Crypto Cosmology, Part 1.

    Initial Wormhole Activity

    1. Objective

    The objective is to analyze initial wormhole activity after adding Terra support with the Columbus-5 upgrade. Some of the activities to be investigated include user engagement, token metrics, popular chains, and adoption rate.

    2. Engagement

    User engagement is the defining metric for every system. How many users actually engage with a product is an indicator of whether the system provides utility. This premise is based on the fact that people continually use products they find useful. The chart below visualized the cumulative total of daily active Terrans engaging with wormhole. There are currently 6,192+ unique wormhole interactions so far.

    3. Token Statistics

    With wormhole facilitating the transfer of tokens across chains, it is prudent to know how frequently tokens are being moved in and out of Terra. The first chart in this section shows a pie chart of the frequency of tokens received via wormhole.

    What chains are the popular destinations among the wormhole supported chains? This question is answered by the chart below which show wormhole transactions grouped by volume. We can see that solana is by far the most popular destination among Terrans who have used wormhole.

    5. Rate of Adoption

    The rate of adoption is a function of new users over the total user base. And as the name suggests, it is an indicator of how a product is being adopted. Comparing the rate of adoption of wormhole vs that of regular Terra bridge, we use the cumulative curve to reach our conclusion.

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    The next chart, like the one above, shows the frequency of tokens sent via wormhole.

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    The blue line represents the terra bridge and the red line represents wormhole. We can see that the blue line is steep compared to the red line. This indicates that the terra bridge is seeing more adoption than wormhole.

    6. Final Words

    Wormhole is an innovative product that enables seamless token transfers across chains, however, I believe the user experience needs to be reworked since both the sender and the recipient of tokens have to pay for gas fees. Other than that, it is a good product.