What is the Question?🚨

2022 was a rough year for Terra and $LUNA. So what will the future hold — and what New Year’s Resolutions could the protocol make to ensure 2023 is better than 2022?

Identify at least three goals that the Terra ecosystem and community should have in the New Year, how they can achieve them, and what good fortune those changes would bring. Back up your assertions with on-chain data.

Analyzed Topics:

1. Transactions & Users & Spent Fee
2. New Users
3. Transfer Activity
4. Staking Activity
5. NFT Sales Activity
6. Contracts Deployment
7. $LUNA Price
8. $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.

More Info

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.

More Info

Method⚡

In this dashboard, i analyzed multiple parts of Terra ecosystem over time after $LUNA 2.0 launch on May 2022 to see the chain performance in this timeframe and in bearish market and its recovery after Terra crash to make some suggestions for the ecosystem to grow faster.

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 Data on a monthly basis and didnt use any specific timeframe for queries.

1. Transactions & Users & Spent Fees

Findings👀

• A total of 2M transactions has been made by 214 users on Terra and they spent 137.3K $LUNA on fees since May. Also we should mention that the highest spent fee was on May 2022, after LUNA 2.0 launch.
• Although number of users has decreased in past 7 months but number of monthly transactions didnt record any serious decrease in this timeframe and it seems loyal users are making more transactions on Terra and they still have their faith on this chain.

Findings👀

• Transfer and Delegate were accounting the most transaction share on each month in past 7 months on Terra. Transfer itself is accounting over 62% of all transactions on Terra followed by Delegate in the second place with almost 27% of all. We can conclude that they are accounting approximately 90% of all Terra transactions since LUNA 2.0 launch.
• Delegate is leading others on monthly average number of transactions and Transfer and Swap have pretty close stats.

Findings👀

• Almost 5% out of all Terra transactions has been failed since May and the rest of them successfully has been made.

2. New Wallets

3. Transfer Activity

Findings👀

• Over 90% of transfer activity on each month were transferring out of Terra but the things are different on transfer volume charts. Transferring into Terra from somewhere else is leading on volume and the highest transfers that Terra received was on November 2022. Also Terra recorded the highest transfers, senders and receivers on September 2022.
• Over 935K transfer outs has been made by over 250K users in past 7 months since May while there were only 25.5K transfer INs recorded by 10K users.
• A total of 6B transfer IN and 4.7B transfer OUT has been recorded on Terra in terms of both $LUNA and USD volume together.

4. Staking Activity

Findings👀

• In overall, staking activity on Terra seems good and it also recorded its highest staking volume recently on December 2022 with over 40M in $LUNA and 70M in USD. The cumulative metric on staking charts seems well and bullish since September.
• Delegate accounted most of the staking actions and users on every month since September and Redelegate accounted most of the staking volume in this timeframe on Terra.
• It is interesting to mention that Redelegate is in the last place on transactions and users chart and in the first place in staking volume chart.

Findings👀

• Mosaic is the biggest validator on Terra based on Staked $LUNA with over 2.5M $LUNA and 24% of validators share followed by polkachu.com in the second with over 1.5M $LUNA and 15.4% share.

5. NFT Sales Activity

Findings👀

• The most NFT sales activity on Terra happened on October 2022 when most of the users were sellers and a total of 725 sales has been recorded on that month by all users with over 60K volume in $LUNA.
• Ronin and Skeleton Punks are the most popular nft collections on Terra in terms of Sales volume in $LUNA and number of sales respectively. Also Skeleton Punks is in the second place in terms of Sales volume too.

6. Contracts Deployment

Findings👀

• The highest number of contracts deployed on June and after that every month this number decreased a bit. A total of 1366 contracts has been deployed on Terra so far since May 2022.
• The most interacted contract on Terra was Astroport with over 250K number of transactions over time since May.

7. $LUNA Price

Findings👀

• $LUNA after a massive pump on Sep 10th dropped significantly with the rest of market and it is still bearish and didnt recover to that price yet. Recently it made some moves with the market hype and reached 2$ from 1.3$.

8. $LUNA Circulating Supply

Findings👀

• The Terra circulating supply has been bullish in past few months and recently reached 188.7M total circulating supply with 1.04B total supply.
• Also $LUNA currently has 113.1K holders at this moment.

Conclusion💡

• In overall, we can say $LUNA recovered itself very well after that incident to its former token ($LUNC) and in this current bearish market. All that Terra has to work on is gaining their users and investors trust again because lots of users and $LUNA holders lost their trust after they saw what happened to this project and its token which has been totally destroyed.
• The network performance that i analyzed was doing pretty well like other projects on crypto and recently $LUNA price recorded some increases and reached above 2$ as well as other tokens on the market.
• Talking about the circulating supply, we conclude from what we saw earlier that the circulating supply is increasing slightly month by month and also more users are joining into Terra ecosystem after they see its performance in last few months.
• It is really hard for Terra to gain its users trust again, But it is doable and with the analysis that i made on its ecosystem, i see a bright future for Terra Network.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

Twitter : Sbhn_np

Instagram : Sbhn_NP

Thanks for your time!

Findings👀

• Terra has gained the highest number of monthly users on May after its new token launch and the chart seems bearish after that with a huge drop after May on new wallets.