The graph below shows Chai volume for the amount USD transacted over the past 6 months with a 30 day moving average overlay. We can see that the 30D moving average is trending down slightly.

Next, let's look at the Chai daily transaction count over the past 6 months. It seems transaction count is mostly flat, or just trending down slightly.

To conclude, by looking at the 2 graphs above, we can see that volume is stable but trending down slightly over the past 6 months. This might not be a good sign for Terra as Chai payment directly contributes to Terra staking rewards. My guess is that the slight decline might be due to tightening regulation around decentralized systems and the high competition around payment apps/system in South Korea.