Try Quests to earn cryptoNew Year, New LUNA?
What is the Question?🚨
The holidays and New Year are often chaotic in the crypto and DEFI space, as users make a spree of new transactions and wallets as they receive (and give) some cash and coins as holiday gifts.
Has this flurry of winter activity impacted the Terra ecosystem? Are users creating new wallets or buying tokens with their newfound holiday wealth? Are they staking all those new tokens once they get them? Or are they selling tokens to pay for their own gifts and holiday travel?
Create a dashboard documenting significant trends in transactions, wallets, supply, staking, development, or other aspects of the Terra ecosystem. Note any changes in metrics such as the average and total transactions per week and the fees associated with them, the total and average number of new wallets created each week, the total and average number of contracts deployed, LUNA staked, and anything else you find interesting.
Analyzed Topics:
- Number of Transactions and Users and Spent Fee
- New Users
- Transfer Activity
- Staking Activity
- NFT Sales Activity
- Contracts Deployment
- Top $LUNA Holders
- $LUNA Price
- $LUNA Circulating Supply
Introduction🚩
What is Terra?
Terra is an open-source blockchain payment platform for an algorithmic stablecoin, which are cryptocurrencies that automatically track the price of currencies or other assets. The Terra blockchain enables users to instantly spend, save, trade, or exchange Terra stablecoins.
The Terra protocol creates stablecoins designed to consistently track the price of a fiat currency (a government-backed currency such as the U.S. dollar or euro). It consists of two cryptocurrency tokens—Terra and Luna.
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What Happened to $LUNA?
The Luna crypto network collapsed in what's considered the largest crypto crash ever, with an estimated $60 billion wipeout, shaking the global digital currency market. There are two stories regarding Luna crypto: the TerraUSD/UST stablecoin and the actual Luna coin.
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Method⚡
In this dashboard, i analyzed multiple parts of Terra ecosystem around new year holidays and christmas to see what did people do with their money (gifts) and how terra performed in past 10 days.
For this purpose i used ==Terra.core== database provided by Flipsidecrypto and used
==“terra.core.fact_transactions”== table for Transactions and new users and contracts deployment parts,
==“terra.core.ez_transfers”== table for Transfer Activity and top $LUNA holders and $LUNA circulating supply,
==“terra.core.ez_staking”== table for Staking Activity,
==“terra.core.fact_nft_sales”== table for NFT Sales Activity,
and ==“crosschain.core.fact_hourly_prices”== table for $LUNA Price.
I considered 6 as $LUNA decimal for amounts and only successful transactions with tx_succeeded = TRUE
I analyzed these metrics from ==2022-12-20== until ==2023-01-11== ~ 10 days before and after start of 2023 and around new year holidays.
Findings👀
- In this section, i made an overview of Terra ecosystem since 10 days before start of 2023 until 10 days after its start.
- If we look closely, we can clearly see that users made more transactions on Terra after the beginning of 2023 than before it in the specific timeframe that i am analyzing.
- Most activity on Terra in past 20 days happened on January 9th which over 3K users has recorded over 15K transactions in total and most of them were transfers.
- Also, users spent fee saw a huge spike on Jan 9th with a total of 240 Spent fee.
- Left chart is confirming all of my observations and you can see that users made more transactions after start of 2023 than before it. (10 days before and after)
Findings👀
- It looks like most of the transfer activity on Terra since December 20th 2022 were IBC_Transfer_Off. It means that users are transferring their tokens out of Terra.
- In past 20 days, users has recorded over 311M usd volume and 228M $LUNA volume of transfer outs and these massive numbers are much bigger than transfer IN stats.
- Over 130K transfer out has been recorded since Dec 20th while only 3K transfer IN recorded in this timeframe so far.
- Dec 28th had the highest transfer volume in past 20 days and most of it were transfer out. The highest transfer activity such as number of transfers, receivers and senders happened on Jan 9th, the day that Terra experienced the most activity on its whole ecosystem which i mentioned earlier in the first part of dashboard.
Findings👀
- Terra has recorded pretty much the same transfer activity 10 days before and after start of 2023 as we see in above charts but in volume chart, we can clearly see that there were more transfer volume has been recorded on Terra ecosystem before start of new year.
- It is interesting that although number of transfers are pretty much the same before and after the start of 2023, but the transfer volume is so much different and before start of 2023 transfer volume is much more than after it.
- Terra has recorded almost 50M less transfer volume after Start of 2023 than before it.
Findings👀
- As it seems, users has recorded more staking activity after start of the new year but the staking volume is much less than before it.
- Also number of users crossed the number of actions after the start of 2023 unlike before it.
- Most of the staking volume belong to December 30th, before the start of 2023.
- Staking activity except staking volume has increased day by day after the beginning of 2023.
Findings👀
- Left and right charts are showing past 20 days staking activity of Terra users divided by their action type.
- We can see that most of Terra users has recorded delegates while in volume chart, the most activity was on redelegate and delegate and undelegate has recorded pretty much the same stats on volume chart.
- Over 13K out of 17K users on Terra staking has recorded Delegates in past 20 days since Dec 20th.
Findings👀
- The most NFT sales activity on Terra happened after Christmas day on Dec 24th and Dec 30th had the highest number of sales and sales Volume in past 20 days.
- In the purchasers and sellers chart we see that sellers were more than purchasers since Dec 20th means that users were mostly selling their NFTs around holidays.
- Skeleton Punks is the most sold NFT collection on Terra in both terms of number of sales and sales volume in $LUNA with over 9K sales and a total volume of 104 $LUNA in past 20 days since December 20th 2022.
- Hero classic is in the second place in terms of number of sales and Ronin is in the second place in terms of Sales Volume.
Findings👀
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After start of 2023, contract deployment on Terra has increased and Terra recorded more new contracts deployments after start of 2023 than before it.
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A total of 323 contracts has been deployed on Terra chain after the beginning of 2023 while less than 300 contracts were deployed 10 days before new year since Dec 20th.
Astroport is the most interacted contract among others on Terra with over 22K transactions in past 20 days around holidays followed by Terra Poker Token in the second place with over 5K transactions in total.
Findings👀
- ==“terra1tygms3xhhs3yv487phx3dw4a95jn7t7l8l07dr”== is the biggest $LUNA holder both 10 days before and after the start of 2023 but something interesting is that this wallet has decreased its balance after the start of new year by almost 2M worth of $LUNA.
- 1 other interesting fact is that ==“terra18vnrzlzm2c4xfsx382pj2xndqtt00rvhu24sqe”== wallet address, the second top $LUNA holder has increased its balance after new year by almost 1.7M worth of $LUNA and same story for ==“terra1y8ww6fvqhncphqxl2d84jvwcgjvjs2qw6wytsw”== wallet address which increased its balance by 1.8M worth of $LUNA.
- Looks like Terra whales are buying its new token and they have hope for this project after its crash that happened in May 2022.
Conclusion💡
- From a general point of view and by covering all aspects, Terra has performed better in 10 first days of 2023 than 10 days before its start.
- Recent bullish market around holidays put some few effects on Terra’s performance and price.
- Most of the users transactions were transfers and if we look more precisely, most of the transfers were transfer OUT.
- Transfer activity on Terra has increased after the start of new year but the transfer volume from 10 days before start of 2023 is way more than 10 days after the start of 2023.
- The same scenario like Transfer happened to Terra staking activity, staking actions stats increased after new year but staking volume of before 2023 were more than after it.
- NFT sales activity of Terra has decreased after new year.
- Skeleton Punks was the most sold nft collection in both terms of number of sales and sales volume around holidays after Dec 20th.
- Terra contract deployment performed better after start of 2023 and Astroport was the most interacted contract on Terra around holidays.
- ==“terra1tygms3xhhs3yv487phx3dw4a95jn7t7l8l07dr”== was the biggest $LUNA holder in past 20 days around Christmas.
- $LUNA price has increased after start of new year.
- Daily Balance changes of $LUNA holders recorded an slight change in the first 10 days of 2023 than last 10 days of 2022.
