What Happened On Luna and UST?
Written by Hess
where
Discord_id: hess#0890
and
twitter_id : @hessaminanloo
The last 48 hours were a nightmare for everyone in Crypto, Specialty Luna Holders. In this analysis, I went through it and tracked user activities during the huge drop in Luna and UST.
All Data in this analysis is from May 6th and all graphs are in the hourly timeframe.
The below chart shows the total hourly swaps to UST since May 6yh. As you can see From May 6th until 10 AM of May 7th, The average hourly swaps were about 2.5M. Remember the price of UST was 1$ at that time. After That, the total hourly swaps decreased to under 100K hourly. The highest amount of swap happened at 2 PM on May 10th with 7.6M UST. The total amount decreased but according to the red line, the Total number of swaps to UST increased significantly.
The user activities on the below chart are the opposite of the previous chart. Until 2 PM on May 10th, it seems users lose their hope in UST and begin to swap UST for other tokens. More than 30K swap from UST happened in less than 24 hours.
The below chart shows the total hourly swaps from LUNA since May 6th. Also, I added the average hourly price of Luna in the below chart to find in which price users swapped their Luna.
Too many Luna swapped from 2 PM on May 6th until 10 AM on May 7th. Most of the Luna swapped at 80-70$. Also, you can see the total number of swaps to Luna increased in that time. In my opinion, It's not regular user activity. At 2 PM on May 10th, More than 220K Luna swapped at 33$. In less than 10 hours, the price of Luna dropped more than a half. Also, this is an unusual activity that does not belong to regular users. I think regular holders prefer to hold their Luna instead of selling.
According to the below chart, The total amount of swaps to Luna increased From 4 AM on May 11th. Actually, It's not a normal increase, It's a huge trend. At 11 AM, More than 54M Luna swapped to Luna. It seems the community has started to help Luna price.
According to the below chart, Users chose Astroport to swap their UST. It is unusual that they preferred Astroport instead of Terraswap.
Again, In swapping LUNA, Astroport is the most used Dex to swap Luna.
In the below chart, You can see how the burn and mint mechanism failed. The UST price was about 0.80$ at 3 AM on May 10th but after that dropped to 0.60. You can see the total amount of UST burn is higher than Luna burn.
At 7 AM on 11th May, More than 17M bLuna has burned.
If you followed Luna and UST news, Probably you heard about unusual activity on Anchor. The below chart shows the total deposit and borrowing hourly since May 6h. As you can see About 209M UST was borrowed at 1 AM on May 8th. Mind-blowing number! Let's find out who borrowed that amount.
The below table shows that more than 192M UST was borrowed by one wallet.
Current Balance
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