Untitled Board

    Has this flurry of winter activity impacted the Terra ecosystem? Are users creating new wallets or buying tokens with their newfound holiday wealth? Are they staking all those new tokens once they get them? Or are they selling tokens to pay for their own gifts and holiday travel?

    db_img

    An Overview on Terra 2.0

    Following the depeg of UST, institutions and other stakeholders of the Terra ecosystem were seeing their investments disappear; which caused other protocols to pause the options to transfer or unpair LUNA on their Liquidity Pools.

    Proposals like Prop 1164 and 1273 were broadcasted with different plans to try to save the network. Ultimately, Prop 1623 brought the plan to a rebirth of the Terra Classic network. On May 28th, 2022 Terra Luna turned into Terra Classic with its $LUNC token, and Terra 2.0 was born, keeping the $LUNA token name. An airdrop landed into holders’ wallets, and snapshots for eligibility were taken before and after the event.

    Terra 2.0 got support from many exchanges, like OKXBinance, and Kraken, that made $LUNA available for trading on their platform, allowing easy accessibility for interested users.

    As of now, $LUNA has a circulating supply of 130 Million $LUNA and a total supply of 1.01 Billion $LUNA, the max supply is uncapped. The $LUNA community pool currently sits at 331.38M $LUNA. It’s worth noting that the community should be very conscious of how they spend this money and make sure they get the best out of every $LUNA spent and bring value to the ecosystem.

    Reference : Terra 2.0 — The Future of LUNA

    db_img

    Methodology

    In this dashboard, I have analyze on several aspects on Terra 2.0 chain. The time period is fixed between 1st December 2022 to 5th January 2023. To view the Terra 2.0 chain activity during peak holiday season.

    • Before 24th December 2022 → December 2022
    • 24th December 2022 → Christmas
    • 1st January 2023 → Year 2023

    I’ve use multiple tables for my analysis and they all are from Terra.core. terra.core.fact_transactions,terra.core.ez_staking, terra.core.fact_nft_mints,terra.core.fact_nft_sales, terra.core.ez_messages.

    Those tables composes the majority data used in this dashboard. Besides, I’ve added additional metrics for evaluating the relationship between certain activity. The method is z-score.

    Z-score is a statistical measurement that describes a value's relationship to the mean of a group of values. Z-score is measured in terms of standard deviations from the mean. If a Z-score is 0, it indicates that the data point's score is identical to the mean score. A Z-score of 1.0 would indicate a value that is one standard deviation from the mean. Z-scores may be positive or negative, with a positive value indicating the score is above the mean and a negative score indicating it is below the mean.

    Section


    1. Daily Transactions & Active Users and Fee Collected
    2. Average, Maximum and Median
    3. LUNA token price and correlation
    4. New wallets
    5. General Swap Trend
    6. Swap To LUNA
    7. Swap From LUNA
    8. Staking events
    9. Validators & Delegators
    10. New Development
    11. NFT Mints
    12. NFT Sales

    ⚠️⚠️⚠️Please try open dashboard with Firefox browser if the charts are not loading.

    Daily Transactions & Active Users and Fee Collected

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    Average, Maximum, Median

    🔍 | Findings

    • There are between range 6k to 10k transactions made on Terra 2.0 during the December 2022.

    • Christmas does not excite users this year. As we’ve seen, a drop in transaction count. They might be enjoying there time with family and friends.

    • After Christmas there was a surge when approaching New Year. While on Year 2023, it was first a slow start but soon the transactions are back in normal level.

    • Similar trend in active users and total fee collected.

    • Users with the range between 1.5k to 2k

    • While there is a daily total fee collected between 100 to 200 LUNA. While peak at 300 per day.

    • As of the period of time 1st December 2022 to 5th January 2023 :

    • Cumulative :

      • Cumulative transactions : 290k
      • Cumulative users : 63k
      • Cumulative Fees : 5.2k

    🔍 | Findings

    • Overall, I found that user tend to make 4-6 transactions per day.
    • With the average fee in the range of 0.06 to 0.09.
    • While the range is having huge gap in different period of time. Top maximum transactions made per user had reached up to 3000++ in Year 2023.
    • While the lowest is made during Christmas. On December 2022, the maximum transactions made per user are within 1000 to 2000++.
    • User has paid up to 150 LUNA per transaction in early December. While the rest of the days not having much difference around 10 to 30.
    • According to median analysis, Terra 2.0 having quite consistent 2 transactions per user over the course of time.
    • While the median fees, also having narrow difference between 0.008 to 0.01.

    New Wallets

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    🔍 | Findings

    • During the period of analysis, daily new wallets on Terra 2.0 chain has taken up a percentage range between 5% to 11%. A pretty consistent daily growth for new users.
    • The number of new wallets range between 90 to 237 daily. There has not been a surge of new wallets to Terra 2.0 in the beginning of Year 2023.
    • A drop in the number of new users during Christmas.
    • While the amount of existing users pretty consistent over the time. Range between 1359 to 2191. No obvious trend change in different timeframe.
    • Over the course of time, Terra 2.0 has accumulated a total of 4723 new wallets.

    __Correlation of new wallets vs transactions made __

    • A small deviation for the number of new wallets vs transactions made per day.
    • A negative only deviation recorded for new wallets.
    • Mostly within -0.215 to -0.205.
    • While for there is a positive (0.3) deviation and negative (-0.3) deviation for transactions made.
    • However, the data are more concentrated near 0 to -0.2 range.

    General Swap Trend

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    Correlation of New Users vs Transactions

    🔍 | Findings

    *Disclaimers the data is not quite suitable for comparison for different time frame due to the length of days in each time period.

    Transactions

    • December 2022 alone has more than 19k swap transactions made on Terra 2.0.
    • While during Christmas there are only 837 transactions.
    • While coming to Year 2023, there is more than 2.8k swap transactions.
    • Meanwhile daily swap transactions range between 300 to 1300 transactions.
    • Christmas has a slow down in swap activity.
    • While on other timeframe there is a constant fluctuation within the range for swap transactions.

    Swappers

    • In December 2022, there is a total of 4927 swappers on Terra 2.0.
    • While in Year 2023, there is in total 920 swappers.
    • Christmas alone having more than 300 swappers.
    • For daily swappers count, it range between 150 to 230.
    • There is almost in range for 3 different timeframe.

    Cumulative

    • Transactions : 23.1k
    • Swappers : 6153

    Swap To LUNA

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    🔍 | Findings

    • The trend is generally similar to general swap trend.
    • There are 40 to 90 swappers per day who swapped to LUNA.
    • While there are near to 150 transactions made with the peak amount per day able to reach up to 600.
    • December alone having 8386 Swap To LUNA transactions, while 1824 swappers.
    • Year 2023 having 1201 transactions and 375 swappers.
    • While Christmas having 346 transactions and 127 swappers.

    Swap From LUNA

    🔍 | Findings

    • A similar trend as Swap To LUNA. However, with a higher range in Swap From LUNA.
    • Meaning more sell transactions.
    • Daily range : 200 to 800.
    • In December 2022 alone, there are 11815 Swap From transactions and 4064 swappers.
    • While Year 2023 first 5 days, having 1936 transactions and 768 swappers.
    • During Christmas (inclusive eve) , there is 545 transactions and 248 swappers.

    Staking Events

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    Validators & Delegators

    🔍 | Findings

    • Both metrics : transactions and delegators amount having more amount in delegate than any other action.
    • Daily range :
      • Transactions : 600 - 900
      • Delegators : 500++ - 800++
      • Volume : 140k to 12M++
    • Judging from volume, there is in fact more volume in redelegate than delegate and undelegate.
    • Redelegate is having less transactions but high volume.
    • While delegate and undelegate having more transactions but low volume.

    🔍 | Findings

    • We have a total of 269 new delegators during the period of analysis.
    • While 3 new validators.
    • The 3 new validators joined on 23, 27 and 29 December 2022.
    • While new delegators joined on the same day as well. With a higher amount.

    TOP validators on respective staking actions

    • The charts below showing the TOP validators on respective staking actions.
    • Thorchain.bull has received a lot of delegation, so do smart stake and polkachu.com
    • The validators in redelegate action is almost the same as delegate.
    • While we seen a lot of undelegate from Thorchain.bull and smart stake as well.
    • Interestingly, Kucoin have received a lot of volume in redelegate action.
    Loading...
    Loading...
    Loading...

    New Development

    🔍 | Findings

    In December 2022 alone, there are in total 95 new contracts.

    While during Christmas there is 1 new contract.

    Coming to Year 2023, there is a total of 17 new contracts within 5 days time.

    A frequent occasion of new contract added to Terra 2.0 ecosystem. The chain is definitely developing and growing.

    NFT Mints

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    🔍 | Findings

    • There are rather low participation in Terra NFT Minting.
    • Daily transactions range within 1 - 26 per day.
    • While 3 to 5.8k NFT being minted.
    • A total of 9040 NFTs minted in December 2022, 36 minted during Christmas and 146 in Year 2023.
    • No significant trend in NFT minting activity, neither rise or fall.
    • Able to see that Terra NFT still struggle to recover from last crash.

    NFT Sales

    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...
    Loading...

    🔍 | Findings

    • Terra NFT sales is slight better than minting but still within a range.
    • For example there is only 3 - 5 sales transactions during Christmas.
    • While the daily sales volume can range from 30 to more than 1.6k LUNA.
    • A daily secondary sales average price is around 20 to 60 LUNA.
    • While within the period of time, there is total of 518 NFTs being sold.

    Correlation

    • A few outlier in z-score analysis. While most remain near to 0 which means near to the mean.
    • There are more positively deviated data, meaning those NFT sales price and number of NFT sold is higher than mean.
    • While they are near to 0 meaning that their correlation is pretty adhesive.

    Summary & Recap

    • In my POV, there is still a lot of effort and development needs to be poured into building Terra 2.0 after the crash. As immense trust has been lost.
    • Terra 2.0 still having participation of users in all sorts of activity. However, the trend showing is not strong to prove there will be a growth or decline. Basically a static position in every aspects.
    • Christmas Year 2022, has been a good day for family and friends but not for Terra 2.0 chain activity as there was a slow down in every sectors.
    • While the hottest activity might be staking activity. A lot of participation on that.
    • While there has not been any sign of trajectory in Year 2023.

    Attention : Please try open dashboard with Firefox if the charts are not loading well.

    Appendix


    Author : 𝐑α𝔪αʰαʳ#4167

    Date of analysis : 8th to 11th Jan 2023

    Source of Data : Flipside Crypto

    Twitter : @crypt_analyst

    Contact me for any modification of the parameters of the charts.

    db_img
    Loading...
    Loading...
    Loading...

    🔍 | Findings

    • The LUNA token price started off at $1.67 USD at the beginning of December 2022.
    • But suffered a downfall to around $1.3 USD during 17th December 2022.
    • While bottom around Christmas event with a price at $1.25 USD. Meanwhile maintaining within the range around $1.25 to $1.33 USD at Year 2023.

    Correlation

    • The token price correlation with both transactions and new users are within -1.1 to 1.3 standard deviation from the mean.
    • Both relationship with token price are having negative and positive score STD to the mean. While there is no data near to 0, which means close to mean.
    • Assuming we pluck the z-score to Standard Normal Distribution (SND), we’ll get the result that there is less probabilities the token price is affecting or inducing those metrics evaluated.
    • Higher deviation = less probabilities. According to SND chart.

    Reference : Definition & Intepretation of z-score and SND

    Loading...
    Loading...
    Loading...

    LUNA token price and correlation