Terra: Development

    Introduction

    • In this Analysis, You will Read About Terra Development. We want to know the number of new contracts deployed and the total number of contracts deployed each week over the past several months.

    • Also, I extracted the top contracts based on total usage and users.

    • In the end, I examined the weekly transfers from and to Terra chains since Terra 2 Launch.

      • Weekly Volume
      • Transactions
      • Volume/Transactions per Token
      • User’s Breakdown

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    • Analyzed by Hess - Reading Time Almost 8 Min.

    What is Terra 2?

    • Terra 2.0 (LUNA) is the newest iteration of cryptocurrency on the Terra blockchain. In May 2022, the Terra blockchain experienced a hard fork prompted by founder Do Kwon and voted on by the community.
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    Transfer Stables

    • So Far, I have examined the total weekly and monthly new and active contracts. Also, I analyzed the top contracts since Terra 2 launch. It’s time to examine the stables trends over the last seven months.

    • Since the Terra 2 launch, The total number of transfers to the Terra chain has been higher than transfers out of Terra based on the total number of transactions and volume.

    • The total weekly number of transfers to Terra chain was 150-180 per week until August 1, but after August 1, The total number of transfers to Terra increased to 514 transactions per week. In September, The total transfers out of Terra increased significantly but quickly decreased and reached below 50 transactions per week.

    • Based on The Volume, The highest amount of Stables transferred to Terra Between late October and the beginning of November. In two weeks, About 12M Stablecoins were transferred to Terra. Before that time, The total weekly transfer volume to Terra was 1-2M. On the other side, The highest transferred volume was 1.6M on October 3.

    Transfers per Stablecoin

    • The highest share of In and Out transfers to and out of Terra was USDC. I can say that the share of USDC on the Terra chain is more than 90%. Fewer Users used USDT to transfer between Terra and other chains.
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    Users Breakdown

    • The large group of users had only transactions to and out of Terra with Stablecoin. The second large group of users had more than two transactions.

    • Based on the total volume, A large group of users transferred to and out of Terra between 100-1000K US dollars in Stablecoins. If we join two charts, I can say that users had one transfer between 100 and 1000 US dollars. The second large group of users transferred 10-100 US dollars.

    • The lowest number of users had five transactions and transferred up to 1 US dollar.

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    What are Contracts?

    • Terra is a public blockchain project that enables the execution of smart contracts. As such, Terra can be referred to as a smart-contract platform. Terra's native platform token is LUNA, which can be staked and used for network governance and plays a vital role in the issuance of stablecoins (TerraSDRs)

    Method

    All Data extract from Flipside Website

    Contracts:

    In order to find contracts, I used terra.core.fact_transactions, and from the tx column, I extracted contracts.

    tx:body:messages[0]:contract

    with Min Function, I found their first date when deployed.

    By joining my findings to Terra DIM labels, I extracted the contract’s name and their usages.

    Transfer Stables:

    Flipside has a terra.core.ez_transfers for a new Terra chain. I found Two Stablecoins. AXLUSDC and AXL USDT. I extracted their contract addresses which are

    • ibc/B3504E092456BA618CC28AC671A71FB08C6CA0FD0BE7C8A5B5A3E2DD933CC9E4 : USDC
    • ibc/CBF67A2BCF6CAE343FDF251E510C8E18C361FC02B23430C121116E0811835DEF : USDT.
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    Full Analysis

    Deployed Contracts

    • Over the last five months, About 810 New Contracts deployed on Terra 2 blockchain. In the last five months, The highest number of contracts deployed was on July 25th, when 107 New Contracts were deployed in one week. After that time, The total weekly number of new contracts decreased.
    • Until September 19, The Weekly number of new contracts decreased, but after that time increased again.
    • However, I should mention that there were too many ups and downs, but the weekly new contracts are below 50 new deployed contracts per week.
    • In the last five months, Terra 2 had 1041 active contracts. The total weekly active contracts were below 200 contracts per week until August 2022, but after that time, The total weekly number of active contracts increased to above 200.


    Since Terra 2 launch, Which was in the middle of May 2022, I extracted the total number of new and active contracts per month. I should mention that the below chart is not sorted by month.

    :1st_place_medal: October: 444 Active Contracts

    :1st_place_medal: June: 281 New Contracts

    :2nd_place_medal: November: 424 Active Contracts

    :2nd_place_medal: July: 245 New Contracts

    :3rd_place_medal: September: 413 Active Contracts

    :3rd_place_medal: August: 195 New Contracts

    As you can see, in The last couple of months, The total monthly number of active contracts increased. Also, Month by month, The total monthly new contracts increased too.

    Top New Contracts

    • Based on their usage in the last five months, the Terra Poker token had the highest number of interactions, with 21K transactions. With a huge difference, The second top contract was Astroport, with 2.5K interactions. The third top new contract was Red, with 1.9K interactions.

    • Based on the number of users, Astroport, with 28% of total users, was the top new contract in the last five months. Terra Poker token, with 28% of total users, was the second top contract. Like the total number of transactions, Red, with 20% of users, was the third top new contract.

    Contract’s Types

    • Based on the total number of contracts, 70% of contracts were token, 19.9% of contracts were Dex, and 8.8% of contracts were Defi. The lowest share was related to NFTs, with 0.7% of contracts.

    • Based on Their usage and users, The highest number of transactions and users were on Dex contracts. The second top interaction was Token. Defi contracts had nearly 4.4K users, and NFT contracts with 1K had the lowest ones.

    Top Contracts ( All-Time)

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    Based on The below charts, You can see that the total transfer volume to Terra is about 10x higher than the transfer volume to the out-of-Terra chain. Based on Transactions, The total number of transactions to Terra chain is 3x higher than the transfers to out of Terra. Overall, 73% of users transferred stables to Terra, and only 26% of users transferred their Stables out of Terra.

    • Like The total number of transactions, The highest transferred Volume was for USDC and less for USDT. However, Unlike the total number of transactions, On some days, The total transfer volume of USDT increased. Like On October 31, Users transferred 3.8M USDC and 2.1M USDT.

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS.

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2022/DEC/22

    Conclusion

    • 810 New Contracts in the last five months

    • 1041 Active contracts in the last five months

    • The highest number of Active contracts was in October, and the highest number of new contracts was in June.

    • The Terra Poker token is the top new contract, and Astroport is the top Contract of all-time

    • The Highest number of contracts was Token, and The highest interaction was Dex contracts.

    • USDC is the most popular token that users transfer to and out of Terra.

    • The total weekly Transfer volume to Terra increased over time, especially in October and November.