Let's conclude this dashboard by summarizing what we learnt from the data in it:

• We looked at the top pairs on Terra Station and Terraswap, compared the two and also looked at the top pairs across the two swap avenues.
• We analysed the addresses that are the most active on both Terra Station and Terraswap and looked at how these activity numbers compare with each other.
• We also looked at the pools these active accounts interacted with to understand similarities and differences between large accounts' behaviour across station and Terraswap.

Interestingly, a lot of the transactions by the most active accounts on Terraswap also involve what looks like arb transactions for the first two accounts. The third account seems to be the MIR buy-back smart contract since it only interacts with MIR-UST Pair.

Account 3, terra1ju3vpfrurdt5ekm68zqaz2al2hjul2vyc2eeeq:

Account 2, terra1hsh3ve4vrqnluccws9gwh5sg4jchuc352md2kw:

The interactions with the market module i.e. native swaps seem to mostly be around swapping LUNA-UST or another stablecoin on Terra. This is all part of the arbitrate play to keep the terra stablecoins on their peg. The biggest accounts that interact with native saps tend to also do very large volumes due to the quick nature of swaps. They can also deploy large amounts of capital because the overall risk in arbitrage plays is low.

Let's now look at the most active accounts doing swaps on Terraswap, starting with terra1qmhrqjyjadep9p6qklp2kyzfen2kuwy06qnpjr:

terra1hsh3ve4vrqnluccws9gwh5sg4jchuc352md2kw:

terra189rgutrsul7dm47u5h4y7hsraxnr9q4dk2fhjs:

Next, let's take a look at a couple of wallets performing Terra Station Swaps and Teraswap Swaps and compare their activity based on the pairs swapped.

First I'll visualise Terra Station Wallets. Starting with terra1dtzfwgzt8xa70zkm8gqzwz0n4zrqtngdpqejx5:

There are at least 3-4 accounts that are amongst the top accounts in terms of interaction counts on both Terraswap and Terra Station. The accounts are: terra1hsh3ve4vrqnluccws9gwh5sg4jchuc352md2kw, terra1pm37tvmac8khvfr500fzvuj7z0pu73d6mphepy, terra1pemrznzc6kup38n294nd5q39k2c8qhl6lthet4 and terra1m2rylkksr05r3z7myzhldz59x9j0c5ffagzd5y.

The top accounts on both swap platforms seem to have similar numbers of total transactions apart from the top account on Terraswap which has over 350k transactions! Looks like this is the Mirror Limit Order Bot that buys tokens on behalf of other people since all its transactions are buying mAssets. The number for Terra Station usage also taper off much quicker than terra station. For example, the 30th highest number of transactions on Terraswap are 2.5k and on Terra Station are 500.

Next, let's look at the top accounts (by transaction amount) that interact with both swap avenues and see if we can find any interesting data there:

Overall, the 5 biggest pools combined are:

• LUNA-UST -> 3.3 billion in swap volume -> 2/3rd from Terra Station
• MIR-UST -> 1 billion in swap volume -> Most of the volume comes from Terraswap
• ANC-UST -> 800 million in swap volume -> Most of the volume comes from Terraswap
• UST-SDT -> 280 million in swap volume -> On Terra Station mostly
• mETH-UST -> 250 million in swap volume -> On Terraswap mostly

The most obvious differences that emerge between native swaps and terraswap swaps are the following:

• Swaps of terra stablecoins are more common on Terra Station.
• Terra's base protocols like Mirror and Anchor see a lot more trading volume of trading on Terraswap.
• mAssets are available for buys on Terra Station but most of the volume for the trading of mAssets come from Terraswap.

The ANC-UST and MIR-UST pool seem like they are clearly big on Terraswap and weren't as big on Terra Station. The top 5 swaps pairs on Terraswap are:

• MIR-UST
• LUNA-UST
• ANC-UST
• mETH-UST
• mTSLA-UST

So the top 5 pairs on Terra Station by volume are UST-LUNA, UST-SDT, UST-KRT, LUNA-KRT and KRT-LUNA. This is really reasonable since those 3-4 currencies are the most used on Terra!

Next let's look at the top pairs on Terraswap:

Now that we have joined all pairs in a way to make them directionless we have two lines for each pair one for one direction and one for the other (for example, UST-LUNA is joined to LUNA-UST to get total volume but LUNA-UST is also joined to UST-LUNA). But we won't bother too much with removing the opposite pair since the values for both should be really close and the ability to verify that serves as a good sanity check.

The LUNA-UST, UST-SDT and KRT-UST are all obviously some of the larger pairs by volume. To bring this all together let's take a sum over all possible days to find the top n pairs:

I think even from the directional graph, it becomes clear that LUNA-UST, UST-SDT are pairs that have very large volumes at least in spikes. But we can also join each pair with its opposite pair to get total volumes of swaps for a pair on Terra Station: The huge SDT-UST spike today is because of the UST being minted from SDT to put it into Anchor's Reserves.

Let's start by analysing daily volumes of native swaps on Terra Station. The pairs on terra.swaps are directional i.e. UST-LUNA is different from LUNA-UST. But for the first graph let's just look at them just as they are: