What is Terra?

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After ==Governance on Terra== voted in favor to the proposal 1623 at the end of May 2022, a new blockchain was forked from the previous Terra project making the old Terra blockchain be renamed onto “Terra Classic” and their $LUNA be renamed onto $LUNC “Luna Classic”.

Nowadays when people talk about Terra is all about the new blockchain which started at the end of May 2022, and $LUNA is their native token.

🎉New Year, New Luna🎉

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The Objective in this Dashboard is to show the performance of the past 6 weeks in the Terra Blockchain. So the date range for my analysis will be the following:

First Week of December: From November 28, 2022 (Monday) Until December 4, 2022 (Sunday).

Second Week of December: From December 5, 2022 (Monday) Until December 11, 2022 (Sunday).

Third Week of December: From December 12, 2022 (Monday) Until December 18, 2022 (Sunday).

Christmas Fever Week: From December 19, 2022 (Monday) Until December 25, 2022 (Sunday).

Last Week of 2022: From December 26, 2022 (Monday) Until January 1, 2023 (Sunday).

First Week of 2023: From January 2, 2023 (Monday) Until January 8, 2023 (Sunday).

These are the date ranges for the week names i’ll use in some of my charts.

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📈Stake Activity in Terra📉

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📈Terra Blockchain General Metrics📉

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📈Contracts Deployment in Terra📉

🔎General Metrics #1 Analysis🔍

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• The Price of $LUNA decreases before entering the Christmas Fever Week, and then after Christmas the Price presents increased a bit.
• The amount of Failed Transactions seems to decrease considerably in the Christmas Fever Week
• Christmas Day (December 25) have the less amount of Successful Transactions, but surprisingly is at second place in Less Failed Transactions (68).
• The last Day of 2022 (December 31) have the less amount of Failed Transactions (66).
• January 9 amount of Failed/Successful Transactions correlates with the biggest Increase of $LUNA Price.

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📈Swap Activity in Terra📉

🔎Swap Activity #2 Analysis🔍

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• Swaps Using $LUNA: The Volume decreased after the $LUNA Price drops.
  • But during the Christmas Fever Week this amount increased and the Usage of TFM Dex aggregator reached their biggest spike in that week with 3.5 $LUNA being swapped.
  • And After the Christmas in the last week of 2022, the $LUNA Volume reached their highest value with 10.53M $LUNA being swapped (From) and the Astroport Aggregator (7.4M) beated by far the TFM Aggregator (2.5M).
  • If we don’t consider the Aggregators, the Luna ↔ axlUSDC Pool is the favorite for users to swap (from) their $LUNA.
• Swaps Receiving $LUNA: Here is the Anomaly and it’s seems it comes from the $LUNA Received with the TFM Terra Router.
  • We can’t conclude anything Useful here, because of the Anomaly but don’t worry i’ll explain this Now.

🔎General Metrics #2 Analysis🔍

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• Transactions: The total amount seems to be between 50k - 64k per week.
  • Transactions during the Christmas Fever Week decreased, but after Christmas in the Last week of 2022 the total transactions increased reaching a Spike with 63.04k transactions.
  • The weeks before and after Christmas Fever Week are the most active in transactions.
• Unique Users: There are between 7600 to 9300 unique user per week.
  • During the Christmas Fever Week the amount of Unique Users reached their lowest value, but after Christmas in the Last Week of 2022 they increased reaching the 2nd biggest value.
  • It’s seems that Users are most active in the Weeks having the last days/first days of the month, the First Week of December and the Last week of 2022 both include days from 2 different Months.
• Transactions Fees: The amount of $LUNA ranges between 880 to 1155 per week.
  • Since the Christmas Fever Week the total Fees are increasing, and only in the first week of 2023 they’re decreasing again.
  • The weeks before the biggest price drop of $LUNA (at December 15-17) have the biggest amount of total fees, with more than 1000 $LUNA.

🔎General Metrics #3 Analysis🔍

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• Number Metrics: It’s seems that the Weekend of Christmas was less active but with expensive Fees than the weekend of New Year.
• When the Average Daily Transactions decreased the Average Fee per transaction Increases, but the $LUNA Price fall at the third week, raised the daily transactions and reduced the Fee per Transaction
• New Users/Existing Users: The amount of New users ranges between 817-1053 New Users per week and 6774-8342 Existing (Old) Users per week,
  • The total and average number of new users, during the Christmas Fever Week was the #3 lowest, and the amount of Existing users was the lowest.
  • But after Christmas in the last week of 2022, the amount of New users reached their biggest spike with 1053 New users and 8086 Old users (#2 highest).

It’s seems that During the Christmas Week/Weekend more people take a rest from Web3 Activities and returned at the next Week/Weekend of New Year.

🔎General Metrics Last Analysis🔍

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• Stickiness Ratio: It’s seems that 20.6% to 23.9% of the Total Active users per week make at least 1 transaction daily.
  • In the first Week of 2023, this ratio increased 3% with more people being active daily.
• Receivers of $LUNA: There are 1909 - 2788 different Users Receiving $LUNA.
  • During the Christmas Fever Week the amount of Recipients decreased, but after Christmas in the Last week of 2022 the recipients increased reaching the #2 Highest.
• $LUNA Volume: The $LUNA Flow in transactions ranges between 7.8M to 22.3M per week.
  • In the Christmas Fever Week the amount of $LUNA Volume decreased significantly, but after Christmas in the Last week of 2022 the Amount of $LUNA Volume increased a lot, reaching their highest value of 22.3M.

🔎Contract Deployment Analysis🔍

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• Total Unique Contracts Deployed: It’s seems that the amount of contracts deployed in Luna ranges between 249-280 with an average of 35-40 contracts deployed Daily.
  • The amount of Unique contracts Deployed seems to correlate with the $LUNA Price, in the 3rd week starting at December 12 the amount of Unique Contracts decreased as the $Luna Price, and when the $LUNA price increased during the First week of 2023 the amount of Unique Contracts increased again.

We can see that there is a significant amount of Unlabeled Contracts, and the times being deployed is significant. In my investigation i noticed that there still a large amount of Smart Contracts of Liquidity Pools from Astroport-Terraswap-Phoenix-White Whale which aren’t labeled, but one of the most important contracts that is still unlabeled is TFM a Dex Aggregator which i’ll showcase it’s activity later.

• Contract Subtype Deployment: As expected most of the Contracts being deployed weekly are related to Pools and Tokens, Swap_Router subtype should have more activity when they labeled TFM Contracts.
  • During the Christmas fever week the amount of times a contract was deployed decreased, but After Christmas in the Last week of 2022 this amount increased significant reaching a Spike with a lot of activity by Pools and Tokens Contracts Subtype.
• Deployment of Contracts by Project Name: Astroport is the project with most Activity having 1/5 of the total times a contract is being deployed, and Surprisingly what comes Next is a Poker App called Terra Poker Token (TPT) this token comes from a Play-to-Earn (P2E) App where users can play Texas Hold’em style poker game on the Terra Blockchain, and users can stake their TPT to earn their governance token xTPT.
  • During the Christmas fever Week, Astroport, Terra Poker, Terraswap and Knowhere where the projects with most activity, but after Christmas in the last week of 2022, The amount of activity increased significant and Knowhere beated Terraswap becoming the 3rd Project with most activity on that week.

🔎Stake Activity Analysis🔍

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• Stake Transactions: The amount of transaction activity seems to decreased considerable after the first week of December.
  • In the Christmas fever week the transactions reached their lowest values with 4852 Transactions, but after Christmas in the last week of 2022 the amount of transactions increased a bit reaching 5891 txs.
• Stake Users: The amount of Users presents the same trend as transactions, but without the same decrease rate.
  • In the Christmas fever week the users staking reached their lowest values with 3137 unique users, but after Christmas in the last week of 2022 the amount of users increased a bit reaching 3932 users.
• Staked $LUNA: The Staked $LUNA follows the same trend in the firsts weeks but during Christmas and New Year the Volume presents a significant increase.
  • Most of the $LUNA volume comes from redelegations, so people where changing of validator, during the Christmas Fever week the amount of Unstaked Luna was higher than Staked Luna.
  • After Christmas in the last week of 2022, the $LUNA redelegated reached a new spike, but this time the amount of Staked $LUNA was slighty higher than the Unstaked Volume.
  • People Unstaked more $LUNA in the weeks having the last days/first days of the Month.
• Number Metrics:
  • The amount of $LUNA Volume in Stake transactions was really low during Christmas weekend.
  • The amount of $LUNA Volume in New Year Weekend is really high in comparison with Christmas.

🔎Swap Activity #1 Analysis🔍

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Now we can see the Importance of TFM Dex Aggregator!.

• Swaps Activity: We can see that the range of swaps is between 3499 - 5527 Swaps per week, and Astroport LP of Luna↔axlUSDC was the favorite pool by far, second place was the use of TFM Dex Aggregator for swaps.
  • During the Christmas Fever Week the amount of Swaps decreased with less swaps, but after the end of Christmas in the last week of 2022 the amounts of swaps increased reaching their biggest value.
    • Luna↔axlUSDC LP from astroport/terraswap were the favorite options and router of TFM and Astroport the Aggregators option.
• Swappers Activity: The Unique Swappers trend is slightly different than swaps, but both spiked on the same week.
  • During the Christmas Fever Week the amount of Swappers increased with 998 swappers, and after the end of Christmas in the last week of 2022 the amounts of swappers increased again reaching their biggest value with 1054 Swappers.

Terra Poker Token Also is present in the Top Pools by Swaps and Swappers.

The Following Charts of $LUNA Swapped TO presents an irregularity

After my investigation of the abnormal amount of $LUNA Received and looking at the Arbitrage of $LUNA↔$LUNA swaps it’s seems that Flipside Crypto Database have a currency which isn’t uluna label as uluna in the Terra.Core.Ez_Swaps table==.

I’ll talk more about this later.

The Following Charts of $LUNA Arbitrage presents an irregularity

• Read the Next Analysis for my Investigation Conclusion.

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🔎Swap Activity #3 Analysis - What’s the Anomaly?🔍

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We can see that the $LUNA Used (from) and the $LUNA Used (TO) doesn’t correlate, and TO_CURRENCY column which is the Currency Received is $LUNA (uluna), so i decided to track the swapper with most arbitrage and look for the transactions HASH and to my surprise i found this:

18805A207BF1750AC5742BB02224E0A031A1CFFA27E8A54A883E506C52F41C5E

9E8D152FBB406ED79C628473C6520FEF34B4CAEBEBAA791DF90606AFD4F67518

DEAF6B60EC1450F752920FFD03B13080520FF0098FD41CA9E3B5C49A5C1123F1

07FCFE975B37728604C7EE6FFAA19BA1E8A49D8C6121BC445B182FF59E4F3F4B

In the 4 Transactions, the Token Used to Swap (FROM) was $LUNA, but the Token received or in other words the TO_CURRENCY isn’t $LUNA (uluna).

The real Token Received was Escudos but in the Flipside Table they’re labeled as uluna.

Because of that when looking at the $LUNA Received the amount is abnormal because Escudos is a token with a low price, and it’s seems that this only affects the Transactions between $LUNA↔$ESCUDO which are registered as uluna↔uluna

🔎Swap Activity Final Analysis 🔍

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Again the Values coming with $LUNA swapped (TO) are wrong (Right Charts), but this is only in the case of luna, axlUSDC/USDT/WETH and ATOM values are correct.

• Tokens Received (To) by Amount of $LUNA Swapped (From):
  • It’s seems that people are purchasing Axelar Stablecoins (USDT/USDC), bLuna and TPT, as always there are people doing arbitrage swapping Luna for Luna.
  • In Both Christmas Fever Week and After Christmas in the Last Week of 2022, axlUSDC, luna and TPT where the Favorite tokens to buy with Luna.
• Tokens Swapped (From) by Amount of $LUNA Received (To): Without considering luna because of the problems.
  • Users swaps for Luna using IBC Tokens such as axlUSDC/USDT/WETH or ATOM.
  • During the Christmas Fever Week the Amount of $LUNA swapped with axlUSDC decreased, but the amount swapped with ATOM and axlUSDT increased.
  • After Christmas in the Last week of 2022 the Amount of $LUNA Swapped with axlUSDC Increased again, but the amount with ATOM and axlUSDT decreased.

Summary

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It’s seems that the Holiday fever affected Terra, but ultimately it’s seems that weeks having last days/first days of the Month are the most active, so because of that the Weekend of New Year was more active than the weekend of Christmas.

• The Last week of 2022: It was the week most active in Transactions and has the biggest amount of new users, in total amount of Active Users is at second place and in Fees is at third place.
  • The Flow of $LUNA was really big in this week with 22.3M of $LUNA flowing.
  • In this week the number of times a contract was deployed reached their biggest value and the $LUNA Staked Flow was also at their biggest Value.
  • The amount of Swaps/Swapper and $LUNA Swap volume was also at their spike.
• Christmas Fever Week: The Week of Christmas was less active in most areas, having a downtrend in a lot of values but there are some exceptions such as:
  • The Staked $LUNA Increased with more redelagations and Unstakes than Stakes.
  • The Swappers and Amount of $LUNA Swapped also increased.
• Popular Projects in the Holidays: The Popular Projects as Always are DEX/DeFi with Swaps contracts being the most deployed.
  • Astroport: The Favorite DEX by far for users, their Luna ↔ axlUSDC Pool is the pool most used in swaps, and this amount will be more bigger if we can add the times this pool was used when people used Router (Dex Aggregator) Contracts, Astroport Router was also used a lot by people.
  • TFM: This is a DEX Aggregator which is also used by a lot of Swappers in the Terra Blockchain, their Router is the rival of Astroport Router.
  • Terra Poker: This is a Play-to-Earn (P2E) APP and surprisingly is one of the favorite projects in Terra, their tokens are in the Astroport Pools and are another of the favorite pools used by swappers in Terra.
    • Terra Poker also have an active governance and you can stake the Terra Poker Token (TPT) to get Staked Terra Poker Token (xTPT) which is used in governance and also present in the pools of Astroport.
    • This App is one of the most used and their token have a lot of swap/stake Potential.
  • TerraSwap: This DEX is also used by swappers although but with less activity than the other projects mentioned before, their Luna ↔ axlUSDC LP is also the favorite Pool for users.
  • Knowhere: Although NFT Activity decreased a lot during December, in the Last week of 2022, there is a significant amount of Activity coming from this NFT Marketplace.
• Popular Tokens in the Holidays:
  • axlUSDC: by Far the favorite token to swap your $LUNA, or to swap for $LUNA.
  • TPT: Terra Poker Token is also a lot used in swaps with $LUNA.
  • boneLuna (bLUNA): This token comes from BackBone Labs which is the team behind Skeleton_Punks one of the NFT Projects in the Terra Blockchain it’s seems it will be a Stake Token and already presents significant amount of Swaps.
  • ASTRO: Astroport Token.

Dashboard Made by Popex404, Twitter Link Here

Methodology

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Using Flipside Crypto data tables, Block_timestamp is used in all charts by weekly aggregation, but using a case sometimes to name my weeks.

• Terra.core.fact_transactions: Here i’ll get Transaction, User Activity and $Luna Flow using:
  • tx_id: To get the Transactions by counting them.
    • tx_succeeded: True for Successful Txs False for Failed Txs.
  • tx_sender: To get the Active Users, for Stickiness Ratio/New Users refer to my SQL to understand better my recipe to get these values.
  • FEE: To get the $LUNA fees the amount is already adjusted by decimal.
  • tx:body:messages[0]:amount[0]:denom = 'uluna' : With this we can filter the transactions involving Luna Flows only.
  • TX:body:messages[0]:amount[0]:amount : With this we can get the amount of $LUNA in the Transaction, but we need to apply the Decimal adjustment here.
• Terra.core.ez_messages: Here i’ll get the Contract Deployment
  • message_type: Using this column as filter with ilike = '%Contract%' we can get the Contracts Transactions.
  • message_value:contract : To get the specific contract address being used so we can count the unique contracts.
  • tx_id: Counting this column and we’ll know the amount of times a contract was deployed.
  • Subtype and Project_Name Columns comes from the Label table, we need to join using message_value:contract = Address.
• terra.core.dim_address_labels: Here we’ll get the labels for Swaps/Contract Deployment.
  • Address: The Address to join with the other tables.
  • Label: The main name of the Contract, used to known the swap pools, although i have to add a lot of names manually if you look in my SQL.
  • Label_Subtype: To know the Subtype, used in my Contract Deployment Charts.
  • Project_name: To know the Project behind the address, used in my Contract Deployment Charts.
• terra.core.ez_swaps: To get info about the Swaps.
  • pool_id: To know the Pool address used in the swap (after joining it with Label table we get the pool name), i have to add manually some names.
  • tx_id: To count the swaps, but in my case i usedcount(*) because a single tx_id can have multiples swaps.
  • trader: To count the Swappers.
  • (to/from)_currency: To know the Token Used (after joining it with the Label table), i have to add manually some names.
  • (to/from)_amount: To know the Amount used in the swap, we need to apply the decimal correction.
  • (to/from)_decimal: The amount of Decimals to apply the Decimal Correction.
  • Using this table we can get the $LUNA Price, using the swaps for stablecoins of axlUSDC and axlUSDT.
• terra.core.ez_staking: To get the Terra Stake Activity using:
  • amount: To get the $Luna Staked Amount, the amount have the decimal correction applied.
  • delegator_address: To get the Stakers Users.
  • action: To know if the transaction is a Delegate or Undelegate or Redelegate.