Try Quests to earn cryptoTerra Chain Analysis: Deep Dive Into The Anchor Protocol
In USD value, collateral transactions (both provide and withdraw) have continuously increased from a 2021 Summer low around $3,500 to $30k, 40k over January into February.
Interestingly, bETH transactions was consistently larger, on average, than bLUNA, highlighting the importance of alternate sources of collateral. This trend looks to be reversing in the new year.
Note: the chart below excludes large outliers in transaction size.
Since the protocol launch, withdrawal transactions have regularly outpaced the size of provided transactions (in USD). Further, we see a distinct uptick in the median size of providing transactions with the onboarding of bETH. There's an immediate and clear impact of this new collateral.
In general, my theory is that users provide collateral in tranches - building up the provided collateral slowly, but steadily.