Try Quests to earn cryptoLight as a Feather (Terra Station Announcement)
The announcement of the Station has generated hype in the Terra community. Has this type translated to an increase in activity? Define and visualize at least 2 metrics for ecosystem activity and analyze them in the week before and after the Station. Did the launch have any measurable impact? Are there other factors that might be in play affecting the metrics you’ve chosen?
What is TERRA (LUNA) 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…)
Introducing Terra Station
Jan 14, 2023: Terra’s first step towards building the interface to Web3 is complete. Terra announced the launch of Station, an interchain wallet that simplifies the often complex, cumbersome process of interacting with multiple blockchain networks. With Station, users can easily stake, vote, send and receive tokens, and interact with their favorite dApps across all supported chains.
Defining the Future of the Interchain
At Terra, they envision a multi-chain future — one in which decentralized blockchain economies can align incentives with one another by creating bilateral, mutually beneficial economic agreements, and creating a new chain takes mere minutes. Station paves the foundation for this vision, providing those that automate chain genesis via Feather with immediate interchain wallet functionality, and supplying those chains that form economic alliances with others via Alliance with an easy-to-use, easy-to-integrate wallet to execute cross-chain transactions.
Staking Made Simple
One of the challenges for users looking to participate in proof-of-stake (PoS) networks is the process of selecting a validator to delegate their stake to. With many options available, it can be difficult to discern which one is suitable. Many users try to circumvent this burden and elect to stake to the first validator in the list, effectively contributing towards further network centralization, whether or not that’s their goal.
The Next Generation of Crypto Asset Management
Managing and tracking a crypto portfolio can be a daunting task, especially if users are using multiple wallets or chains. However, it doesn’t have to be. With the Station’s user-friendly interface and clear organization of assets, it’s easy to keep track of assets and make informed decisions. For example, add new tokens, monitor portfolio at a glance, or send and receive tokens quickly across chains using Station’s pop-out sidebar wallet.
Interchain Governance
The Governance hub on Station allows users to view and vote on proposals for all supported chains in one convenient location. This saves users time by eliminating the need to switch between different interfaces or platforms to stay updated on proposals for various networks.
Chain Integrations
Station has launched supporting Terra, Osmosis, Juno, Kujira, Carbon, HuaHua, Crescent, Terra Classic, Mars (testnet), and Sei (testnet), but there will be many other chains will be added before February.
dApp Developers
After Station adds support for a given chain, dApp developers on that network will need to integrate the Station extension for users to connect to their application using a Station wallet.
Dashboard Introduction and Methodology
On the occasion of the launch of Station, I am going to analyze the activity on the Terra network 1 week before and after the launch announcement.
Based on the right tweet by the official Terra Money twitter account and also the published medium article, the Station launch announcement was published on Jan 14, 2023. So, the time period for this analysis will be from Jan 7 to Jan 20 (today - analysis date). Also, I am going to separate this analysis timespan into 2 parts:
1- Before Announcement (7 - 14 January) 2- After Announcement (14 - 20 January)
So, In this dashboard, I am going to mainly analyze the activities in Terra chain which are possible to do via Station wallet as well as other popular activites in this chain.
For this purpose, I am going to first analyze the price of the $LUNA token around this timespan.
Then, I am going to analyze the overall activity on the chain on these days like the number of transactions, active users, new first-time users, and transfers within the chain.
Then, I am going to analyze the Swap activity and swappers on this chain during this time period.
Then, I am going to analyze NFT trading activity and purchasers’ actions on these days,
Then, I am going to analyze Staking activity and delegator’s activity on these days.
Then, I am going to analyze the Liquidity-Providing activity and LPers on Terra during this time period.
Then, I am going to analyze the governance voting activity and Voters on Terra proposals during this timespan.
Then, I am going to check the deployed contracts on Terra during these timespans.
And in the last section of this dashboard, I am going to analyze the behavior of new wallets who have joined the Terra network after the Station launch announcement to see which actions and programs were used the most by these newbie users.
The main tables that I have used for this bounty are the majority of terra_core tables: terra.core.ez_messages, terra.core.ez_staking, terra.core.ez_swaps, terra.core.ez_transfers, terra.core.fact_lp_actions, terra.core.fact_msgs, terra.core.fact_nft_mints, terra.core.fact_nft_sales, terra.core.fact_transactions & terra.core.dim_address_labels
The main purpose of this bounty is to realize how users have reacted to the Station launch announcement and how has the activity over Terra chain has changed as a result of this annoucement.
Based on the left chart, $LUNA token price has experienced significant raise during the days after the Station launch announcement.
However, This announcement may not be the only reason behind this growth because many other cryptocurrencies has recoveret their lost value during the past month and are now on one of their highest prices during the last months because of the market recovery and Bitcoin growth.
Anyway, the impact of this announcement can not get ignored.
$LUNA Token Price
Terra Chain Transactions and Users Overview
According to the above charts, we can obviously sense the growth in Terra chain activity after the Station launch announcement.
Starting from 14th January (announcement day), there is clearly increasing number of executed transactions, active and also new users on Terra chain over time especially during the first 3 days after the announcement (till 16th January). The generated fees from transactions on Terra has also increased significantly after the announcement which shows the high activity over this chain that resulted in generating $LUNA as tx fees.
On the average daily chart, we can obviously see the increaasing number of transactions, active users, new users on Terra.
Also, the daily activity of Terra users have increased after the announcementand this means Terra wallets are more actively performing transactions on Terra chain after the Station launch announcement.
Tokens’ Transfers on Terra
Similar to the previous part (transactions and users), we can also see that the number and volume of tokens transfers within the Terra chaind and also the number of users who have transfered their asset on this chain has also increased significantly after the announcement. Also, we can see that average volume of transfers increased after the announcement and is increasing more and more as time goes on which means there are more worthy transactions and users appearing on Terra chain after the Station announcement.
Another interesting thing is that the volume of incoming IBC transfers to Terra chain (IBC_TRANSFER_IN) have increased slightly after the Station launch announcement which means there is more volume driving into the Terra chain after announcement.
In the last 2 charts (average daily), we can clearly see that transfers activity and volume of transfers on Terra chain have increased dramatically after the announcement.
Swapping Activity
Similar to the previous metrics, the swap activity and also volume of swaps on Terra chain has also increased significantly after the Station launch announcement. As mentioned earlier, Terra station has made swapping activity easier via this program and we can see that the number and especially volume of swaps on Terra have increased signifncatly after announcement.
There is a huge high spike of swaps volume achieved on 15th January (1 day after the announcement) and the average volume of swaps on this day was also more than other days.
There are also more number of new wallets who have performed their first swap activity on Terra chain after announcement as well as number of active traders on this chain.
Overally, in the 2 last charts, we can obviously see that number of swaps, active & new swappers and especially volume of swaps on Terra has increased dramatically compared to the days before announcement.
NFT Trading Activity
The number of NFT trading activity and also active & new traders (buyers and sellers) on the Terra chain has increased slightly after the Station launch announcement but the volume of NFT trading during the days before the announcement was more than the days after the announcement.
Totally, we can say that NFT trading activity was less positively affected by the Station launch announcement compared to the activities that we have seen in previous parts.
In my opinion, the major reasons behind this low growth rate can be:
1- NFT trading on Terra is not popular so much as we can see there are very low NFT sales on this chain in days.
2- In the Medium article and the announcement of the Station launch, there was not any topic related to the NFT trading on this chain (for example like as Staking or Swap activity which Stations is facilitating these activities).
Staking Activity
According to the above charts, Staking activity on Terra chain was also positively-affected by Station launch announcement since the number and especially volume of delegating actions and also the number of active & new delegators on the Terra chain have increased significantly after the announcement.
We can see high Redelegations activity on Terra chain after the Station launch announcement especially in terms of volume.
Liquidity Providing Activity
Despite Liquidity Providing is not popular in Terra chain but anyway, the LP activity on this chain has also increased significantly after the Station launch announcement.
We can also see there are high number of new first-time Liquidity Providers who have performed their first LP on Terra chain after the announcement.
On the 2 left charts, we can clearly see that liquidity providing activity on Terra chain has increased dramatically after the Station announcement.
It may be a little irrelevant but anyway on the left charts, we can see that number of deployed contracts on the Terra chain has also increased after the Station launch announcement.
Contracts Deployments on Terra
So, According to the above charts, “Transfer" is the most popular first and overall activity done by new Terra wallets who have created their wallet after the Station’s launch announcement. We can also see that “Staking” is the second most popular activity that these users have done it first via their new-created wallets. The interesting thing is that none of these new-created wallets have done NFT trading or Minting on Terra. Also the Governance voting and Liquidity providing actions by these wallets is not so popular.
On the 2 last charts, we can see that Astroport is by far the most popular project that new Terra wallets have used.
> \
> Astroport is a neutral marketplace where anyone, from anywhere in the galaxy can dock to trade their wares. Decentralized, permissionless and open-source, Astroport's marketplace is a public good governed by its community of. token holders.
The second most popular first-interacted project by these new wallets is OKX centralized exchange and Stader (liquid staking platform) is on the 3rd rank.
We can also see Terraswap (a Uniswap-inspired automated market-maker (AMM) protocol implemented with smart contracts on the Terra blockchain) is the second popular project that was used more than other protocols by these new Terra wallets.
Analyzing The Behavior of New Wallets Who Have Joined Terra Network After Station Launch Announcement
In this part, I have analyzed the activities of new wallets who have joined the Terra network after the Station’s launch announcement (after 14th January). Here, I am going to analyze what was the first and also the most popular activity of these newbie users on Terra chain and also what was the first and also the most popular Terra project useds by these wallets.
Governance voting was also one of the activities that the Station facilitated for Terra users:
> The Governance hub on Station allows users to view and vote on proposals for all supported chains in one convenient location. This saves users time by eliminating the need to switch between different interfaces or platforms to stay updated on proposals for various networks.
So, similar to the previous activities, we can see the increasing number of executed votes and also the number of active & new voters on Terra governance proposals after the announcement.
So, we can conclude that positive impact of Stations’ launch announcement is also visible on Governance voting in Terra chain since there are more number of votes being executed on proposals and also there are more number of voters & new voters in this governance.
Terra Governance Voting Activity
Summary and Conclusion
- The overall activity on Terra has increased significantly after the announcement of the Station’s launch on this chain.
- $LUNA token has experienced raise on its price after the Station’s launch announcement.
- 14 - 16 January (3 first days after the Announcement) were the days with the highest activity on the Terra chain during the recent days.
- All activities that are supported via Station wallet (as like as Swapping, Staking, Governance Voting, Token Transfering, etc) were positively affected by this announcement and we have seen an increasing number and especially the volume of all actions on Terra after the announcement.
- NFT trading and Liquidity Providing (2 activities that were not mentioned as the activities that the Station is facilitating on Terra) were the 2 least affected actions on Terra after the Station’s launch announcement, but anyway, the activity over these actions has also increased after the announcement.
- The average volume of actions on the Terra chain has also increased dramatically after the announcement and we can conclude there are more “Whales” activity on this chain after Station’s launch announcement.
- The number of new Terra wallets, new first-time swappers, new first-time liquidity providers, new first-time delegators, new first-time token senders, new first-time NFT traders, and new first-time voters on the Terra chain has increased significantly after the Station’s launch announcement.
- There were also more deployed contracts on the Terra chain after the Station’s launch announcement compared to the days before that.
- Transfer (1st rank) and Staking (2nd Rank) were the 2 most popular activities that new Terra wallets (that joined the network after the Station’s launch announcement) have done on this chain.
- Astroport (DEX), OKX (CEX), Stader (Liquid Staking Platform), and Terraswap (AMM) were the most popular projects that new Terra wallets have interacted with them.
- In general, we can say that the Station’s launch announcement has had a quite positive effect on the Tera network because the activity of this network has greatly increased after this event. Of course, the good situation of the cryptocurrency market and the recovery of most networks and cryptocurrencies during these days (as well as their bullish rally) can also be the reason behind the increasing activity on Terra chain.
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