Findings

• In the last 90 days, 3270 unique Terra wallets have performed at least 1 transaction at least 3 days a week (or weeks) and can be considered active Terra wallets. These wallets make up just 1.5% of the 219k wallets on the Terra chain.

• 142 Terra wallets have made their first transaction since 2023 and can be considered newly created wallets. These wallets make up 4.35% of the total Terra active wallets.

• Each active wallet has done 205 transactions in the past 90 days on average, which is 201 more than the average number of transactions done by non-active Terra wallets.

• Averagely these 3270 wallets have done 7455 transactions per day in recent 90 days while the rest of the Terra wallets have done 2329 transactions per day on average.

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Findings

• Taking up 67.9% of the total transaction types, swapping is the most common transaction type done by active wallets on Terra. These wallets have done more than 103k swap transactions on the Terra DEXes. After staking, liquidity actions are the next preferred actions for active wallets, accounting for 16.6% and 11.4% of total transactions, respectively.
• Although NFTs can bring so much hype to a chain, and Terra had a hyped NFT community prior to its collapse in May 2022, there are only 806 NFT trades recorded by active wallets, which is disappointing.
• Maybe that can be one of the reason, about why Knowwhere NFT marketplace will stop working on February , while it was one the nosiest dapps on Terra before in the good old days!

Findings

• Total of 586 wallets in Terra active wallets have done +3 actions (including swapping, staking actions, LP actions, voting, NFT minting, NFT trading). These wallets are 17.9% of the total active wallets and have achieved a +3 star performance!
• More than half of the active wallets in Terra (2860 wallets) are single acting users, and as we saw in the previous parts, 67.9% of the transaction type done by the active users are swapping transactions, so we can say these wallets are doing swap transactions only.
• Looking at the Top 100 wallets based on ratings, we find most of them perform 3 or 4 types of actions. In addition, they have 175.5 points more than the rest of the active wallets. Increasing the number of wallets that behave in this way will make Terra relive those good old days before the heartbreaking collapse!
• In this rating table, terra1fhgqfnef2wvz6rnmxupwq0mmks7ka8eu9ris leading among the active wallets, and even though this wallet is of the single-acting type, it received a very high rating in this system, which shows that this wallet does a lot of transactions!

What is Terra?​

Terra is an open-source blockchain hosting a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools. Using proof-of-stake consensus and ground-breaking technologies like Mantlemint, Terrain, and Station, the Terra blockchain is one of the fastest chains in existence, giving users an unparalleled DeFi experience. As a permissionless, borderless economy, Terra enables next-generation financial products accessible to anyone with an Internet connection.

On May 25th, 2022, Terra Classic users passed governance proposal 1623, which outlined the genesis of a new Terra chain. This proposal also described a genesis distribution of Luna which would be airdropped to users of the Terra Classic chain based on pre-depeg and post-depeg snapshots. Users can find their airdropped Luna by viewing the same wallet address that was present during either snapshot and switching their Station network to the phoenix-1 mainnet.

On May 27th, 2022 the phoenix-1 Terra mainnet launched, ushering in a new era of development by the Terra community.

Methodology

To find active wallets, I used the following filter:

A wallet that has made transactions on at least 3 days a week in the past 90 days. (even a single week, as we can consider the newly created ones too) .

• The number of transactions does not matter and a wallet can make 1 transaction daily. However, transactions must be done on 3 different days of the week.
• I subtracted Terra addresses with labels (like exchange wallets, token LPs,...) from normal wallets in order to find as many personal wallets as possible.

Plus the above conditions, I used a rating system to find the variety of the kind of transactions of the active wallets and these a the kind of transactions I looked for:

> * Token swapping > * Staking actions (staking, unstaking, claiming rewards) > * LP actions (Providing liquidity, removing liquidity, farming LP tokens, claiming rewards) > * Governance voting > * NFT trading (buying or selling) > * NFT minting

A star symbol (🌟) is given to each of these activities, and each wallet can earn up to six stars based on the type of its transactions.

Wallets get a rating based on the number of stars they got, representing their spot among the whole active wallets, and this is how the scoring system works:

> * 🌟 : (Total number of transactions) * 0.1 > * 🌟🌟: (Total number of transactions) * 0.2 > * 🌟🌟🌟 : (Total number of transactions) * 0.4 > * 🌟🌟🌟🌟 : (Total number of transactions) * 0.8 > * 🌟🌟🌟🌟🌟 : (Total number of transactions) * 1.6 > * 🌟🌟🌟🌟🌟🌟: (Total number of transactions) * 3.2

A wallet with +3 stars in this system is considered a high rated wallet, and a wallet with just 1 star is considered a single acting wallet.

I think this method can give better value to wallets that make different types of transactions, and have more interactions with the Terra ecosystem.

Conclusion

• 3270 unique Terra wallets have performed at least 1 transaction at least 3 days a week (or weeks) and can be considered active Terra wallets. These wallets make up just 1.5% of the 219k wallets on the Terra chain.
• 142 of these wallets have made their first transaction since 2023
• Each active wallet has done 205 transactions in the past 90 days on average, which is 201 more than the average number of transactions done by non-active Terra wallets.
• 42% of active wallets have just 1 week with +3 daily transactions in their activity history, 15.5% have 2 weeks, and 8% have 3 weeks with these conditions. Recently, Terra has witnessed an increase in wallet activity and a large number of wallets have been able to meet the active wallet's requirements. There can be 2 reasons for the recent boost in wallet activity: The first is the recent growth of the $LUNA token, which brings some hype to the Terra community (which is seeable on the right side chart - As the $LUNA price rises, the transaction activity of the active wallets increases too) and the second one is the launch of the new version of Terra Station.
• Taking up 67.9% of the total transaction types, swapping is the most common transaction type done by active wallets on Terra.
• Looking at the Top 100 wallets based on ratings, we find most of them perform 3 or 4 types of actions (including swapping, staking actions, LP actions, voting, NFT minting, NFT trading). In addition, they have 175.5 points more than the rest of the active wallets. Increasing the number of wallets that behave in this way will make Terra relive those good old days before the heartbreaking collapse!

  • I believe the growth of the Terra ecosystem will have the biggest influence on the increase in active wallets. Several valuable native projects are on their way out of Terra after the $LUNA collapse in May 2022 (such as protocols like Kujira, Mars & One Planet, or NFT projects like Hell Cats or Derby Stars, with active communities), and more projects need to be built (such as the new version of Terra Station) in order to motivate users to interact with Terra.

    $LUNA price is the most important thing which can boost the users activity as we see in recent days there was an intcres on users activity afetr some bullish moves on $LUNA price.

    Also, it is possible to boost Terra users' activity by integrating Terra with other IBC chains, using #IBCGANG power to improve Terra users' activities.

Sources

Thanks for your attention, have a nice day! 👋

Me in social platforms

Discord: Hessish#9153

Twitter: @h355i

Number of active wallets

Transaction making behavior

Findings

• 42% of active wallets have just 1 week with +3 daily transactions in their activity history, 15.5% have 2 weeks, and 8% have 3 weeks with these conditions. Recently, Terra has witnessed an increase in wallet activity and a large number of wallets have been able to meet the active wallet's requirements.

• Terra has 192 hyperactive wallets, each with +3 daily transactions over the past 12 weeks. These wallets are 6% of the total active wallets on Terra.

• There can be 2 reasons for the recent boost in wallet activity: The first is the recent growth of the $LUNA token, which brings some hype to the Terra community (which is seeable on the right side chart - As the $LUNA price rises up, the transaction activity of the active wallets increases too) and the second one is the launch of the new version of Terra Station (The main wallet of Terra ecosystem) with some new features like: fast swap, easy stake and IBC integration) you can find out more about this here:

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Type of transactions

Wallets Rating