Terra has recently announced the launch of Station, the first step towards building the interface to Web3.

The main goal of the Station is to be an interchain wallet that simplifies the often complex, cumbersome process of interacting with multiple blockchain networks. The idea behind the Station is that users be able easily to stake, vote, send and receive tokens [1].

One of the main sectors that Station could improve on Terra chain is the staking process. The Station initegrates the Quick Stake function. This feature streamlines the staking process across all Station-supported chains by automatically selecting and staking to a validator based on specific pre-disclosed criteria, such as voting power and historical performance.

Another important section is the swapping activity. In this case, Station offers a user-friendly interface and clear organization of assets, that makes easier to keep track of assets and make informed decisions.

\n

It is clear that the Station launch has generated impact on Terra community due to its good changes to the network and usage. So, the intention of this dashboard is to analyze if the Station launch hype in the Terra community has been translated as well in the main chain activity.

To do so, we are gonna analyze different chain sectors activity a week before and after the Station launch announcement. The main sectors to be analyzed are:

• Main activity: daily transactions, active and new users, as well as transaction per user
• Swapping activity: daily swaps, active and new swappers and swap per user
• Staking activity: daily staking actions, active and new stakers, staking actions per user
• Governance activity: daily proposals submits, active voters, votes
• NFT activity: daily NFT sales, active and new NFT buyers, NFT bought per user
• Development activity: active and new contracts deployed on Terra

Main activity

The main activity refers to the global activity on the ecosystem such as active users, number of transactions, etc. It is important to evaluate the entire evolution of the ecosystem due to it represents a global vision of the network.

Because of Station represents a big change in the Terra ecosystem regarding different sectors, the main activity should be affected by the news in a positive way. Let’s see below!

Looking at the results, it can be seen how the general activity increased just after the Station launch announcement. In fact, the same day of the announcement, all the evaluated metrics increased.

On the one hand, the daily transactions jumped from a steady 11k to more than 20k , and reached its maximum value one day after the launch reaching more than 25k transactions. The average transaction per user also increased but in this case were more volatile over the following days after the launch.

On the other hand, active and new users also increased. In fact, in this case, the daily amounts were growing since the week previous to the announcement and reached its ATH the day after the Station announcement, with more than 4k active users and more than 350 new users.

Finally, in terms of fees it can be seen how the generated fees also increased during and after the announcement. However, the average transaction fee clearly decreased the days after the Station launch.

Swapping activity

Swaps are another important part of the activity of a network. Swapping is the process of conveniently exchanging crypto assets for their equivalent value in another token. So, is the best one to trade main Terra token LUNA for other coins in the ecosystem and on the other way around.

I have decided to evaluate this section because of has been one of the most affected parts by the Station launch due to it offers a user-friendly interface and clear organization of assets, that makes easier to keep track of assets and make informed decisions so it is expected that users increase their usage.

Regarding the results, it can see in the charts how the daily swaps drastically increased during the day of the Station announcement and the following days, where the number of swaps remained above than during the previous week. The amount of daily swaps increased from 1.6k to 5k, reaching the highest value on January 15th at 6.1k.

The amount of daily users also increased passing from 200 to 400 in just 2 days after the announcement. But, the most impact was in the number of new swappers joining the network that passed from 20/day to mroe than 70/day in January 15th. All the activity seems to remained above the numbers of the week prior to the annuouncement.

It is clear that Station has generated a huge impact on swapping activity, reaching 4x more swaps, 2x more active swappers and 3.5x more new swappers.

Staking activity

Staking is one of the most attractive features of the cryptocurrencies and for Terra, is not an exception. The Terra network is based on the Delegated Proof-of-Stake consensus algorithm, where miners (validators) need to stake a native cryptocurrency LUNA to mine Terra transactions. Delegation mechanism allows anyone who wants to support the network and earn staking rewards to delegate to the chosen validator. Staking rewards are first distributed to validators who take a commission for providing their operations and then are withdrawn individually by delegators 1.

With the launch of Station, Terra delegators have the chance to use a new Quick Stake function. This feature streamlines the staking process across all Station-supported chains by automatically selecting and staking to a validator based on specific pre-disclosed criteria, such as voting power and historical performance.

Then, it is expected that the Station launch generate also a nice impact on staking activity. Let’s take a look at what happened a week before and after the launch!

The results shows how the amount of staking transactions (taking into account only delegations) increased during and after the Station launch passing from around 650 daily actions to more than 800.

The amount of active stakers also increased from 700 to more than 850. In both metrics, it can be seen how the daily numbers were growing since a week before the announcement.

The most affected metric has been the daily new users staking LUNA. In this case, the number jumped from around 70 to almost 200, being more than doubled.

Finally, in the left chart, it can be seen the volume of LUNA staked. In this case, the amount was growing since the week before the Station launch and keep growing until few days after reaching an ATH of 137k on January 16th.

NFT activity

NFTs have been a trending topic over the past year. The growth of this type of tokens increased exponentially in all the blockchain networks and helped them to increase in activity. For this reason, it is a good option to analyze as well what has been the impact of Station launch on NFT sector.

The results show an uptrend on both, NFT sales and number of different NFT buyers over time since the week previous to the Station launch. As well, the amonut of NFT bought per user seems to have an uptrend line even some daily values were low. The only metric that didn’t receive any impact was the new NFT buyers which values remained stable.

As it can be seen, the amount of daily active contracts used on Terra has also increased just after the Station launch announcement, which passed from 160 to 180 contracts used. However, the amount of daily new contracts deployed decreased during the first days after the annoucement but registered a high number on January19th with 23 new deployed contracts. Nevertheless, it is to say that it is not a representative metric because of there is no relationship between the Station improvements on Terra and the intention of new contracts deployments.

Which section has seen the most impact after the news?

To final visualize how Terra sectors growth after the Station launch announcement, I have plotted the dstribution of new Terra users by sectors.

In this case, it can be seen how after the launch, the staking and swapping users increased considerably gaining dominance against NFT and other sectors, passing from 40% and 11% to 52% and 20% respectively.

Thus, before the Station announcement, both staking and swapping represented around 50% of the new users growing. After the launch announcement, these two sectors represent more than 70%.

Key insights

• The general activity increased just after the Station launch announcement. The daily active and new users increased and the daily transactions jumped from a steady 11k to more than 20k.
• The generated fees also increased during and after the announcement. However, the average transaction fee clearly decreased the days after the Station launch.
• Station has generated a huge impact on swapping activity, reaching 4x more swaps, 2x more active swappers and 3.5x more new swappers.
• The amount of staking transactions (taking into account only delegations) increased as well as the amount of active stakers. The most affected metric has been the daily new users staking LUNA passing from 70 to 200.
• The amount of LUNA staked was growing since the week before the Station announcement and keep growing until few days after the announcement.
• The amount of daily active contracts used on Terra has also increased just after the Station launch announcement. However, the amount of daily new contracts deployed decreased during the first days after the annoucement but registered a high number on January19th with 23 new deployed contracts.
• The results shown an uptrend on both, NFT sales and number of different NFT buyers over time since the week previous to the Station launch.
• Before the Station announcement, both staking and swapping represented around 50% of the new users growing. After the launch announcement, these two sectors represent more than 70%.

Overview

Methodology

Development activity

Development is one of the most important part of a blockchian ecosystem because it represents the smart contract activity of the network. It is to say, the contracts are one of the most important things because of without them the network would not exists. For that, contracts are the main reason of a blockchain development. When more contracts are used, more large are the blockchain and then more growth could be expected.

Governance activity

Governance is also one of the most important things of a blockchain which is based in a proof-of-stake concept because an important aspect to consider is that LUNA delegators can vote on each governance proposal to choose about the Terra next steps.

The integration of Station implies a new Governance hub on the page that allows users to view and vote on proposals for all supported chains in one convenient location. This saves users time by eliminating the need to switch between different interfaces or platforms to stay updated on proposals for various networks. So, it could be possible that the governance activity may be affected by this new feature. Let’s take a look at it!

As it can be seen, the amount of daily governance proposals increased considerably just after the Station announcement, as well as the number of different proposals.

The daily governance votes also increased after the Station launch passing from 40 daily votes to more than 100. The number of votes also increased during the first days after the announcement but decreased after few days. Take into account that it may also be affected by the number of active proposals.

It is clear that the Terra experimented an importan uptrend during the week before and after the Station launch announcement, so it seems fair to compare between these two weeks without taking into account that the price of LUNA and the whole cryptomarket is in a green period because it is affecting the total period selected.

During that period, the price of LUNA increased from 1.3USD to over 2USD.