Overview
On 8 May 2022, UST, the Terra native stablecoin, lost its peg with the dollar. The loss of the peg caused the Terra ecosystem value to its complete collapse on 10 May.
Two options were available for Terra developers, either continue the terra or abandon it and establish a new project. A group of the Terra developers take the latter option and started a new project called Terra 2.0.
This dashboard investigates how this attempt were successful in the past 6 months.
\n The focus will be on the contract developments and their use by wallets.
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First, some metrics relevant to the development of the ecosystem will be presented comparing Terra and Terra 2.0. Then we will focus on Terra 2.0 and will provide insights into contract development.
Active contract is defined as contract addresses which is used in a transaction.
New user is defined as users at the time of their first transaction.
For Terra and Terra 2.0, ==terra.classic== and ==terra.core schema== have been used respectively.
Terra vs Terra 2.0
This section shows how the daily number of active users, transactions and active contracts.
We can see that the number of transactions and active users dramatically dropped after the Terra collapse. All selected metrics, number of transactions, active users and contracts developments had a growing trend before the collapse.
Focusing on contract developments, on May 4 2022, the highest number of contracts were used on Terra ecosystem. Immediately after the collapse this number fell down. It implies that developers did not succeed to mobilize enough developers to be involved in the new project.
Terra 2.0 Development Trend
The graph below shows that the daily number of active contracts experienced a rapid growth in the first three months. Towards the end of September it reached at the highest level. However, since then the daily number of transactions has flatten and even recently has decreased.
The scatter plot shows the correlation between number of transactions and number of contract addresses being used. We can expect that the more contract address is introduced the more transactions the ecosystem will have.
The graph next to this box shows the daily number of new contracts on Terra 2.0 Ecosystem.
We can see after a growth in the number of developments in August, past month the daily number of new contracts flattened.
New contract is defined as the contract which is being used for the first time.
Graphs below show how popular they are contracts on Terra 2.0 ecosystem. We can see that 30% of contract used on the ecosystem are related to DEXes. Astroport and Astro related contracts are the most popular contracts.
To see the graphs for the certain last days period use parameterizations above. For the all time period (default) use 365 days.
Analysis above shows that Terra 2.0 did not succeed to gather developers and rebuild the ecosystem after the collapse. The growing Terra project lost the vast majority of developments and developers after the incidents.
Forgetting the past and looking at the Terra 2.0 project itself we can see a slightly growing trend of development. However, the steep of growth has flatten and does not show promising trend.
Also the concentration of contracts on Astroport also can be a bas sign showing non-expanded ecosystem.
Terra 2.0 to become again a lively important ecosystem need more development and expansion in different projects.