Terra: UST Usage
This dashboard goes through all the possible places users can have their UST to get a sense of how UST is being used most.
We don't see much useful information here beyond what we already knew i.e. ANC-UST seeing a huge spike during launch and there being huge volumes on bLUNA-LUNA and LUNA-UST during the crash in May.
The interactions with Anchor seem a lot less interesting since users tend to just deposit money to Anchor (and since this dashboard is getting excessively slow I'll leave it out of the dashboard).
To conclude, through this dashboard we've tried to slice around. the different places UST is currently employed and we've also looked at how many transactions users have made using UST in these various avenues.
Minting is obviously cyclic because of the fact that we can only mint during market hours in the US. There are some days that have seen huge amount of mints, due to meme stonks being the flavor of the month and users possibly minting a lot of these memes to get short exposure to them.
Next, let's look a the number of transactions across all UST pairs on Terraswap:
Next, let's look at the daily transactions using UST in different scenarios. Starting with Mirror Minters:
We see the same healthy growth on Anchor over the last 6 months and now we can account for 740M more in the UST market cap. Overall now we have our bearings about ~1.4B UST. The last big one to look at is Anchor, the Anchor Market has about 280M in its contract (through deposits), this puts us up to about 1.68B which is a large proportion of the overall market cap of UST with it being fair to assume the other UST is sitting in larger whale wallets and exchanges (graph for Anchor provided below).
Very clearly, ANC-UST is a very popular pool. Likely due to the 40%+ APR gaping at users on the Anchor website is the cause for this. The 70%+ yield MIR farm does probably also lead to less interest in the MIR-UST pools than ANC-UST.
The other pools that have a lot of volume are the mAsset pools, which ties us back into the account that has the most UST, the Mirror Mint account which has over 700M in UST to mint mAssets. Let's look at the growth of the amount of UST in this contract over time to see the growth of the minting of mAssets:
Again clearly, the uptrend in the amount of money in liquidity pools with a huge drop coming in May during the crash. But on the bright side we had like 20M in liquidity pools on Terrawap at the start of 2021, sitting at around 360 million right now. So we have accounted for about 700M out of the 1.9 billion market cap for UST (market cap according to coingecko)
For completeness, let's look at what pools are utilising UST the most to get a more granual picture of UST in Terraswap liquidity pools:
It looks like more and more UST has lived outside of Terra as time has gone one. Starting this year we had < 50 million on Eth + BSc combined. Now, we have over 350 million UST on the platforms combined. I feel like the more UST that is away from Terra the better it is for the stability of UST since it is unlikely UST away from the cocoon of Terra is unlikely to come back and also panic sell during periods of downturn.
Next, let's look at how much UST is sitting across different liquidity pools on Terra:
Okay, so looks like there's a lot of UST on Ethereum and BSc. Let's look at exactly how much and how this number has changed over time:
Let's start off by looking at how much UST is in different kinds of wallets: