Despite the large number of KRT users compared to UST users, UST users are far more active in Terra's ecosystem than KRT users. UST users tend to interact with governance, smart contracts, and delegations than KRT users, while KRT users are much more inclined to only transfer KRT to other users. KRT users are also mostly Chai users based on the results, where the transactions are low in volume (USD) but with a high number of transactions, which is in line with the fact that Chai is used to pay for daily activities. Despite being more active in transfers, KRT users' total volume (USD) is far less than UST users' total volume. In conclusion, the weight of UST users are far more significant than KRT users despite KRT users being the majority.

So, does the high number of KRT transactions mean that more amount (in USD) is getting transferred? Based on the graph below, that is not the case. Despite having a much lower transaction count, UST transfers holds more weight in the bigger picture, followed by LUNA. Judging from this, we can say that KRT transfers are mostly done in small amounts, which aligns with the fact that Chai payment app is used to pay for daily activities, which are usually low in value. This is also reflected in the fact that the average USD value transferred by KRT users is only about $20, which is a reasonable amount for daily payments.

As expected based on the aforementioned hypothesis, the graph below shows that the number of transactions by KRT users is far higher than any other currencies. This shows that KRT users are really just using Terra to transfer funds.

For simplicity, KRT holders are defined as users who hold more KRT than UST based on their latest balances, and vice versa for UST holders.

But, the data presented in the section above doesn't really make sense, why does the number of KRT users outnumber UST by such a large margin if they do not interact with Terra? This brings about the inspection of transfers made by KRT and UST users. Chai is a famous payment app in Korea, so the most logical explanation of the large KRT userbase is that the KRT users are mostly Chai users who use Terra as a means to transfer funds.

So, what are the smart contracts that the users are most active in? Based on the graph below, most of the contracts are used by UST users instead of KRT users. The only exceptions to this case are the addresses terra1w8t3fkm80sud5z9yr86tfcxz675mj85p8prauc, terra18cmfv6gyhjnjctkde5epl6rkdjfkyfdku2nqpx, and terra13v0nls44mar52d6zg070790ynl399phlfs4w8u. On further inspection, these contracts are either relays for unknown projects or inactive for a long period of time. So, excluding these anomalies, UST users are much more active in smart contract interactions than KRT users.

Firstly, let's look at the number of transactions made by these holders. From the graph below, we see that UST users are more actively interacting with Terra protocols via smart contracts. This is expected as the protocols currently use UST instead of KRT as their preferred stablecoin, such as Anchor and Mirror. However, the graph below also shows that UST holders are more active in other modules as well, such as governance and staking. This shows that despite the higher number of users, KRT users are not interacting with Terra as much as UST users.

Note: bank/MsgSend in this case are 1:1 transfers and not multisend, so the number of transactions are much lower than the actual number of transfers.

Based on the graph below, we can see that KRT users outnumber UST users 20 to 1. Does this huge difference between the number of users reflect on their on-chain activities? Let's find out.

Conclusion

Transfers

Smart Contract Interactions

Number Of Users

There are a number of native coins on the Terra ecosystem. Bar LUNA, these native coins are stablecoins that are pegged to their respective currencies. Among these stablecoins, KRT and UST are the most famous and the most used currencies on Terra. This dashboard shows the differences between the holders of KRT and UST.

Introduction