Account Activity

    Introduction

    As the cryptocurrency industry continues to grow and evolve, the issue of active wallets is a pressing concern for all blockchain ecosystems, including Terra. Determining what constitutes an active and high-quality user, and finding ways to measure this, is crucial for understanding the strength and success of any given blockchain network. In the case of Terra, the goal is to assess the current number of active users, and identify potential strategies for attracting new users while taking into consideration the cost of implementation. Additionally, the acquisition cost for high-value users will be analyzed to determine the best path forward in terms of user acquisition and growth.

    Definitions

    • Active User:

    • An active user can be defined as someone who has been active in the past 30 days

    • consistently active users are users who have been active on 3 or more months

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    • High-Quality User:

      • In this dashboard, a high-quality user will be defined a user that has over 10 transactions and has been active for 3 or more months

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    Methodology

    Data Collection: The data collection process involves gathering information on user engagement and behavior such as website visits, app opens, purchases, reviews, and referrals. This can be done using tools such as Google Analytics and app analytics.

    Data Analysis and Dashboard Development: After collecting the data, the next step is to analyze it to determine which users are considered active and high quality. This analysis can be performed using data visualization tools such as graphs and charts. Based on the results of the analysis, a dashboard can be developed to display the number of active users, the number of high quality users, and the percentage of high quality users out of the total active users. The dashboard should also show trends in active and high quality users over time.

    Ongoing Monitoring and Validation: It's important to continuously monitor the data and update the dashboard to ensure accuracy of results. The dashboard can be used to make informed decisions about improving the platform and increasing the number of high quality users. Additionally, the results of the dashboard should be validated regularly to ensure that the methodology used is still effective in measuring active and high quality users. Any necessary adjustments to the methodology should be made to keep it relevant and effective.

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    Terra Total User Activity Breakdown

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    Analysis

    Based on the information provided, we can conclude the following about the Terra blockchain:

    1. High initial adoption: 160K wallets were created in the first month of the chain being active, indicating high initial interest in the platform.
    2. Decreasing number of wallet creations: The number of wallet creations has been decreasing over time, suggesting a potential slowdown in user growth.
    3. Low transaction activity: 53% of the wallets created have only made 1 transaction, indicating low transaction activity among a significant portion of users.
    4. Short-lived user engagement: 70.8% of the wallets have only been active for 1 month, indicating that a significant portion of users are not retaining their engagement with the platform.

    Overall, the data suggests that while Terra has experienced high initial interest and adoption, it is facing challenges in retaining and engaging users on its platform.

    Terra Active user breakdown

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    Analysis

    Based on the information provided, we can conclude the following about the Terra blockchain:

    1. Active user base: There are 33K wallets active on Terra in the past 30 days, indicating a relatively healthy and active user base.
    2. Low transaction activity: 10% of active wallets have only made 1 transaction, indicating low transaction activity among a portion of active users.
    3. Active but low-frequency transactors: 40% of active wallets have made over 10 transactions, indicating that a portion of users are engaged and active on the platform, but not necessarily making frequent transactions.
    4. Engaged but low-volume transactors: A large portion of active users have less than 10 transactions, but are active across many months. This suggests that these users are interested and engaged with the platform, but may not be motivated to make many transactions.

    Overall, the data suggests that while Terra has a relatively active user base, there is a portion of users who are engaged but not making frequent transactions. This may indicate opportunities to further engage and incentivize these users to increase transaction activity on the platform.

    Suggestions To Activate current users

    To activate the engaged but low-volume transactors on Terra blockchain, a large portion the active user base, the following ideas could be considered:

    1. Introduce reward programs - Provide incentives for users who hold Terra for a certain period of time, or complete certain milestones, such as making a certain number of transactions. The cost for this idea would depend on the resources required to design and implement the program, but would likely be in the range of $100,000 to $500,000.
    2. Enhance DeFi offerings - Terra can focus on expanding its DeFi offerings, including the development of new products, partnerships with existing DeFi platforms, and improving existing offerings to make them more appealing to users. The cost for this would likely range from $500,000 to $1,000,000, depending on the scope of the project.
    3. Promote NFT offerings - Terra can also focus on promoting its NFT offerings, such as by partnering with artists, musicians, and celebrities to bring more attention to the platform. The cost for this would likely be in the range of $100,000 to $500,000, depending on the extent of the partnerships.
    4. Increase developer activity - Terra can focus on growing its developer community by offering incentives, such as grants or revenue-sharing programs, to encourage more developers to build on the platform. The cost for this would likely be in the range of $100,000 to $500,000, depending on the resources required for the incentives.

    These ideas would require investments to be put into place, but could also lead to a growth in user engagement and transaction activity on the Terra blockchain, leading to a more successful and thriving ecosystem in the long run.

    Suggestions To onboard new users

    the following strategies can be recommended to attract new users to the Terra blockchain:

    1. Marketing and Outreach: Increase marketing efforts to reach new user segments and educate them about the benefits and use cases of Terra. This could include targeted advertising campaigns, influencer partnerships, and community outreach programs. Cost: $100,000-$500,000.
    2. Diversifying the Ecosystem: Expand the range of applications and services available on the Terra blockchain to cater to a wider range of user needs and interests. This could include partnerships with existing companies and the development of new use cases and applications. Cost: $500,000-$1,000,000.
    3. Community Building: Foster a strong and engaged community around the Terra blockchain through events, initiatives, and other programs. This will help build brand awareness and create a supportive environment for new users. Cost: $50,000-$200,000.

    Overall, the cost of implementing these strategies will depend on the scope and scale of the initiatives. However, investing in these areas has the potential to attract new users to the Terra blockchain, increase engagement and adoption, and drive growth in the ecosystem.

    Active Terra Users by User Type

    Conclusion

    In conclusion, the data collected and analyzed for Terra blockchain suggests that while there has been high initial interest in the platform, it faces challenges in retaining and engaging users. To activate current users, suggestions include introducing reward programs, enhancing DeFi offerings, promoting NFT offerings, and increasing developer activity, which would require investments but could lead to a growth in user engagement. To onboard new users, suggestions include marketing and outreach, diversifying the ecosystem, and community building, which could attract new users, increase engagement and adoption, and drive growth in the ecosystem. The cost of implementing these strategies will depend on the scope and scale of the initiatives.