Question in detail:

2022 was a rough year for Terra and $LUNA. So what will the future hold — and what New Year’s Resolutions could the protocol make to ensure 2023 is better than 2022?

Identify at least three goals that the Terra ecosystem and community should have in the New Year, how they can achieve them, and what good fortune those changes would bring. Back up your assertions with on-chain data.

Overview of analysis:

This dashboard divided into the following parts:

• Terra network performance

• Contract deployment on Terra

• LUNA token and staking behavior

• NFT sale on Terra network

The start point of this investigation is from May 23, 2022 and the weekly basis is considered to determine the outcomes.

About Terra:

After the sudden and horrific collapse of the Terra network, many investors are worried about the future of the stablecoin Terra and the Luna Classic blockchain. Although Terra Network was completely destroyed, the founders quickly launched a new version called Terra 2.0.

Terra 2.0 is the new version of Terra Classic blockchain. This version relaunches Luna cryptocurrency. In fact, the new Luna coins replace the old ones. Terra 2.0 is completely different from the old Terra platform, now known as Terra Classic. Now that the network is up and running, the new Terra will be officially released under the original brand. The main difference between these two networks is that it will not be supported by Terraform Labs or Do Kwan (the founder of Terra Classic). This means Terra 2.0 is fully community controlled.

The technical name of this chain is Phoenix-1 and the name of its test network is pisco-1. The previous network will continue to work with a new name; This network will be called Terra Classic chain and all its tokens will have the classic extension. Therefore, Luna will be called Luna Classic or LUNC, and Dollar Tera and other stablecoins of this network will have the suffix C added to their tokens (USTC, KRTC, EUTC, etc.). Some centralized exchanges that have listed the new network and its tokens have used the name LUNA 2 for the new network token and LUNA for the older network currency.

Methodology:

The data provided by Flipside has been used to handle this analysis. To handle this investigation the following steps have been passed as below:

• Network performance
  • Used table→ terra.core.fact_transactions
  • Major aspects→ Count of transactions, active wallets, New users, Distribution of wallets by count of transactions and time between first two transactions, average and total paid fee
• The contacts deployment on Terra
  • How to find contracts→ tx:body:messages[0]:contract from terra.core.fact_transactions
  • Metrics→ Weekly and cumulative count of new contracts, Share of sectors (DEX, DeFi and …) on new contracts, Application of contracts by count of transactions and users.
• Luna token and staking behavior
  • Used table for stake actions→ from terra.core.ez_staking
• NFT sale on Terra network
  • Major aspects→ Count of NFT sale, unique purchasers, Sale volume in USD and LUNA, Average sale price
• Conclusion: By aggregating the outcomes of the previous parts draw a conclusion about the Terra blockchain behavior in 2023. Also, various points related to the general market situation should be considered.

Part 1: Terra network performance

Part 4: Secondary sale of NFTs on Terra

Part 2: Contracts on Terra

Findings:

First of all lets look at the performance of Terra network during 2022:

• The highest count of transactions and paid fee in LUNA happened on the las week of May, 2022 and first weeks of June, 2022.
• Also, the highest count of created blocks on Terra occurred on the first week of June, 2022 with over 71k blocks.
• The average paid fee happened on the last week of May 2022 with 0.194 LUNA per transaction.
• The average and minimum TPS per week have been shown that the highest TPS per week was 100 transactions per second and occurred on the first week of June, 2022.
• According to the investigation, the average time between blocks on Terra is 15.79 seconds.

Findings:

This sections presents the contract deployment on Terra blockchain and the outcomes are as below:

• The weekly and cumulative count of new contracts on Terra blockchain reveals the increasing pattern of adding new contracts on ecosystem.
• The highest count of new contracts have been deployed on the last week of July 2022 with 107 new contracts.
• About 70% of new contracts on Terra belong to tokens and the DEXs takes the second rank of new contracts sectors.
• Now lets focus of the application of contracts on Terra by usage count of application by Terra users.
• The Astroport has been dominated the contracts on Terra in count of application and users as can be seen. The highest usage of Astroport occurred on the second week of June 2022.
• Terra poker token has the second highest count of Terra users among contracts of ecosystem,
• The trend of introducing new contracts on Terra network has been decreased as can be seen.

Part 3: LUNA token and staking behavior

Findings:

• The delegation of LUNA token has been increased over time by considering the count of delegation. Also, the staking rewards on Terra enhanced tremendously during last week of 2022.
• People bought LUNA in the last week of May, 2022 but after that date the volume of selling LUNA was higher than buying LUNA in 2022.

Findings:

This part has been examined the secondary sale of NFTs on Terra network:

• The sale of NFTs on Terra begun since last week of August, 2022.
• The sale count and unique purchasers have been decreased over time and the most active month for NFT sale on Terra was October, 2022 by considering sale volume in LUNA and USD.
• The average and median of NFT sale price over time have been followed the decreasing pattern over time.

Conclusion:

According to the consequences of the previous parts related to various aspects, the following conclusion could be drawn:

• Based on the outcomes of this investigation, Terra network has been lost its reputation after collapse on May but after that event and by considering the mentioned pattern, Terra could be one of the trending blockchains in 2023.
• Various prospects have been affected the Terra blockchain in 2023 and the most important count of them have been listed as below:
  • Providing a safe platform for users as well as developers for bankruptcy with open space in this network.
  • Paying attention to the ownership and access of the upper echelons of the network to the assets, as well as establishing strict rules in this matter.
  • Paying attention to popular projects in 2022 and focusing on obtaining contracts with them, as well as creating a wide space for buying and selling the native currency of this network.
  • NFTs are inseparable components of blockchains. Therefore, if the Tera network wants to have a future in this world of digital currency, it should include NFT projects supported by metaverse and practical in its network.

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Useful links:

• Terra blockchain
• Medium article about Terra
• Terra future

Findings:

• The status of transactions executed on Terra blockchain reveals that about 95% of transactions are successful.

• The over time analysis reveals that the lowest percentage of successful transactions occurred on the last week of May 2022 and the main reason of that is because of the highest count of transactions and users not quite familiar with new chain.

• The highest count of active wallets and new users on Terra blockchain happened on the last week of May and first week of June 2022.

• The distribution of users shown that more than half of the users made only one transactions on Terra blockchain.

• Most of the users with over 2 transactions execute their first two transactions on the same day.

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