New Year, New LUNA?

    Introduction

    • New Year, New Luna. In this Analysis, You will read about Luna's activities during the New Year.

    • The holidays and New Year are often chaotic in the crypto and DEFI space, as users make a spree of new transactions and wallets as they receive (and give) some cash and coins as holiday gifts.

    • I went through the Luna chain and analyzed these parameters:

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      • New Users During the New Year
      • Transactions and Transfers
      • User’s Activity During the Holidays
      • New User’s Activity During the Holidays and New Year
      • New User’s Balance
      • Contract’s Development

    Analyzed by Hess - Reading Time Almost 12 Min.

    What is Luna 2?

    • Luna 2.0 is the brand new token of the new Terra blockchain intended to rescue the Terra Luna ecosystem following the stablecoin collapse.

    • Dubbed the Luna rebirth, TerraForm Labs founder Do Kwon's proposal saw a new chain replace the existing Terra network. Alongside this, Luna 2.0 replaced the existing version of Luna. It has severed ties to the UST stablecoin that saw the crash happen in the first place.

      Alongside the new chain, most of the dApps will also migrate to the new chain. Most other features will transfer over, according to Terra.

      "Terra 2.0 is bringing the same ideals you fell in love with the first time," it tweeted. "World-class UI/UX, our amazing LUNAtic community, and a deep, talented developer pool poised to build the future of DeFi."

    Source:

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    New and Old Wallet Transactions

    To understand Luna users ' activities, I compared new and old wallet transactions in the last 60 days.

    • As you can see, The activity of new wallets increased during the Christmas holidays and New Year. The total daily share of New wallet transactions was 4% in late November but increased to up to 32% on December 31, A day before the new year.

    • New wallets had fewer activities in November. The total daily number of transactions by new wallets was 300-500 but increased over time. The highest number of transactions by new wallets was a day before the New year when the total number of transactions increased to 3K per day.

    • Old wallets make up about 89.7% of transactions, and new wallets make up 10.3% of total transactions. In the last 60 days, the average number of transactions per old wallet was 7.5K, and the average number of transactions per new wallet was 800.

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    Transfer Activities

    These days, A lot of users send gifts in Crypto. So For the Luna chain, I tracked the total daily new senders and receivers and compared it to the days before the New Year.

    • First, I should mention that there were more new receivers than new senders. However, Both of them decreased during the holidays and the new year.
    • The average number of new senders in November and December was 122 and new receivers 218, but after the new year, The average number of new senders was 107, and new receivers were 182.
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    On-Chain Activities

    The main question of this analysis was what users did with their Luna during the New year. I analyzed all possible activities on Luna and compared the new year with the previous year. Also, I tracked all users but in the next section, I analyzed only new users’ activities.

    • Transfer activities had the highest number of users and transactions. During the holidays and New year, The daily share of transfer transactions increased from 75 to 84%.
    • After transfer, Swapping and Staking had the highest number of users and transactions. The daily share of swap transactions was 8-15% in November and December but decreased to 6% for a short time during the holidays. Quickly increased up to 22% in recent days. On the other side, The daily share of stake transactions increased to 10% from 5%.
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    Conclusion

    • The Total Number of new wallets was 1383 wallets since January 2023.
    • The average number of new wallets was 145 in November and December, while 125 in new wallets in New Year.
    • The Daily share of transactions by new wallets increased from 10 to 30% on December 30 and 31.
    • In the last 60 days, 90% of transactions were made by old wallets, and new wallets made 10% of transactions.
    • The Total number of transactions per minute increased during the New year compared to the total number of transactions per minute in December and November.
    • Based on total transfer activities, Luna had more new receivers than new senders. Also, The total transferred amount of Luna increased during the Christmas holidays and New Year.
    • The Highest activities of the new wallet were Staking, Transfers, and Swap. These activities had more average users and transactions in the new year compared to December and November.
    • New Users Bought Terra Poker and Astroport tokens more than others. Also, New Users bought from Skeleton Collection more than other collections.
    • The total number of contracts used in the new year was 318 contracts.

    Deployed Contracts

    • The New contracts deployed even during the New year. The average number of new contracts in 2022 ( November and December ) was similar to the New Year.
    • The total number of contracts used since the New year was 318 contracts. The total number of contracts didn’t change too much before and after the New Year.

    New User’s $Luna Balance

    So Far, I have examined all users’ activities on Luna before and After the New Year. But now, It’s time to examine New Users’ balance and activities before and after the New year. I should mention that we don’t have an exact balance table on Luna. So, I calculated the new user’s balance based on transfer activities.

    • The New Holders hold 4.92M Luna in their wallets. The average hold amount is 189 Luna per wallet. About 55% of the total Luna hold by one wallet. The median amount of Luna is 1.
    • The large group of users ( 37.9% of total holders) hold between 10-100 Luna. The second large group of users ( 27.5% of total new holders) hold between 1-10 Luna. The third large group of users ( 13.4% of total new holders) hold 100-500 Luna.
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    Method

    • New Users:
      • We don’t have the exact wallet creation date but based on the first Transactions of users, I extracted the new wallets on Luna 2. I used terra.core.fact_transactions table, and with the min function, I extracted the first transactions of users.
    • Transactions
      • To understand new wallet activities, I extracted old wallets and counted the total number of new and old wallet transactions. The Best Place for all transactions is terra.core.fact_transactions table.
    • Transfers
      • I used the Transfer table and tracked new and old wallet transfers before and after New Year.
    • On-Chain Activities
      • There are some key activities for Luna users. Staking, Swaps, Liquidity, NFTs, and Transfers. I examined users’ activities in each category to understand what new and old users did during the New Year Holidays.
    • New Users $Luna Balance
      • We don’t have an exact balance table. So, I calculated the new wallet balance by using Transfer tables. I figured all transfers in and out of the new wallet. The remaining amount is the current balance.
    • Development
      • The only way to track Luna's growth is by tracking new and total deployed contracts. From terra.core.fact_transactions table, with tx:body:messages[0]:contract as contracts code, I extracted deployed contracts on Luna.

    Full Analysis

    New Wallets

    As I mentioned before, We don’t have a table for the wallet creation date but based on the First transactions of users, I extracted the approximate wallet creation date.

    • For the first Parameter, I examine the new wallets on Luna during the holiday. We can divide this into three categories. Before the Holidays, Christmas holidays, and New Year, I chose the Previous year and New year.
    • Luna has had 1384 new wallets since January 1st. The average number of new wallets in November and December was 146 new wallets, and after the new year, The average number of new wallets was 125.
    • The highest number of new wallets in the last 60 days was in the middle of November. In Those times, The total number of new wallets was over 300, but after a short time, The total number of new wallets decreased to below 100. During the Christmas Holidays, The total number of wallets increased, but I can not see huge growth during the New Year.

    THANK YOU FOR READING!

    ALL CODES AND CONENTS WERE WRITTEN BY HESS.

    :bird: Twitter: @0xhess

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2022/JAN/11

    In order to understand better, I extracted the total number of new wallets in the first 10 days of each month to compare with the first 10 days of the New Year.

    • Luna 2 launched on May 2022. So, It is normal that the highest number of new wallets was created that month. I compared the first 10 days of each month and As you can see, December had the lowest number of new wallets in the first 10 days after that was January 2023 which had 0.74% of new wallets in the first ten days.


    The interesting finding is that the total number of transactions per minute (TPM) increased during the holidays and before the New Year.

    • On December 31, The total number of transactions per minute was 6.8 transactions, while it was below six on most of the days in the last 60 days. Also, After the New year, The total number of transactions per minute increased to 10 transactions.
    • The average number of transactions before the new year was 5.4, but after the new year, The average number of transactions per minute was 6.6. About one transaction more per minute compared to the average number of transactions in November and December.


    As I mentioned before, Luna 2 launched on May 2022. I compared the total number of new senders and receivers per month.

    • If we ignore May 2022, Luna had the highest number of new senders and receivers on June 2022. After that month, September was the second top month that the highest number of new senders and receivers joined Luna. In November, October, and December, fewer new users joined Luna.
    • Like the total new wallets, I compared the First ten days of each month to find which month had the highest number of new senders. For the First four days, May had the highest number of new users, but between the first 5-10 days, June and September had the highest number of new users. As you can see, January 2023 had 2-4% of new users compared to other months.
    • During the holidays ( Late December ) and New year, The total number of transfer transactions had many ups and downs. If we compare these transactions with November and the beginning of December, You can see that the total number of transfer transactions increased on those days.


    I tracked only Luna transfers; the chart below is based on the $Luna amount.

    • Before January, The highest amount was 9M Luna, which was transferred on December 27. After the New Year, The highest amount was 12M Luna, which was transferred on January 9. Users transferred more Luna during the Holidays and New Year because the average daily transferred amount was 2-2.5M $LUNA.
    • Almost all transfer parameters increased after the New Year. The average number of senders in December and November was 993, while it was 1.13 in the New Year.
    • The average amount of Luna was 2.9M Luna before the New Year but increased to 4.7M $Luna in the new year.

    I tracked user swaps and NFT sales on Luna in the last 60 days.

    NFT

    • In the last 60 days, The top-sold NFT collection was Skeleton, with 214 sales. Hero Classic, with 64 sales, is in second place.

    SWAP

    Top Tokens are based on the number of swaps and swap amount from Luna token.

    • The most popular swapped token was Terra Poker token with 117K Luna amount and 1393 swaps. The second most popular swapped token was Stader LunaX with 262 swaps, and based on Luna amount, The second top token was Astroport with 57K Swap amount.

    In order to understand users’ activities better, I compared the average number of users and transactions before and after the New Year.

    • The average number of Transfer, Stake, and swap activities after New Year was higher than in November and December. Other activities had more users and transactions before the New Year than the new year.

    Note: THE BELOW CHART IS BASED ON NEW USERS AND NEW USERS’ ACTIVITIES SINCE DECEMBER 25.

    • The most popular activity for new wallets in new users was Transfer transactions. The second top activities were Staking and Unstaking. The third top activity is Swapping.