Terra - 8. New Year’s Resolutions

What are my proposed Resolutions for Terra this Year, we'll analyze Terra on differents sides to help finding the best goals to improve this environment.

What is Terra 2.0?

After the Luna Crash in May 2022, Governance in Terra voted in favor to the proposal 1623, giving birth (forking their project) to a new Terra blockchain with a new Luna token ($LUNA).

Terra 2.0 or Terra (Because the old is renamed as Classic Terra), started their activity at the end of May 2022.

General Performance of $LUNA Price.

$LUNA was airdropped to users and projects which were active in the terra-classic, and this token since the beginning presented important price changes.

Started in May 27, 2022 at 21:00:00 with a price of $5.15.
After 3 days in May 30, 2022 at 21:00:00 reached their Maximum price of $10.52 followed by an explosive decrease reaching $2.16 in June 8.
Since that day the $LUNA price range was of $2 +- ($0.5).
In September 8 $LUNA starts to increase again reaching a value of $6.40 in September 10, but days after the price decreases to $2 again.
After the FTX Crash $LUNA price goes below the $2 and never reached $2 again in 2022.
- $LUNA price never reached a price of $1.20 or below.
In 2023, $LUNA price started uptrending since January 9, 2023, reaching for the first time since the FTX Crash a price of $2 and above

New Year Resolutions for Terra and $LUNA.

Add more Wallets Connection to Terra DApps (Keplr)==.
- I can only back up this from my personal experience with Terra, but you can’t stake, or swap in astroport with Keplr, and this wallet is one of the easiest to use and interact with the IBC, adding Keplr support may increase the amount of Lazy users as myself to interact more with this Blockchain.
More Dapps more Diversity ==(Terra Ecosystem):
- In Terra Ecosystem there are only 47 Projects listed (January 18, 2023), i’ll show the amount of differents contracts on Terra and see if there are important projects which aren’t listed at the moment in Terra.
Increase on the NFT Activity:
- Knowhere is the most popular NFT marketplace with constant activity on Terra, but there are more Marketplaces and Aggregators, and i’ll look at their activity to see how popular these are.
Break the worries of $LUNA:
- A lot of people still fear that $LUNA will crash again as $LUNC did it in the past, i’ll look to the swap and stake activity of $LUNA to see if people hold or sold.
Is Terra a good environment for New users and Governance?
- Finally we’ll look at user activity on terra, and how governance is doing lately.

🎐First Resolution - More Dapps More Diversity🎐

🔎First Resolution - Analysis🔍

Only 10.6% (150) Contracts from the 1404 are labeled, and because of that is difficult to know the performance of the Dapps in Terra.

But i tried my best to Label contracts which presented at least more than 5k deployment times since the beginning of Terra and some of my findings are:

Terra Poker Have a lot of unlabeled contracts, these contracts are specifically Poker Tables for different games showcased in their Website and i labeled at least 11 differents contracts from this Project.
- This app may beat Astroport in Contract Deployment if all these unlabeled contracts are labeled.
- Strangely this app doesn’t appear in Terra Ecosystem Web Page, and this App is one of the most used in Terra.
Sweep Contract, this contract is strange, the contract info says Cozy-chickens version 0.1.0 and their label is named label.
- It make “sweep/swoop” (Swaps) using Astroport $axlUSDC↔$LUNA Pool.
- Creator address terra1phlncd6sm9xc8sd2hfqn7x5pakad6stuu8yrs9.
402 Contract, this contract seem to be related to an NFT Project, making orders and calling ledger_proxy.
- Creator address terra100yvjymaknsw73n853q53pf2jdeqdncfchdp9l.
TFM: This is a DEX/NFT Aggregator which made to the top 10 projects thanks to their router contract.

Thoughts About Terra Dapps Environment

There are 1404 different Contracts deployed in Terra, but only 48 projects being showcased on Terra, Dapps such as Terra Poker or Luart aren’t present on that list, and i guess that a considerable amount of new Dapps doesn’t have the sufficient Reach to became popular on Terra.

Terra needs to provide an easy environment for newer Dapps to appear, their gaming section is empty and if they add Keplr in their wallets section, the amount of new users may increase considerably because this wallet is really popular to use in the IBC.
Although Terra is adding new projects in their website, for example these are the most recents Dapps added: Enterprise - Warp Protocol - Alliance

🎐Second Resolution - Increase on the NFT Activity🎐

🎐Final Resolution - Is Terra a good environment for New users and Governance? 🎐

🔎Third Resolution - Analysis🔍

People are still insecure about $LUNA, as we can see in the swap activity traders prefer to Sold their $LUNA, and in the past weeks the amount of $LUNA being Sold in Swaps is greater than the amount of $LUNA Bought by Swaps, also there isn’t a single day where the Buy Swaps are greater than Sell Swaps.

Regarding Stake, there are significant weeks where the amount of $LUNA unstaked is greater than the rest of actions, specially against $LUNA staked, but in contrasts almost everyday the amount of Stake is far greater than the rest of actions.

Thoughts About $LUNA in Terra

It’s seems that people are using their $LUNA to purchase other tokens, specially in the past week after the price increase, but also the amount of stakes seems to be significant every week so although there are some people looking to cash out their $LUNA ASAP, there are others using more interested in the long term staking their tokens and farming the stake rewards.

🎐Third Resolution - Break The Worries of $LUNA 🎐

🔎Second Resolution - Analysis🔍

After revisiting again the NFT Sales in Terra, the only Marketplace present is still only Knowhere, and after using some code from my past submission i noticed that there isn’t a significant increase in the numbers for the collections.

Most of the Important NFT Activity is during October having the biggest spike for all metrics, and this time i changed my code to show the top 5 collection per week.

But there is a single NFT Collection Rising their Ranks in Terra, and is Skeleton Punks:
- @BackBone_Labs has made a lot of progress in the Terra Community with 2 main projects:
  - Skeleton Punks NFT Collection.
  - GraveDigger a Liquidity Staking Project in Terra with BoneLuna (bLUNA) as their staking Token, having more than 380K of Staked $LUNA.
  - It’s seems that Backbonelabs is looking to play an important Role in Terra, and holders of Skeleton Punks NFT may participate in the DAO of BackBone Labs.
- If we look at the total metrics in the past weeks, the Skeleton Punks Collection is present in all tops, and since my previous submission their Total $USD Volume has increased from 83,913 to 110,279 with more than 200 sales made, the only Collection with an important growth in December/January.

Thoughts About NFT Environment in Terra

There are a lot of important NFT Dapps in Terra Unlabeled at the moment which may provide a better insight of the NFT Situation:

NFT Aggregators: TFM, Terrarity
NFT Marketplaces: Knowhere, Talis, Random Earth, Luart
NFT Brokering: NFTSwitch
Other NFT Projects: Orne , Soil Protocol, Iliquid Labs

Although there is only 1 marketplace registered in the terra.core.fact_nft_sales there are a lot of differents Projects related to NFTs, and Collections such as Skelleton Punks which are important for the Terra Ecosystem.

🔎Final Resolution - Analysis🔍

For my final resolution i decided to focus on the most important thing, the users & Terra governance.

Users in Terra:
- Monthly New & Old Users: Although in January $LUNA Price reached $2 again, the number of new and old users seems to be the same as past months, but there is hope that the amount of users on this month will increase in the 2nd half of January.
- DAU&WAU&MAU: It’s seems that after September the amount of active users by day/week/month seems to be almost similar each month, but in January the amount of DAU/WAU is better than the past months, so January can end with more active users than past months.
- Stickiness Ratio: Although the Percentage of Stickiness ratio may be increasing from 5.5% to 10.3% the main reason is because the amount of monthly active users each month is lower. In January a 10% or 2200 users seems to be daily active in terra.
  - Some of These Daily Active Users may be Heavy Dex Traders.
Governance in Terra:
- Weekly Active Proposals: The amount of unique proposals being voted in governance, ranges between 1 to 11 but most of the weeks there are only 1 to 3 proposals to vote.
- Weekly Voters: The amount of voters seems to be decreasing in the later weeks, with only 100 to 300 unique users voting on these proposals.
- Weekly Votes: These Unique voters seems to made differents votes during the week, because the amount of votes higher than voters.

Thoughts about Users and Governance in Terra

It’s seems that the activity from new users is really low, and most of the active users are: Heavy Dex Traders (Swapping each day), Governance users (Voting/Staking), or other kinds of users which may be interacting with a specific Dapp everyday.

Hopefully this Year the amount of New and Active users in Terra may Increase.

Summary

I Focus in 4 goals that Terra need to set to improve their environment and here is a brief resume and my reasoning behind each one:

1.- More Dapps more Diversity: There are more than 1k of Contracts in Terra and only 48 Projects in their website, one intelligent move to bring more users is the adoption of Keplr as a wallet in their important apps, Because a lot of people only use this wallet to navigate into the IBC.
2.- Increase on the NFT Activity: The main problem for the low activity is because the table of NFT.Sales doesn’t include data from neither NFT Aggregators or other NFT Marketplaces, and there is a significant amount of NFT Projects in Terra (More info in the second resolution).
3.- Break the worries of $LUNA: Users need to stop selling all their $LUNA everytime this token reach a significant spike, it’s seems that there is a lot of people cashing out their $LUNA with fear of another crash.
4.- Is Terra a good environment for New users and Governance?: It’s seems that terra is a better envinroment for olders users which known they way in the terra blockchainm, making swaps daily or participating in Staking/Governance Activity. One thin it may improve the amount of new users is having more Dapps which invites new users to interact such as Near have their popular Sweat and Nearcrowd which invites users to being more active everyday giving them task to gain Crypto.

There is a lot of room for growth in Terra, and hopefully when they reached their first year, they can end with more User Activity.

BUT PLEASE TERRA ADD SUPPORT FOR KEPLR! it may be a good option to bring more IBC Users onto Terra.

Because at the moment Keplr doesn’t work in the important Dapps or for stake your $LUNA.

Made by Popex404, Twitter Link Here

Methodology

Images Source: Terra 2.0, Terra Poker, Astroport, Knowhere (Screenshots from NFT Collections).

Using Flipside Crypto Data tables of Terra.

First Resolution: Using terra.core.ez_messages and my previous submission to get general metrics of Contracts.
- But this time i added a lot of new unlabeled contracts and presented some strange contracts which made to the top 10.
- message_value:contract To get the Contract Address, message_type like '%Contract%' to Filter Contracts only and count(tx_id) to get the total times a contract is deployed.
- Finally I did left join terra.core.dim_address_labels on Address=message_value:contract to add the labels to some contracts and then grouped by project_name (or i give it manually if the contract was popular without labels).
Second Resolution: Using terra.core.fact_nft_sales and my previous submission to get general metrics of NFT Sales.
- But this time i used rank() to show the top collection by metric each week.
- It was really helpful using my previous querie because i already added Most of the NFT Collections in Knowhere.
- count(*) to get the sales, count (distinct seller/buyer) to get the sellers/buyers, and sum(sales_amount x UsdPrice / Pow(10,6)) To get the $USD Volume of sales.
- rank() over (partition by date order by sales desc) as rank_sales for example to rank the collections by amount of sales.
Third Resolution: Using terra.core.ez_swaps and terra.core.ez_staking to get the swaps and stakes.
- Stake using sum(amount) for the $LUNA Staked, count (tx_id) for the Stakes transactions and Action to group by.
- Swaps using (to/from)_currency and (to/from)_amount to get the $LUNA Volume being swapped, count (distinct tx_id) for the Swaps
Final Resolution: Using some previous SQL Recipes for the users charts with terra.core.fact_transactions and terra.core.fact_governance_votes.
- Users using sender.
- Governance using voter for the unique voters, proposal_id for the proposals and tx_id for the votes.

MetricsDAO Question

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.
We are not looking for data on Terra Classic for this bounty. Please use the terra.core tables hosted on Flipside Crypto.

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