Light as a Feather

    Terra - 10

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    Overview

    On January 15th 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.

    Soon after, the LUNA price surged as can be seen in the ‘LUNA Price’ chart.

    What other factors have been influenced by the introduction of this new product on the Terra chain?

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    Method

    This dashboard investigates the effect of the introduction of Station Wallet on the following factors:

    • Wallets
      • (Average) Daily Number of New wallets: New wallets is defined as a wallet which executes a transaction for the first time.
      • (Average) Daily Number of Active wallets: Active wallet is defined as a wallet which executed at least a transaction.
    • Staking
      • (Average) Daily Volume of LUNA staked/unstaked
      • (Average) Daily Number of LUNA staking actions
      • (Average) Daily Number of LUNA stakers
      • Number of validators involved in staking
    • Development
      • (Average) Daily Number of New Contracts
      • (Average) Daily Number of Active Contracts

    Timeframe: Seven days before and after the announcement date (14-01-2023) has been considered as the focus of investigation. Three time periods of ‘before’, the announcement date’ and ‘after’ has been compared in different aspects.

    Analysis

    Wallets

    The graphs below show how the daily number of new and active wallets has changed since one week before the announcement date.

    As can be seen, on the announcement date the number of active and new wallets started growing. Then after a day, both metrics decreased to a lower level. However, on average, both the number of active wallets and new wallets increased after the announcement.

    We can conclude that the wallets that joined the chain and the wallets that are being active on the chain are positively influenced by the Station announcement.

    Staking

    Staking is among the factors that are usually influenced by the internal development of a project. As can be seen from the graph below, staking has been affected largely by the introduction of ‘Station’.

    Before the announcement date, the average daily net staking volume was below zero, however, the week after net staking raised up to 600K.

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    Development

    The daily number of active contracts has clearly increased since the Station announcement. The daily number of new contracts has grown too but with a three days lag.

    Overall, the announcement influenced the average daily of both new contracts and active contracts.


    Interestingly, looking at the validators involved in staking, we can see that the number of validators with un-delegating increased after the announcement.

    This can be an indicator of an increase in the concentration of staking after the station announcements.

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    Summary

    On January 15th, Terra announced the launch of Station, an interchain wallet that simplifies the 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. The introduction of this new product had an impact on various factors within the Terra chain, specifically in the areas of wallets and staking.

    The daily number of new and active wallets increased after the announcement date, with both metrics showing positive growth. On the announcement date, the number of active and new wallets started growing. However, after a day, both metrics decreased to a lower level. On average, both the number of active wallets and new wallets increased after the announcement, showing that the wallets that joined the chain and the wallets that are being active on the chain are positively influenced by the Station announcement.

    Staking activity on the Terra chain was also affected by the introduction of Station. Before the announcement date, the average daily net staking volume was below zero, however, the week after net staking raised up to 600K. Further analysis of staking activity shows an increase in the volume of redelegation, as well as growth in the number of delegators/re-delegators. The number of validators with un-delegating also increased after the announcement. This could be an indicator of an increase in the concentration of staking after the Station announcement.


    Breaking down staking activities into actions, we can see that the volume of redelegation has increased since the announcement date.

    We can see that the number of delegates/redelegates and the number of delegators/re-delegators also have grown after the announcement while to a lower extent.