• Because the data we have for UST-USDT on Uniswap v3 starts from May 6, our UST prices on Terra and Uniswap will start from that date onwards.
• Although UST on Uniswap technically means UST in the Ethereum network, I will refer to it as 'UST in Uniswap' in this dashboard for comparison sake

UST on Uniswap experienced high volatility mid May while UST on Terra maintained a low volatility throughout.

How much volatile you may ask?

1. Well, let's map these prices to a percentage deviation. Assuming that 1 UST should always retain the value of 1 USD, we'll use '1' as the reference number when calculating its percentage of deviation.
2. We'll take the (daily average price - 1)*100%.
3. This way, any bar that is positive (above the 0 horizontal line) tells us that UST is being valued less. Because >1 UST = 1 USD
4. On the other hand, any bar that is below the 0 horizontal line shows us UST is being valued more, where <1UST = 1 USD
5. The height of the bar also tells us the severe the volatility is. A high bar (whether in the positive or negative realm) tells us the price is more volatile than if it were a low-height bar

When UST-USDT on Uniswap V3 is launched, UST is deemed valuable, where deviation is negative. (<1 UST can be changed for 1 USDT)

However, during the crypto May crash mid May, we see the sharp positive spike in deviation. UST on Uniswap was deemed less valuable where you need >1 UST to exchange for 1 USDT.

We can see how the drop in Luna prices caused a 'positive spike' in the price deviation for UST on Uniswap, but has little effect for UST on Terra

As luna prices decrease, people lose faith in UST's value - in the UST-USDT Uniswap trading pool. However, this does not seem to affect the price of UST on Terra at all.

Conclusion

1. We see that Luna's drop in prices in May affected the UST price in Uniswap negatively while the UST price on Terra is almost unaffected. During the crash, people valued UST on Uniswap less, and hence >1 UST is needed to trade 1 USDT
2. However, after May when the markets are more stable, UST price on Uniswap is quite stable. We see that the height of the deviation bars for Uniswap are low, similar to the bars for Terra.