New Year’s Resolutions
Introduction
2022 was a challenging year for the Terra and LUNA ecosystem, with various obstacles and setbacks faced by the community. However, as the New Year approaches, it's important to look ahead and set ambitious goals for the future. In this question, we will explore three potential goals for the Terra ecosystem and community in 2023, including increasing user retention, increasing governance participation rate, and increasing smart contract deployment. We will also examine the strategies and on-chain data that can be used to achieve these objectives, as well as the potential benefits that will accrue from these efforts. Overall, these goals are critical for ensuring that 2023 is a successful and prosperous year for Terra and LUNA, as well as for the broader crypto community.
Methodology
In order to effectively track and analyze the progress of the Terra ecosystem and community toward the three goals outlined in the introduction, this dashboard utilizes a combination of on-chain data and metrics. The data for this dashboard is collected from the Terra Station blockchain explorer and various other sources.
- User Retention: User retention is defined as the percentage of users who are consistently active on a blockchain.
- Governance Participation Rate: Governance participation rate is defined as the percentage of total LUNA holders who have participated in governance proposals and voting. This metric is tracked over time to measure the success of efforts to increase community involvement and engagement in the governance of the Terra ecosystem.
- Smart Contract Deployment: Smart contract deployment is defined as the total number of smart contracts deployed on the Terra network. This metric is tracked over time to measure the success of efforts to increase the usage and adoption of smart contract technology within the Terra ecosystem.
All the data is collected, processed and updated on daily basis to ensure the accuracy of the metrics. The dashboard also includes visualizations, such as line charts and bar charts, to help users easily understand and interpret the data.
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Terra User Rentention
Analysis
it is clear that the Terra ecosystem currently faces a significant challenge with user retention. The graph showing that 67% of Terra wallets have only interacted with the blockchain on one day, and 85% of them have interacted with the chain on less than 4 days, indicates that a large majority of users are not regularly engaging with the network. Additionally, the data showing that there are only 1.5K to 3K active users on Terra each day, out of a total of 214K wallets on the chain, further highlights this issue. One potential solution to this problem of user retention is to focus on increasing the utility and value proposition of the Terra network for users. This could be achieved by creating new and innovative use cases for the network, such as decentralized finance (DeFi) applications or gaming platforms, that will incentivize users to regularly engage with the network. Additionally, efforts should be made to improve user education and onboarding, making it easier for new users to understand and navigate the network, and to increase the number of merchant adoption. Another solution could be to focus on building a strong and engaged community around the Terra ecosystem. This could be achieved by encouraging user participation in governance and decision-making processes, as well as by fostering a sense of ownership and investment among users through community-driven initiatives and reward systems. Finally, it would be important to measure and track user retention on a regular basis, using the metrics and methodologies outlined in the methodology section, in order to monitor progress and make adjustments as needed.
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Terra Governace Participation
Analysis
Based on the data provided, it is clear that the Terra ecosystem currently faces a significant challenge with governance participation rate. The graph showing that since May 2022, there have been 48 governance proposals on Terra, and that the number of users voting on these proposals had between 700 to 200 active voters, indicates that a relatively small percentage of users are actively participating in the governance of the network. Furthermore, the data showing that since the start of January 2023, no proposals had over 200 voters, highlights a further decrease in the participation rate. One potential solution to this problem of low governance participation rate is to make the governance process more accessible and user-friendly for the average user. This could be achieved by simplifying the proposal submission process and providing clear and concise explanations of each proposal. Additionally, it could be beneficial to provide educational resources and guides that explain the governance process and the benefits of participating. Another approach to increase the participation rate is to build a stronger community, by fostering a sense of ownership and investment among users through community-driven initiatives and reward systems. This will help users to understand the value of the project, and how participating in governance can benefit the ecosystem and their own interests.
Terra Smart Contract Activity
Analysis
Based on the data provided, it is clear that while the overall number of active smart contracts on the Terra network has been growing, the rate of new smart contract deployment has been declining. The graph showing that since July 2022, the number of daily active smart contracts on Terra has grown from 50 to 150 per day, but the daily number of new contracts has been on the decline, with an average of 6.5 contracts deployed per day, highlights this trend. One potential solution to this problem of slow smart contract deployment is to focus on increasing developer engagement and adoption of the Terra blockchain. This could be achieved by providing more robust developer tools and resources, such as tutorials and sample code, as well as by hosting hackathons and other developer-focused events. Additionally, it would be beneficial to establish partnerships with companies and organizations that have experience in building and deploying smart contracts, in order to increase the number of developers and projects working on the network.
Conclusion
In conclusion, the Terra and LUNA ecosystem faced several challenges in 2022, particularly in the areas of user retention, governance participation rate, and smart contract deployment. However, by setting ambitious goals for 2023 and utilizing on-chain data and metrics, the community can work towards addressing these challenges and ensuring a successful and prosperous year for the ecosystem. To increase user retention, the focus should be on increasing the utility and value proposition of the Terra network, by creating new and innovative use cases, improving user education and onboarding, and fostering a strong and engaged community. To increase governance participation rate, the governance process should be made more accessible and user-friendly, with an emphasis on education and community building. To increase smart contract deployment, efforts should be made to increase developer engagement and adoption, as well as building strong partnerships, fostering a sense of community ownership and investment, and making the network interoperable with other platforms. It's important to keep track of the progress on these metrics, and make adjustments as needed. The ecosystem's success relies on the community's willingness to work together to achieve these goals, and the willingness to adapt and change as the market and technology evolves. The Terra and LUNA ecosystem have the potential to be a major player in the crypto space, and with the right approach, 2023 can be a year of great progress and success.