Try Quests to earn cryptoTerra - 10. Light as a Feather
Light as a Feather
The announcement of Station has generated hype in the Terra community. Has this type translated to an increase in activity?
Define and visualize at least 2 metrics for ecosystem activity and analyze them in the week before and after the Station. Did the launch have any measurable impact? Are there other factors that might be in play affecting the metrics you’ve chosen?
Introduction
Congratulations on the launch of Station! It sounds like it will be a useful tool for simplifying the process of interacting with multiple blockchain networks, making it more user-friendly for those who want to use decentralized applications (dApps). It is a great step towards building the interface to Web3 and making it more accessible to the general public. Announcement
Station is an interchain wallet that aims to simplify the process of interacting with multiple blockchain networks. It provides several features including:
- Quick Stake which streamlines the staking process by automatically selecting and staking to a validator based on pre-disclosed criteria.
- Crypto Management which allows users to manage and track their crypto portfolio easily, and
- Governance which allows users to view and vote on proposals for all supported chains in one convenient location. It also offers non-custodial wallets that give users complete control over their funds.
Method
In this dashboard I tried to track the activities on Terra system affected by the announcement of Station on the 14th of January and visualize the following metrics for ecosystem activity and analyze them in the week before and after the Station (Jan 7th till 21th by day).
I tried to evaluate some useful metrics for analyzing the performance of the Terra network using the following metrics:
- The number of transactions and active users can give an idea of the overall usage and popularity of the network. The number of new users can indicate if the network is growing or attracting new users.
- The inflow and outflow of stablecoins to the Terra network can provide insight into the liquidity and stability of the network's economy.
- NFT (non-fungible token) mint and sales metrics can indicate the level of activity and interest in the NFT market on the network.
- Development overview can give an idea of the progress and activity of the development team.
- LUNA trading overview by looking at swaps metrics can provide insight into the trading activity and liquidity of LUNA, the native token of the Terra network.
For this I used the following table from FS database:
> * crosschain.core.fact_hourly_prices
> * terra.core.fact_transactions
> * terra.core.ez_transfers
> * terra.core.ez_swaps
> * terra.core.ez_staking
> * terra.core.fact_nft_mints
> * terra.core.fact_nft_sales
✍🏻 Conclusion
As of Findings above:
In conclusion, the launch of Station has had a positive impact on various aspects of the network, including staking, crypto management, governance, NFTs, and smart contracts usage.
The results show an increase in usage and adoption of the platform, as well as an increase in the number of transactions, active users, and new users. The inflow and outflow of stablecoins also increased and NFT sector saw an increase in sales and buyers.
However, the launch also caused some volatility in the market, as seen in the fluctuation of LUNA price, stablecoin turnover and NFT sales price. The introduction of the Easy Staking feature will help to increase the frequency of stake trades and number of Stakers.
Overall, Station has proven to be a useful tool for simplifying the process of interacting with multiple blockchain networks and making it more user-friendly. It is a great step towards building the interface to Web3 and making it more accessible to the general public.
Hey there 👋!
Firstly, I appreciate you sticking with it until the conclusion.
I'm Hamed, a civil engineering Ph.D.
student interested in data analysis.
I've made many similar dashboards and visualizations since I started at Flipside in January.
Please take a look at my various contact details and let me know what you think.
About:
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Author: HaM☰d
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Discord: 0xHaM☰d#8391
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Twitter: @arjmandi_hamed
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Email: h_arjmandi2012@yahoo.com
:mag_right: Findings:
As of above charts can be seen in the announcement day (Jan 14th) the LUNA price experienced too volatile market.
Also the new wallets increased after announcement date and two days after, but in Jan 17th, fell to below its MA7-day.
The following charts show the unique active wallets and transactions count over time.
Both of two metrics goes above their MA7-day in announcement day and two days after.
✨ Why NFT?
NFTs (non-fungible tokens) have become increasingly popular in recent years, and their growth has been a significant driver of activity on various blockchain networks. Analyzing the impact of Station's launch on the NFT sector can provide insight into how the platform is being used and adopted by users and developers in this area. Factors to consider when evaluating the impact of Station on NFTs may include the number of NFTs minted, the number of NFTs sold, the volume of NFT trades, and the number of dapps or projects focused on NFTs that are using Station.
:mag_right: Findings:
The results indicate that the launch of Station has had a positive impact on the NFT sector, as there has been an increase in both NFT sales and the number of different NFT buyers since the week prior to the launch. The number of NFTs bought per user also seems to have an upward trend, although there were some days with low values. However, the NFT sales price in USD fell to around $500 per day on the day of the announcement and did not fully recover to the highest price seen in the week prior to the launch. This suggests that while Station may have increased the number of NFT transactions and buyers, it has not necessarily had a significant impact on the prices of NFTs.
:mag_right: Findings:
The number of active contracts on Terra grew from 160 to 180 each day after the launch of Station was announced, suggesting that the news had a favorable effect on the utilization of smart contracts. Despite a brief decline in daily new contract deployments in the days after the announcement, January 19 saw a surge with 23 new contracts being put into effect. Note that the quantity of newly deployed contracts may be influenced by variables other than the launch of Station, therefore this metric may not be a reliable estimate of Station's impact on Terra.
:mag_right: Findings:
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The new feature, called Easy Staking, will allow more wallets to stake.
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There was an increase in the frequency of stake trades across all three markets, to the tune of almost $1,500 daily.
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There has also been an increase in the number of Stakers across all three activities, with the daily average now sitting at around 1500.
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Redelegation, cumulative net staked volume(LUNA) and reward receiver count have dramatically increased in some days after announcement.
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Average net staked volume, stake transactions and delegator counts in the after announcement week were higher than before date.
:mag_right: Findings:
Bought LUNA volume increased dramatically in January, peaking at over $400 million, much higher than on other days, and experienced a volatile day on January 15th, one day after the announcement.
Swap transactions and swappers counts increased affected by station announcement in Jan 14 & 15th.
Also, as of PIE charts above the average swaps LUNA metrics, increased after announcement date, with too significant percentages on announcement date.
:mag_right: Findings:
Turn over of stablecoins in terms of transferring metrics experienced volatile days around announcement date.
Inflow transferred volume was higher than outflow volume over the weeks of announcement date, except in the Jan 10th, that peaked at 400K outflow volume.
Outflow transactions and withdrawer(sender out) counts increased over the week after announcement.
Overall, average inflow inflow and outflow volume after announcement date was higher than before, but not in netflow volume.
