Description of work

In this dashboard, we want to analyze the Terra ecosystem from different aspects during the Christmas holidays.

This dashboard includes the following sections:

a - Definitions

1. Analyzing transactions and fees
2. Analyzing new users
3. Analyzing network performance
4. Analyzing staking activities
5. Analyzing NFT sales activities
6. Analyzing swaps activities
7. Analyzing add/remove liquidity activities
8. Analyzing new contracts deployed
9. Conclusion

a - Definitions

What is Terra?

Terra is an open-source blockchain hosting a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools. Using proof-of-stake consensus and ground-breaking technologies like Mantlemint, Terrain, and Station, the Terra blockchain is one of the fastest chains in existence, giving users an unparalleled DeFi experience. As a permissionless, borderless economy, Terra enables next-generation financial products accessible to anyone with an Internet connection.

What is Luna?

Luna is the Terra protocol’s native staking token. Luna is used for governance and in mining. Users stake Luna to validators who record and verify transactions on the blockchain in exchange for rewards from transaction fees.

A new Terra

On May 25th, 2022, Terra Classic users passed governance proposal 1623, which outlined the genesis of a new Terra chain. This proposal also described a genesis distribution of Luna which would be airdropped to users of the Terra Classic chain based on pre-depeg and post-depeg snapshots. Users can find their airdropped Luna by viewing the same wallet address that was present during either snapshot and switching their Station network to the phoenix-1 mainnet.

On May 27th, 2022 the phoenix-1 Terra mainnet launched, ushering in a new era of development by the Terra community

Source: docs.terra.money

In this work, the period from 2022-12-25 to 2023-01-06 is considered as the New Year holidays.

2 - Analyzing new users

Methodology

• To find the time of the user's first activity, we use data from [terra.core.fact_transactions].

1 - 2 Number of new users

✔️Observations

• Compared with the first week of the holiday, the number of new wallets decreased by 30% in the second week.

• The highest number of users who joined Terra was recorded in the first week of the holiday and on December 27 ( 191 users).

• Compared with the first week of the holiday, the daily average number of new users on Terra decreased by 18% in the second week.

2 - 2 Comparison of new users transactions vs other users transactions

✔️Observations

• As compared to the first week of the holiday, the number of transactions related to new users decreased by 27% in the second week of the holiday.

• the highest share of daily transactions related to new users from the total number of transactions was recorded in the second week of the holiday and on January 1(3.84%).

3 - Analyzing network performance

Methodology

• To calculate TPS and transactions success rate, we use data from [terra.core.fact_transactions]

1 - 3 Network’s TPM

✔️Observations

• Network’s TPM did not change significantly in the first week and the second week of the holiday.

2 - 3 Network’s transactions success rate

✔️Observations

• the lowest amount of daily transactions success rate was recorded in the first week of the holiday and on December 29 (92.37%).

• the highest amount of daily transactions success rate was recorded in the first week of the holiday and on December 31 (99.31%).

• Compared with the first week of the holiday, the daily average transactions success rate did not change significantly in the second week.

4 - Analyzing staking activities

Methodology

• To track staking activities, we use data from [terra.core.ez_staking]

5 - Analyzing NFT sales activities

Methodology

• To track NFT sales activities, we use data from [terra.core.ez_staking]

✔️Observations

• the NFT sales volume, the number of sellers, and the number of purchasers decreased in the second week of the holidays compared to the first week of the holidays

• the highest volume of NFT sales was recorded in the first week of the holiday and on December 30 (2049$ ).

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• Compared with the first week of the holiday, the daily average of NFT sales volume decreased by 19% in the second week.

✔️Observations

• As compared to the first week of the holiday, the amount of staked LUNA decreased by 7.5% in the second week of the holiday.

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• As compared to the first week of the holiday, the amount of unstaked LUNA decreased by 62.74% in the second week of the holiday.

• the highest amount of daily staked LUNA was recorded in the second week of the holiday and on January 6 (2.66M LUNA).

• the highest amount of daily unstaked LUNA was recorded in the first week of the holiday and on December 26 (1.55M LUNA).

6 - Analyzing swaps activities

Methodology

• To track swap activities, we use data from [terra.core.ez_swaps]

✔️Observations

• Like the other metrics such as NFT sales activities and the number of new users, the number of swaps and the number of swappers decreased in the second week of holidays compared to the first week of holidays.

• Compared with the first week of the holiday, the daily average of the number of swappers did not change significantly in the second week.

• the highest number of swaps was recorded in the first week of the holiday and on December 27(1306 swaps ).

1 - 6 Analyzing number of swaps

2 - 6 Analyzing volume of swaps from/to LUNA

✔️Observations

• The volume of swaps from/to LUNA has decreased in the second week of holidays compared to the first week of holidays.

• On December 30, the volume of swaps from LUNA increased sharply.

• The highest volume of swaps to LUNA was recorded on 27 December. (356.49K $)

• Compared with the first week of the holiday, the daily average volume of swaps from LUNA decreased by 47% in the second week.

• Compared with the first week of the holiday, the daily average volume of swaps to LUNA decreased by 23.2% in the second week.

7 - Analyzing add/remove liquidity activities

Methodology

• To track add/remove liquidity actions, we use data from [terra.core.fact_lp_actions]

✔️Observations

• On December 29, the volume of providing liquidity increased sharply.

• On January 3, the volume of removing liquidity increased sharply.

• Compared with the first week of the holiday, the amount of providing liquidity decreased by 76.27% in the second week.

• Compared with the first week of the holiday, the amount of removing liquidity increased by 12.5x in the second week.

1 - Analyzing transactions and fees

Methodology

• To calculate the number of transactions and fees spent, we use data from [terra.core.fact_transactions].

✔️Observations

• As compared to the first week of the holiday, the number of transactions decreased by 18.7% in the second week of the holiday.

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• In the first week of the holiday and on December 30, the highest number of daily transactions were recorded (10.105K transactions).

• The highest amount of daily gas spent was recorded in the second week of the holiday and on January 5(176.324 LUNA).

• The number of transactions and gas spent are on an upward trend from the beginning of the holiday until December 29. After that, from September 29 to June 1, they are in a downward trend and after June 1, they are again in an upward trend.

8 - Analyzing new contracts deployed

Methodology

• To find the number of contracts deployed, we use data from [terra.core.ez_messages]

Conclusion

In this dashboard, we analyzed the Terra ecosystem from different perspectives during the Christmas holidays and the following results were obtained:

• Among the reviewed criteria, in many criteria such as the number of transactions, the number of new users, activities related to staking, and NFT sales volume, the activities of users in the second week of the holiday have decreased compared to the first week of the holiday.

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• Among the reviewed criteria, only the activities related to deploying new contracts and removing liquidity from pools increased in the second week of the holiday compared to the first week of the holiday.

• In general, users on the Terra network had more activities in the first week of the holiday than in the second week of the holiday.