Impact of Terra Integration on New Wallets Created

    Terra LUNA & UST

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    THORchain has launched integration for Terra LUNA and UST native swaps. The announcement came after weeks and probably months of speculation. With the integration, it is expected that network effects increase with the addition of new LUNA and UST pools. The purpose of this brief publication is to investigate the possibility of ecosystem impact by assessing the number of wallets created prior to and after the integration.

    Terra integration for THORchain succeeded with the first swap transaction on March 15, 2022. The chart below shows the daily number of new THORchain wallets created 10 days prior to and after the integration.

    New THORchain wallets are wallets that made their first-ever transaction within the period under review.

    By observation, new THORchain wallets created daily hovered around 200 - 450 prior to 24th March however, we can see a steep rise beginning March 25, and going on to peak at 1,045 on March 26. Although the number of new wallets daily reduced after 25th, numbers are still higher than prior.

    To confirm our observations, take a look at the table below. There were 3,668 wallets created prior to the launch while 6,592 new wallets were created 10 days after the integration.

    Conclusion: We have charted the creation of new THORchain wallets 10 days prior to and after the integration and we can say without reasonable doubt that the integration of LUNA and UST on THORchain had a positive impact in terms of new wallets onboarding.