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    Reduction in Active Wallets Root Cause

    This analysis tries to determine what caused reduction in daily active number of Terra wallets

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    Trend of Active Addresses

    This chart shows the number of daily active addresses on the Terra blockchain.

    Active is defined by a wallet interacting with the terra blockchain either through:

    1. Sending assets from one address to another
    2. Interacting with smart contracts / Dapps
    3. Participating in governance
    4. Collecting rewards from staking
    5. Participating in market swaps on Terra blockchain

    This excludes:

    1. Oracle transactions
    2. Slashing events
    3. Core transactions (IBC relayers etc.)
    4. MsgAuth transactions
    5. FeeGrant

    We can see that there is a a sharp drop in active addresses for the period from 14 Mar to 19 Mar from around 77k to around 32k active addresses.

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    Root cause due to reduction in MsgMultiSend transactions

    Looking at the number of unique addresses sending bank messages, we can see that the root cause for the drop in daily active wallets is due to the sharp drop of wallets sending MsgMultiSend messages from 14-19 Mar.

    The drop is approximately 40-50k wallets