What is Terra 2.0 ?

Terra (LUNA) 2.0 is the newest iteration of cryptocurrency on the Terra blockchain. In May 2022, the Terra blockchain experienced a hard fork prompted by founder Do Kwon and voted on by the community. This created the new Terra 2.0, with a new cryptocurrency, dubbed LUNA or LUNA2, while the original blockchain and coin took on the moniker LUNA Classic or LUNC. Both blockchains still exist and operate separately, which can cause confusion for new investors. The old token was renamed terra classic (LUNC), and while the original Cosmos chain will continue to operate, the option to mint or burn coins will be disabled. The new blockchain was launched on 28 May 2022. (Read More…)

Dashboard Introduction & Methodology

In this dashboard, I am going to analyze the different types of user activity within the Terra chain using Flipside’s terra.core tables.

For this, I am going to:

• Provide some overall information about the total users on the Terra chain.
• Provide an analysis of “Active Users” on the Terra chain.
  • “Active Users” are those Terra wallets who have done at least 30 transactions within the last 90 days on Terra Chain (~1 transaction every 3 days). These transactions are one of the types: Transferring, Staking, NFT Minting, NFT Trading (Buying/Selling), Swapping & Governance Voting)
• Provide an analysis of “Hyper Active Users” on the Terra chain.
  • “Hyper Active Users” are those Terra “Active Users” who have done at least 1 transaction of each 6 activity type (that have been mentioned above) on the Terra chain within the past 90 days.
• Introduce the “Top Scored Active Users” on the Terra chain.
  • “Top Scored Active Users” are those Terra “Active Users” with more than 1000 points based on the below scoring method:

• There is also a ==Terra_User== provided parameter. you can use it to see the activities and also calculated score of your desirable Terra wallet.

• In the last part, I am going to provide a few brief, specific ideas to attract additional users, as well as an assessment of what it would cost to implement these ideas.

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There is an “Over_Time_Charts_Time_Basis” provided parameter which u can use it to change the time basis of over-time charts to your desirable timespan (Daily, Weekly & Monthly).

Part 1: Overview of Terra Wallets

There are currently 218k unique wallets on Terra chain which u can see their average & median number of transactions, age & active days on Terra chain.

The median “1” number tells us that the majority of Terra chain users are one-time users that have only been active on this chain for 1 day.

• Age is calculated by the time difference between the first transaction of wallet on Terra chain & Now (current Date)

According to the above charts, the highest peak of active and also new wallets on Terra was during the first month of Terra 2.0 release. We can also see a semi-high spike of active & new users on Terra chain during September 2022.

Totally, we can see decreasing number of active & also new first-time users on Terra as time goes on which is not a good point for this chain.

Also, as mentioned earlier, more than 53.3% of Terra wallets have only done 1 transaction on this chain and the second rank (37.9%) belong to the users who have done 2-10 transactions on this chain.

Moreover, more than 66.8% of Terra wallets have only been active on this chain for 1 day and the second rank with 25.5% share belong to the users with less than 7 days activity on Terra.

Also, we can see that more than 80.5% of Terra wallets have between 6 months - 1 year age.

So, The majority of Terra wallets have low activity (only performed 1 transaction within the chain and only have been active for 1 day) despite the high number of registered wallets during the first weeks of the Terra 2.0 release. So, we can say that “User Retention” is one of the most important challenges for Terra chain that should be considered by Terra team to engage users and make them actively transact within this chain.

Terra Active Users

• “Active Users” are those Terra wallets who have done at least 30 transactions within the last 90 days on Terra Chain (~1 transaction every 3 days). These transactions are one of the types: Transferring, Staking, NFT Minting, NFT Trading (Buying/Selling), Swapping & Governance Voting)

According to the above over-time charts, Transfer is by far the most popular activity done by these “Active Users” on Terra chain in majority of days. During the last weeks of the year 2022, we can see high share of Stake transactions on Terra that have been declined significantly after December 2022 and on the other hand, the popularity of Swapping activity within these active users has increased after this date.

Moreover, the highest activity of these users were achieved during the January 2023 especially during 2nd and 3rd weeks of this month (the time when whole Cryptocurrency market was recovering after dark days of the year 2022.

On the other hand, the lowest activity of these “Active Users” ocurred during December 2022 and the first week of January 2023 (maybe because they were busy doing holiday stuff).

Hyper-Active Users

• “Hyper Active Users” are those Terra “Active Users” who have done at least 1 transaction of each 6 activity type (that have been mentioned above) on the Terra chain within the past 90 days.

According to the above definition of “Hyper Active Users”, there are only 2 hyper active wallets (terra1tu0lx26n8vjkpfjrjdyktnvt3wqfdtup65lyj5 & terra1l67whaslfrxhhqxyhj3r68vx2gv6gsewfwj5tr) on Terra chain. These 2 are the users who have done at least 30 transactions within the last 90 days on Terra chain and also have done at least 1 transaction of each activity type on Terra chain.

However, we can again see that Transferring is the most popular activity done by these 2 hyper active users and the interesting thing is that NFT-Minting is the second popular activity among these users followed by Governance Voting.

The least popular activity done by these 2 hyper-active Terra wallets is Staking (which was the second popular activity among regular Active Users on Terra chain!)

According to the above charts, the average wallet age of these active Terra users is 31 weeks (which is almost equal to the average wallet age of all regular users on this chain). Also, we can see the majority of these wallets have 6 Months - 1 Year age on Terra chain (more than 81.7% of them). the share of these old wallets is more than the share of Old wallets among regular Terra wallets.

And on the right chart, we can see almost close positive correlation between number of transactions on Terra chain & the age of wallet. The more number of transactions done by wallet = the more age the wallet has.

According to the above definition, there are currently 1557 active wallets on Terra chain & the wallet address terra1jv65s3grqf6v6jl3dp4t6c9t9rk99cd8pm7utl with more than 164.4k done transactions on Terra chain is by far the most active Terra wallet.

Moreover, we can see that the number of active users and also their performed transaction via “Transferring Tokens” has the highest share among other type of activities within this chain.

Staking (in terms of number of transactions) and Swapping (in terms of number of active users) are on the next ranks of the most popular activities done by Terra active users.

We can see NFT-Related stuff (minting & Trading) are the least popular activities done by these active users on Terra chain.

According to the above charts, Late-December ~ Early-January were the highest peak of These 2 hyper-active users’ activity within Terra chain that have resulted in the most number of performed transactions on this chain.

Also, we can see there is not any day/week that these users have performed all of 6 mentioned activites on Terra chain.

On the above table, you can see a full list of active wallets on Terra chain within the past 90 days and their calculated Score based on the defined methodology.

As we see, the wallet address terra1vct6vfh9a56v3xurnc690hrqynnppwk94uej66 has the highest points (according to the mentioned scoring method) with more than 35.046k points. The majority of gathered scores by this wallet (and also other top-rated wallet) is because of the Staking activity within Terra chain.

There are only 45 wallets who have more than 1000 gathere points from the defined methodlogy.

Terra Users Based on Defined Scoring System (High-Value Users)

Summary & Conclusion

• The majority of users on Terra have very low-activity within this chain and have only performed 1 transaction and have only been active for 1 day on this chain.
• User Retention and attracting users to engage more repeating activites on Terra is one of the most challenging issues on this chain since after those high peak days of new and active users during the first months of the Terra 2.0 release, There is a decreasing trend of users activity on this chain over time.
• Transferring, Swapping, and Staking are the most popular actions within Terra regular and active users.
• NFT-Related Stuff such as Minting and Trading are the least popular actions among Terra regular and active users.
• There is an almost close positive correlation between number of transactions on Terra chain & the age of wallet. The more number of transactions done by wallet = the more age the wallet has.
• There are 1557 active wallets on Terra who have performed at least 30 transactions within the past 90 days on Terra chain (Transactions such as Transfers, Staking, Swap, NFT minting, NFT Trading, Governance Voting).
• There are only 2 hyper-active wallets on Terra. these users have performed at least 30 transactions with the past 90 days on Terra and at least performed 1 transaction of each of 6 above-mentioned activity on this chain.

Discord: Ali3N#8546 Twitter: Alik_110 Email: Alik110.72@Gmail.com

a Few Brief, Specific Ideas To Attract Additional Users, As Well As An Assessment of What It Would Cost To Implement These Ideas

1. Post-May 2022 Collapse Recovery: ==($Time!)== I think, one of the most negative points about Terra chain (despite its evolution to version 2.0) is its collapse during May 2022. Many users have lost many funds because of that crash and this event has mentally-financialy hurt them a lot to the extent that majority of them (at least, I, as one of the users who have lost almost $800 during this crash) have lost their trust in the whole Terra chain and it would be hard for these ppl to come back to Terra chain and perform transactions on this chain as well as other old days. But, maybe “Passing of Time” can be one of the important factors for Terra chain + their positive activity in other terms to make users get back to this recovered chain.
2. Airdrop or Similar Reward Program: ==(~$250k - $500k)== One of the major things that can attract many users to perform activities on Chain is some kinds of reward-programs such as Airdrop. We have seen the incredible positive impact of these kind of programs on chains such as Optimism, Osmosis, Arbitrum & etc, that have attracted the attention of many users to actively interact with different programs on chain. So, maybe these incentives for users who have held $LUNA for a period of time or performed activities within different speficif programs or have performed a certain number of transactions on this chain or other similar stuff, can help Terra to attract many users.
3. Introducing DeFi Programs such as Anchor: ==(+$1M==) Anchor was one of the most interesting programs not only within the Terra chain, but only in the whole cryptocurrency market that hav attracted many users to itself during the days before Map collapse. its reward program and facilities was incredibly attracting users to this program because of the interesting reward that it was distibuting to UST users and maybe creating or developing such programs like Anchor would help Terra to attract more users.
4. NFT Ecosystem: ==(~$1M)== As we have seen on the above analysis, NFT-related activities are the least popular stuff on Terra chain and this ecosystem on Terra is attracting very low users to itself. maybe the allocation of certain budged to this ecosystem would help Terra to retain NFT traders who have left this ecosystem after May collapse and also attract new users to mint & trade NFTs on this chain. Terra can also advertise widely on this ecosystem (like hiring celebrities, participate with centralized exchanges such as Binance & etc) in order to build its own NFT ecosystem and make it attractive like what FLOW, Solana & Ethereum ecosystems are doing.
5. Developers Activity: ==($250k - $500k)== Terra has lost many of its active developers after May 2022 collapse. This chain is on rank #85 among the blockchains and cryptocurrency & DeFi projects based on the published report by Electric Capital. There are currently only 7 full-time developers on Terra chain which is very low compared to the other major chains (For example Cosmos chain has more than 500 full-time developers). So, maybe Terra should work on hiring more developers and also provide some incentives for them (such as reward programs, more salary & other stuff) in order to make them work on this chain to rebuild its old good days.

You can see an overview of Developers’ activity on Terra chain on the above image. We can see that developers’ activity on Terra was at its highest peak till May 2022 but after that heavy crash, a huge decline is clearly visible on the chart. Also, we can see Terra has lost 55% of its total developers (76% of full-time developers) compared to the last year which is a negative point for this chain.

6. Practical & Useful Stablecoins such as UST: during the days before the collapse, UST was one of the most popular stablecoins among DeFi users but after Collapse this token has almost lost 100% of its popularity and currently almost no-one is using it. Maybe creating a such stablecoin and also providing similar reward programs by staking/farming it should be helpful to attract many users to Terra chain and its native stablecoin.
7. More Staking Rewards: Maybe increasing the reward of $LUNA staking would be helpful in order to make users to purchase and stake $LUNA (the native token of Terra chain) and as a result, higher popularity of Terra chain.
8. Marketing Improvement: ==($250k - $500k)== Marketing is an important and undeniable part in all jobs and projects, and crypto projects are no exception to this. So, maybe allocating a significant amount of Budget to this part + hiring proffessional crypto-related Marketers can help Terra to introduce itself and its chain’s facilities to many Crypto users and attract them to this chain.
9. Attracting Users of Failed Blockchains Projects: maybe one of the helpful things that Terra team can do is attracting the users and also projects who are not satisfied of their host chain, marketplace, … . For example, after Terra 1.0 collapse, many of this blockchain’s users and projects have migrated to other chains such as Solana and Ethereum. On the other hand, after FTX collapse & as a result, Solana crash, Many of Solana NFT projects (such as y00ts) were going to migrate to other chains such as Ethereum. So, since the topic of bankruptcy of blockchains and projects is very hot these days, the Terra team can use this to their advantage and start attracting users and projects that are not satisfied with their current situation with offering them some incentives.

I don’t think there would not be a significant acquisition cost for high-value Terra users and I think the main cost is for Terra Team & Developers!

The above-mentioned suggestions are just “Suggestions” from a non-specialist and only a regular Web3 Analysts and crypto enthusiasm.

Activities & Calculated Score of Chosen ==“Terra_User”== (Using Provided Parameter)

In this part, you can enter the wallet address of a Terra user in Terra_User parameter in order to see his/her activities and also calculated score based on his/her activities during the past 3 months on Terra.