Introduction:

The launch of Station, a highly anticipated event in the Terra community, has generated a lot of buzz and excitement. Many in the community have been wondering if this hype has translated into an increase in activity on the platform. In order to understand the impact of the Station launch, we will be analyzing key metrics such as Transactions, New Users, Contracts, Staking, and NFTs for ecosystem activity. We will be comparing these metrics for the week before and after the Station launch to see if there has been any measurable impact. Additionally, we will be considering other potential factors that might be affecting these metrics, such as overall market conditions or external events. Overall, this analysis will provide valuable insights into the effects of the Station launch on the Terra ecosystem and its ongoing growth and development.

Methodology:

In this dashboard we are going to be looking at Terra from January 8th to the current date. We are doing this so we can see how the platform was performing before the launch of station as well as after the launch of station. To make this more digestible for the reader we are going to color code the graphs we can based off before and after the launch of station so it is obvious what the difference is. We will discussing the difference between these two periods in detail and providing any potential insights we find valuable for the reader.

What is Terra 2.0?

Terra 2.0 (LUNA) is the newest iteration of cryptocurrency on the Terra blockchain. In May 2022, the Terra blockchain experienced a hard fork prompted by founder Do Kwon and voted on by the community. This created the new Terra 2.0, with a new cryptocurrency, dubbed LUNA or LUNA2, while the original blockchain and coin took on the moniker LUNA Classic, or LUNC. Both blockchains still exist and operate separately, which can cause confusion for new investors. For more Information click here.

Transactions:

Transactions Analysis:

After the launch of the station, there was a significant spike in the number of daily transactions, going from around an average of 12.5K the week before to over 25K the day after the launch. However, there was somewhat of a downward trend after that, but the amount of daily transactions still appeared to be high in the week following the launch as opposed to the week before. As expected, total fees also saw a similar spike to that of total transactions. The average size of fees was practically unchanged though. After the 14th, there was a slight spike in TPS which went down shortly after, likely just as a result of increased transactions. The block time stayed roughly the same during this time.

User and Contract Analysis:

The daily number of new users was on the rise until the launch of the station, where it peaked at 362 new users in one day. After that, it began to go back down, but has stayed around 200 new wallets daily, which is significantly more than before the launch. The amount of daily active users is following a similar trend and still appears to be up overall from the weeks prior. Since the launch of the station, there have been a total of 2700 new wallets that have joined, which means about 245 new wallets joined daily after the launch. The number of new contracts didn't see any spike directly after the launch, but on January 18th and 19th, there was a pretty large spike of 19 and 24 contracts on those days, respectively. In total, about 94 contracts have been deployed since the launch, which is about 8.55 a day, much more than the usual average of roughly 1. If we look at cumulative contracts over time, we can see that for the most part, it remains pretty consistent besides the spike on January 18th and 19th.

New Users and Contracts:

Staking:

Staking Analysis:

The total volume claimed in staking rewards has been 3.95M since the launch of the station, out of 29.1K claims, which means each claim is roughly 135 USD. The amount of staking events were trending upwards until the launch of the station, after that, they went down slightly but were still above previous numbers from the week before. On most days, 85% of events are either delegate or redelegate, but around the launch of the station on January 14th, we see a spike in undelegate events up to 25%, which has stayed around ever since. It is possible that users are exploring different options on the platform now that the station has launched and are taking their money out of staking. The daily volume staked saw a massive spike directly after the launch of the station and is still seeing large spikes, at its peak, we saw upwards of 1.8M. Daily staking rewards volume remained mostly the same except for on January 18th, where there was a claim of 1.7M, which is about half the total claimed in staking rewards since the launch of the station. The daily total staking rewards increased, but not as much as the volume, highlighting that individual users are likely responsible for the large spike in volume.

NFTs:

NFT Analysis:

The daily NFT purchases stayed mostly the same after the launch of the station, except for a large spike on January 19th in NFT purchases. It seems that overall, NFT sales volume saw a decent increase following the launch of the station, with no massive spikes, but a pretty large volume compared to the week before. There were a total of 323 NFT sales for a total of 10.87K in volume, which means each NFT sold for an average price of 33 LUNA 2.0. The average, max, and min price of NFTs on LUNA stayed mostly the same over the last couple of weeks, pretty unaffected by the launch of the station. Overall, it is not much of a surprise to see little increase in the NFT sector as it is still relatively small on the platform.

Conclusion:

1. A few days after the launch of Station we see a massive spike in transactions and transaction fees that is nearly double the normal average, after that though it begins to go back down although slightly above normal averages.
2. Average TPS saw an increase with the increase in transactions although block time stayed roughly the same.
3. Daily new wallets and daily active wallets both saw a little spike before returning back to normal a few days later.
4. The new contracts daily didn’t see a spike directly after the launch but between January 18th and 19th there were a total of 43 new contracts
5. There have been 94 new contracts since the launch of station which accounts to an average of 8.55 a day, up significantly from the normal average of 1 each day.
6. We see a spike in overall staking events after the launch of station as well as a spike in undelegate events, as they go from making up roughly 10%-15% of total events each day to nearly 20%- 25% each day following the launch.
7. We see a massive spike in daily volume staked on several days after the launch of station.
8. The staking reward volume claimed stayed mostly the same except for on January 19th where there was a total of 1.7M in USD claimed.
9. We see a slight overall increase in NFT sales and NFT sales volume although it wasn’t super significant.