I would define "top user" as users who have participated the most in Anchor's Borrow. These are the users who have deposited their collateral (either bLUNA or bETH) to Anchor to borrow UST. The yield generated from the collateral are used to pay out depositor in Anchor Earn. Their participation is crucial in maintaining Anchor Earn of 20% APY on deposit, especially in the current environment whereby the growth of deposit has outpaced borrow.

First, let's find out the top 10 borrowers by the amount borrowed.

• terra1885dgdvn5u8sjfaefvr39arssaxgqmd29ht0aa stood out as this wallet alone borrowed close to $400M
• aside from the top borrower, the other addresses borrowed between $30M to $130M

Next, let's find out the percentage borrowed from the top 10 borrowers vs the rest of borrowers.

• top 10 addresses borrowed accounted for close to 50% of all borrows which is a huge percentage

Did these top 10 borrowers increase or decrease their borrowings?

• terra1885dgdvn5u8sjfaefvr39arssaxgqmd29ht0aa has significantly increased its borrowings since Oct'21 from $65M to $471M
• except for the above address, borrowed amount for the others grew at a slow pace
• this suggest that top 10 borrowers did not significant increase their borrowings despite LUNA price climbed from $40 to 100 in Oct-Dec, probably being more on the 'safe side' after profit?