Try Quests to earn cryptoUST-MIM Degenbox impact
Abracadabra the protocol being Magic Internet Money released Degenbox in early Novemeber, which allows conversion of non-yield bearing tokens into yield bearing tokens, using various startegies. One of the first tokens to be utilized was UST, by leveraging Anchor Protocol.
The promise of 100% APY on stable coins, invited all degens into the Vaults. More importantly, this created a massive surge in demand of UST and allowed minting of UST is massive amounts. We will look into impact on UST post the release of Abracadabra's Degenbox.
The strategy requires, UST to be bridged to Ethereum. This means, there should be an increase in onchain circulating volume on Terra and Ethereum, and increased transfer volume on Mirror Bridge.
We can grab the UST circulating volume, by aggregating terra.daily_balances data. Upon this we can see ...
In spite of missing data, we can see a surge in UST volume since November start. However, this also coincides with the Massive Burn of the Community Pool LUNA.
Checking the number of users, doesn't show any major difference.
We can track Mirror Birdge activity as mentioned in my previous post regarding Mirror Bridge activity to Ethereum. Aggregating this data on a daily basis....
We can see a general increase the the bridge volume post November. As Degenbox requires UST, Terra users could have bridged via Mirror to take part in the 100 APY yield generator.
We can also see that the number of bridges have in general hit a higher low post November, once again pointing Degenbox as another possible reason.
We can track ethereum.erc20_balances table for UST balances on Ethereum. This will give us the circulating supply of ERC20 UST on Ethereum mainnet.
It is on Ethereum we see the clearest adoption curve of UST. Surging UST supply post November start, coinciding perfecting with the Abracadabra Degenbox announcement.
The user growth of wUST have remained the same, suggesting its mostly the same group of users in general
The Community Pool LUNA burn proposal, initiated UST's march towards 10Billion Cap by End of Year. However all that supply without demand would only result in plummeting LUNA prices. Degenbox allowed absorption of that supply effectively. Degenbox allowed UST to sustain the momentum created by the Burn. We can see that the Abracadabra's Degenbox has had definitive impact on UST adoption on Ethereum. A step in the right direction for the multichain future, with UST as the flagship stable coin.