To conclude using the graph above, we see the bridge has consistently been used for similar USD volumes on a daily basis with significant spikes appearing during periods of high volatility or before a much-anticipated launch.

Moreover, we see that since the crash in May the bridge has been used more for UST transfers and activity for LUNA has died down quite a bit. We also drilled down into a specific instance of a spike in volume in March to look at what kind of activity was taking place around the Anchor launch and how it manifested in transfers across the bridge. All in all, over 2 billion dollars in Terra assets have been sent across the bridge and this number will only grow with time!

From the graph above it is probably fair to say that transaction volume across the bridge for LUNA in USD terms was fairly active/consistent across most of 2021 (with some very large peaks irrespective of LUNA's price) but now since the crash in May, on-chan activity along with bridge usage has died down quite a bit when it comes to LUNA (people are likely just staking their LUNA and chilling or living on UST).

Next to round off our analysis let's look at the USD value of daily movements across the bridge and conclude:

So through till April-May, a lot more LUNA seems to have come to the ecosystem than left it. During the crash in May though a lot of LUNA seems to have left, moreover, the use of the bridge has also gone down significantly over the course of the year. The inflow of LUNA early on could be due to the price run-up causing people to buy the token on Ethereum and eventually get more involved with the ecosystem. Moreover, the recent lower usage of the bridge could be due to two reasons:

• LUNA's price has increased over time, meaning people can buy (and move) less LUNA per capita.

• Some tourists have left the blockchain and thus, the bridge like other dApps has seen less utilisation.

Next, let's look at the value of LUNA moved across the bridge in USD terms to understand if the downturn in bridge usage to move LUNA is real (or is it just that most people can now afford a lot less LUNA):

Yep! Looks like we were right! The average transaction sending money away from Terra on March 17th was 2x the transactions bringing money in! The reason for bringing money in seems to clearly be Anchor but it's unclear where money was being removed from Terra to Ethereum.

Next, let's look at the LUNA daily transactions across the bridge in 2021 to remove the huge spike from December:

The graph above shows different accounts (the accounts corresponding to the top 50 transactions of sending UST to ETH and receiving UST from ETH respectively on the 17th of March) and the amount of UST they sent and received to/from the bridge. The largest transaction was an account sending UST to ETH, the next 3 spikes correspond to receiving UST but then it looks like most of the bigger peaks correspond to sending UST to Ethereum. Moreover, it does largely reinforce the two graphs we saw above. There seem to have been some large transactions sending a lot of UST to Ethereum but on average there were more transactions that brought UST to Terra as a safe haven with Anchor and Mirror. To completely ascertain this let's look at the average size of transactions on that day:

Some interesting things here:

On the 17th of March, we see that more UST was sent to Ethereum than was received for Ethereum, even though the number of transactions bringing capital from Ethereum were significantly higher on that day than the ones sending funds to Ethereum.

Similarly, on the 23rd of May, the amount of UST coming to Terra was higher than the amount of UST leaving Terra. On the contrary, we saw more LUNA leave the ecosystem than come in. This shows us that some people who believed in UST brought funds to Anchor and also tried to help bring UST in to mint LUNA to help UST recover its peg. Others who lost their belief in the ecosystem seemed to have taken their LUNA out in order to trade it for something else.

Lastly, on Dec 24th 2020, it looks like a lot of LUNA was sent to Ethereum probably to provide liquidity.

To expand on the above analysis let's do some more things:

• Analyse what happened on Mar 17 since our graphs contradict themselves.

• Analyse the trends in LUNA's inflow/outflow without the huge spike in December.

Let's do the first in the next graph:

It looks like on an average day the number of transactions in either direction seems to be in equilibrium. There was a large number of transactions receiving funds from Ethereum in March possibly due to the launch of Anchor! Another interesting thing is that during May's crash it looks like more transactions moved funds away from Terra to Ethereum. This might be because people wanted to move from UST to other stables, USDT/USDC. Next, let's breakdown these transactions by currency i.e. LUNA and UST to see how much money people are sending across the bridge each day (we provide separate graphs for both currencies to keep the scales separate):

Okay, it's reasonable to see that more transactions have taken place to move funds from Terra to Ethereum. Assuming the average transaction in either transaction to be the same size we would expect to see less than or equal amount of transactions from Ethereum to Terra than from Terra to Ethereum since the funds being moved around are all Terra-native assets (this might change once we have support for bETH though). Next, let's now look at the daily breakdown of transactions in either direction to see if there are some discernable patterns:

As always, let's start simple with the number of transactions that have taken place in either direction - transactions moving funds to Ethereum and transaction receiving funds from Ethereum: