What Is Terra 2.0 (LUNA)?

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). It's now-renamed LUNC token collateralized UST, which crashed in a bank run in May 2022. That devalued LUNA to virtually zero and caused a launch of a new chain — resulting in Terra Classic and Terra. Read a full breakdown of the Terra crash here.

The development of Terra Classic launched in January 2018 and the blockchain launched in April 2019. It attempted to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offer fast and affordable settlements through its UST stablecoin. Terra Classic offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies.

The new Terra blockchain continues the legacy of Terra Classic without the UST stablecoin. It will keep building with the help of the LUNA community dubbed “LUNAtics” and evolve the world-class UX and UI that brought Terra Classic up to second place in total value locked (TVL) at its peak. Many DApps have agreed to migrate to Terra to continue their functionality [1].

I want to Answer a Question from MetricsDAO about Terra Development:

Construct a dashboard that displays the number of new contracts deployed and the total number of contracts deployed each week over the past several months. Your dashboard should also chart the development of stablecoins, including any supply trends.

Methodology

In this dashboard I will investigate Terra Development over time and investigate new contract numbers. in addition, I investigate USDC and USDT on Terra. in addition, I use terra schema and core table for mining my data that I need to them.

Introduction

Observations

The Terra Network has experienced about 0.87 million transactions since its inception, and about 30,000 users have made that number of transactions. It seems that each user made about 30 transactions per user. In addition, approximately 1250 contracts were deployed on the Terra Network.

Observations

• In terms of weekly transaction numbers, the highest number of weekly transactions was in the second week of October at around 53,000. In addition, since the first week of June, the number of weekly Terra transactions has seen an increase after a few weeks, and thereafter the weekly transaction count has declined. The lowest number of transactions was also in the last week of May at around 12,000.

• In terms of weekly user count, the highest number of users was in the first week of June with around 10.5k users, but after that Terra's users experienced a downward trend until the first week of September, but continued to decline after this week.

• While the number of transactions and users did not have a clear trend, the number of weekly contracts has experienced an upward trend since its inception, and the highest number of weekly contracts was in the last week of November at around 280.

• Cumulative Data: The Terra Network has experienced 6.2,000 contract numbers as cumulative contract numbers and about 86,000 users as cumulative users.

  The highest number of new contracts was in the last week of July with around 100 new contracts, but after this week the number of new contracts has experienced a downward trend.

Observations

• This user terra1fd68ah02gr2y8ze7tm9te7m70zlmc7vjyyhs6xlhsdmqqcjud4dql4wpxr has the highest execution number with about 72.8 and also this contract has a share of about 20.5% of all execution numbers. In addition, the group with <10 times execution has the highest number of contract numbers with about 700, this group also has about 55.5%.

Observations

• The Terra Network has received approximately 134 luna in contract creation fees and 0.112 luna in average contract creation since its inception.
• The highest creation fee amount was in the third week of July at around 26.7 luna and this was a peak and other than this week the weekly creation fee trended downwards.
• This contract terra14j539gq3aw9rmal392887qmz2xs93atz2yx4s72xsy5zw288a22snmzc76 had the highest creation fee of 11.25 Luna and also had a share of about 42.5% of all fees used.

Observations

• The total execution count of the Terra Network was about 0.65 million, and users spent about 511,000 LUNA as execution fee and about 0.6 luna as average execution fee since inception.
• In terms of weekly execution counts, the highest execution count was in the first week of June at around 44.5k and then in the last week of September at around 42.8k. In addition, the highest execution fee was recorded in the third week of July at around 100,000 LUNA and the highest average fee was recorded in the third week of May at around 8.8 luna.
• Cumulative Data: The Totally Terra network has experienced approximately 511.2K Luna in cumulative execution fees.

Key Insights

• Regarding the study of stablecoins activity on Terra Network, axlUSDC has the highest number of transactions compared to axlUSDT with around 6.3k while axlUSDT has around 350. Also, axlUSDT has a share of about 95% of all stablecoins transactions and USDT about 5%.
• USDC has the highest volume at around 32.3 million while USDT has around 13.5 million. Furthermore, USDC has a ratio of about 70% of the total volume while USDT has about 30%, but in the average volume criteria, USDT has a higher volume than USDC with about 39,000 for USDT and USDC has about 5,000.
• The highest number of weekly stablecoins transactions was in the first week of September, and in that week USDC had about 470 transactions and USDT 50. Furthermore, the highest weekly number was in the last week of October and the first week of November with about 3.9 million for USDC and about 2.4 million for USDT.
• In summary, it seems that stablecoins did not have a clear trend on the Terra Network and sometimes saw an increase in their trend in weekly stablecoins volume as well. This issue is correct, and after a few weeks, the Terra Network experienced an increase in stablecoin volume, which may be due to this situation for using users to use pools on Terra Network for arbitrage.