From Terra, With Love

    $UST Moving Out of Terra

    1. Objective

    The objective is to analyze $UST transactions from Terra to other chains via wormhole. Wormhole is a multichain token channel that allows tokens to be exchanged across Solana, Ethereum, BSC, and Terra. Some key metrics that are going to be the focus of this investigation includes user activity, transfer volume, and user growth rate.

    2. Which Chains Have Seen the Most Volume of $UST Sent?

    Terra users are able to send $UST to four other chains through wormhole. Adding up volumes of transfers made and grouping by chain, we can deduce the chain which has seen most of $UST volume from Terra.

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    From the chart above, we can see that Solana sees most (63.4%) of the $UST volume sent from Terra. Ethereum takes second place with 32.7%, while the rest is shared between BSC and Polygon.

    3. How Many Unique Wallets Have Sent $UST to Another Chain?

    Next, we take an investigative dive into the number of users behind the volumes. Our findings lead us to 1.8K+ unique Terra users in 2 months of existence.

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    4. Growth Rate

    For two months since Wormhole has been in existence after the col-5 upgrade, it is prudent that we deduce how much its Terra userbase has grown. The formula used to calculate the growth rate is as follows: ((present-past)/past)*100 Where present refers to November's total unique users, and past refers to October's total unique users. Wormhole's Terra users have grown about 87% in its second month.

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    5. Average Amount of $UST Sent Per Transaction to Each Chain

    The average amount of $UST sent gives us an insight into the profile of users sending $UST across chains. For example, as the table shows below, Ethereum senders are likely to have more whales (large accounts with 100,000+ $UST) compared to Solana, Polygon, and BSC.

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    6. $UST Volume to Solana

    With Solana being the leading destination for $UST through wormhole, both in volume and frequency, it is prudent to chart a graph and understand the pattern. The graph below visualizes the daily amounts of $UST sent from Terra to Solana through wormhole after the col-5 upgrade.

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    7. Conclusion

    The above metrics indicate that there is utility for $UST on chains other than Terra. Solana is the leading alternative chain for $UST adoption so far as wormhole is concerned.

    We can see that there is no clear pattern here except that daily $UST amounts are generally below 5M USD. However, there were four special days where the volume broke through the threshold at 30 M, 30.5 M, 10.7 M, and 7.1 M respectively.