channels, something nearly impossible in Web2 ad tech. The platform also supports novel Web3 acquisition strategies like quest campaigns and token-gated incentives.
Regarding recent developments, Spindl was acquired by Coinbase in early 2025 to enhance onchain advertising distribution across the Coinbase ecosystem. The platform also partnered with Bitget Wallet to pilot wallet-native attribution, exploring how self-custody wallets can serve as attribution touchpoints. These moves signal growing adoption of onchain attribution as a standard tool for crypto user acquisition.
Key milestones and long-term significance:
In 2022, Spindl closed a $7M seed round led by Dragonfly and Chapter One, establishing on-chain attribution and measurement as its core direction.
In May 2024, it launched the first true on-chain ad network, using smart contracts to hold budgets and on-chain data to verify conversions, delivering a performance-based, transparent, and more privacy-preserving advertising model.
In January 2025, Spindl announced it was joining Coinbase (Base team), operating as a product team inside Base, laying the groundwork for scaling on-chain advertising infrastructure.
In February 2025, it released the Flywheel protocol and whitepaper at EthDenver, putting attribution, audiences, ad ranking, and delivery into a fully on-chain closed loop.
In April 2025, Coinbase Wallet joined the Spindl network; in July 2025, Spindl ads launched inside the Base app, bringing wallet and super-app entry points into on-chain advertising at scale.
Key progress in the past six months:
Launched native ads inside Base app, with ad units in the social feed and homepage, billed only when onchain actions (mint, swap, stake, etc.) occur, and managed via Spindl's analytics and audience segmentation tools.
Partnered with Bitget Wallet to pilot wallet-native attribution, integrating Spindl's placement into the Discover feature to track users across chains in fast-growing Asian markets.
Formed an onchain ad network with Daylight, Serotonin, and Collab.land, embedding ads into Collab.land's 5,000+ Discord sign-in flow, achieving CTR over 10% and effective CPM of $10–50.
Attribution data surpassed 1 billion events (2–5 million daily), with Vertex alone generating over 100 million tracked events. The attribution engine upgraded to a hybrid stateful+stateless workflow, enabling deterministic, replayable, and verifiable multi-touch attribution.
Future focus: advancing decentralized multi-touch attribution on public onchain data, expanding the publisher network and wallet-native attribution, and building audience targeting from combined onchain/offchain behavior to complete the targeting–attribution–payment flywheel.
Austin Cain is the Chief Growth Officer at Spindl. He previously served as Head of Partnerships at Polygon and co-created ConstitutionDAO. He also has experience as an investment advisor and studied finance at Georgia Tech.