All of these numbers line up with the data above and we get another view of how total fees paid to terra shapes up. Assuming average fees of 27k per day, the terra economy produces approximately 9.8 million USD in fees a year which is extremely healthy for a business whose product has not been live for longer than a year or two.

Now that we have fees for each stablecoin in USD across the last 30 days we can compute the total fees paid to the network in the last 30 days here:

As we can see from the graph, on average we get somewhere between 150-300k transactions a day. This feels like a relatively healthy number with the huge spike in June seeming especially promising.

Now, let's look at how people pay for these transactions. Here is an animated time-series visualisation of the amount of fees paid per stablecoin on the terra ecosystem (including LUNA just in case it was also used a lot). The amount is in the stablecoin itself so 11.4 million KRW was paid in fees on the 27th of June, 2021.

As expected KRW is by far the largest amount of fees paid in the Terra Ecosystem because of the huge adoption of CHAI in Korea. It looks like Mongolia's adoption through Chai is also relatively healthy.

But since the value of KRT is not the same as the value of UST we should normalise the amount of fees paid to USD before taking a look. Which will we will do in the next graph

Transactions on Terra

The next graph is the fee paid in each stablecoin with the value of the fees in USD, this shows that since UST is the primary currency on-chain its usage in terms of value as fee is very similar to the fee that CHAI users pay in Korea. The usage of terra on-chain seems to have also dropped after the last price crash in May but things seem to have recovered since. The good thing seems to be that CHAI users don't seem to care too much about crypto prices and continue to use the app anyways (as they should).

In order to accumulate fees in other currencies products like https://kash.io and https://tiiik.money will be integral so that non-DeFi natives can access the Terra ecosystem without the complexity involved with using it.

Let's first begin by looking at the total number of transactions happening on Terra each day just as a baseline and to get to know our data a bit: