Try Quests to earn cryptoNew Year, New LUNA?
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.
Methodology:
In this dashboard I am going to be looking at the metrics discussed in the introduction over the last 60 days. The reason I have chose to look at the last 60 days is so we can focus on how the new year has effected the Terra ecosystem and how it differs from the usual day to day proceedings on the platform. Wherever possible I will try to distinguish between before and after the new year with color coded graphs in order to give the reader a better look into the similarities and differences of the market pre and post the start of 2023. I will be discussing these metrics in detail looking for any interesting trends or particular spikes and addressing there potential cause and what that may mean. Finally I will end off with a conclusion where I summarize my dashboard into a concise list of the most valuable points.
Introduction:
Welcome to the Terra ecosystem dashboard! In this dashboard, you will find documentation of significant trends and changes in various aspects of the Terra ecosystem, including transactions, wallets, supply, staking, and development. We will be tracking metrics such as the average and total transactions per week, the fees associated with those transactions, the total and average number of new wallets created each week, the total and average number of contracts deployed, and the amount of LUNA staked. We will also highlight any other interesting trends or changes that we come across. Thank you for joining us, and we hope you find this dashboard informative and useful.
Transaction Analysis:
It appears that the total number of transactions per day has remained consistent in the new year, falling within the range of 7,000 to 9,000 transactions per day. This suggests that the new year has not had a significant impact on the volume of transactions being processed. In addition to this, the total transaction fees and average transaction fees have also remained stable. This means that the cost of processing transactions has not changed significantly in the new year. In terms of the average TPS, or transactions per second, it has been consistently within the range of .07 to .12. However, there have been occasional spikes and dips in TPS, with highs of around 1 TPS and lows of .01 TPS. It's worth noting that the TPS can be affected by a variety of factors, including network usage, block size, and the complexity of individual transactions. Finally, the average time per block has been around 15 seconds, but it has been known to vary significantly. At times, the time per block has been as high as a couple hundred seconds, while at other times it has been as low as a few seconds. The time it takes to process a block can be influenced by a number of factors, including the number of transactions being processed, the overall network usage, and the speed of the miners' hardware.
Wallet Analysis:
It's good to see that the number of new wallets joining the platform has remained consistent in the new year. This is likely a positive sign for the platform, as it suggests that there is ongoing interest in the platform and its services. The number of active wallets has also remained relatively stable, with an average of 1500-2000 active users daily. This indicates that there is a consistent user base utilizing the platform on a daily basis. It's worth noting that the number of active wallets can be influenced by a variety of factors, such as the platform's user experience, the range of services offered, and the overall level of engagement from users. When examining the cumulative number of wallets over time, it appears that the trend has remained consistent with the past. This means that the platform has been steadily adding new users over time, rather than experiencing significant fluctuations in user growth. The total number of new wallets added since the start of 2023 is about 580, or about 116 new wallets per day. This suggests that the platform has continued to attract new users at a steady pace in the new year.
Development Analysis:
It appears that the number of contracts deployed each day has followed a somewhat sporadic pattern, with daily deployment numbers ranging from 0-10. This type of variability is not uncommon, and can be influenced by a variety of factors, such as the overall level of activity on the platform, the complexity of the contracts being deployed, and the availability of resources.
However, it's worth noting that the total number of contracts deployed since the start of 2023 is higher than what would be expected based on past trends. Specifically, there have been 17 contracts deployed in the new year, averaging out to about 3.4 contracts deployed per day. This is significantly higher than the normal average of 1.02 contracts per day. When examining the cumulative number of contracts deployed over the last 60 days, we can see a slight incline beginning at the start of the new year. This incline is steeper than the normal day-to-day trend, suggesting that there has been an increase in the number of contracts being deployed in the new year. It's possible that this increase is due to increased interest or activity on the platform, although it could also be influenced by other factors.
Staking Actions Analysis:
It's interesting to note that the daily staking events experienced a sharp drop-off after November 28th, falling from around 8,000 to less than 1,000 daily actions. This represents a significant decrease in activity, and it's worth considering what might have caused this drop. It's possible that the decrease in activity could be due to a variety of factors, such as changes in the platform or market conditions, or a shift in user behavior. It's also possible that the decrease could simply be a result of natural fluctuations in activity levels. Despite the drop in activity, the percentage breakdown of staking actions has remained relatively stable, with about 15% being undelegate, 75% being delegate, and 10% being redelegate. These percentages can vary slightly from day to day, but overall, the distribution has remained consistent. There was a noticeable spike in the volume staked just before the start of the new year, with December 30th seeing over 13 million in volume staked and December 31st seeing about 2.8 million. This represents a significant increase in activity compared to the daily volume of around 200,000 that has been seen in the weeks following the new year. It's possible that this spike was due to users looking to take advantage of certain opportunities or incentives before the start of the new year. Since the start of the new year, a total of over 1.8 million has been staked, indicating that there has been ongoing staking activity in the new year, although at a lower level than what was seen before the end of December.
Staking Rewards Analysis:
It's important to note the significant spike in staking rewards claimed on the first day of the new year, with over 2.4 million being claimed. This represents a significant increase in activity compared to the daily average of around 1,500-2,000 that has been seen in the weeks following the new year. It's worth considering what might have caused this spike in activity. It's possible that the spike was due to users taking advantage of certain opportunities or incentives that were available at the start of the new year. It's also possible that the spike was simply the result of natural fluctuations in activity levels.
It's interesting to note that the daily total of staking rewards claimed after the start of the new year is similar to what was seen before the new year. This suggests that, despite the large volume that was claimed on the first day of the new year, the overall level of activity has remained relatively stable. It's likely that the large volume that was claimed was due to one or a few individuals, rather than a large number of people rushing to claim their rewards. Overall, since the start of the new year, nearly 9,000 users have claimed staking rewards, indicating that there has been ongoing activity in terms of users claiming their rewards.
NFT Analysis:
It's good to see that the number of NFT purchases after the start of the new year is similar to what was seen before, with no obvious difference in the trend of the graph. This suggests that there has been a consistent level of interest in NFTs in the new year, with a similar number of purchases being made as before. It's worth noting that the number of NFT purchases can be influenced by a variety of factors, such as the overall level of activity on the platform, the popularity of particular NFTs, and the availability of new NFTs. In addition to the number of NFT purchases, the sales volume has also remained relatively stable, falling within the range of 700-1,200 LUNA daily. This indicates that the overall volume of NFTs being bought and sold has remained consistent in the new year. Overall, there have been 78 NFT purchases in the new year, or about 15 per day, and 4060 LUNA in volume, or about 812 LUNA per day. This suggests that there has been ongoing activity in the NFT market in the new year. Finally, the average, max, and min prices of NFTs have also remained relatively stable, with the average falling within the range of 30-100 LUNA on any given day. This suggests that the prices of NFTs have not fluctuated significantly in the new year, remaining within a relatively consistent range. Overall, the stability in the number of NFT purchases, sales volume, and prices suggests that the NFT market has remained stable in the new year.
Conclusion:
- The transaction sector on Terra seems to be unaffected by the new year with no real change in the amount of transactions daily or the average amount paid for those transactions.
- The total number of new wallets and active wallets daily is following roughly the same trend it has been for the past 60 days with the new year having no real effect on those metrics.
- Around 3.4 contracts have been deployed daily since the start of the new year which is a decent amount more than the average over the past 60 days at around 1.02 contracts daily.
- Not only has the amount of actions stayed roughly the same from stakers but the percentages in which they take those actions has also stayed roughly the same as we enter the new year.
- The daily volume Staked spiked massively just before the start of the new year.
- Daily staking reward claims have spiked massively in volume at the start of the new year although the amount of staking claim events is roughly the same.
- The NFT scene seems to be unaffected by the new year with the same amount of NFTs being sold in the same volume for roughly the same prices.