New Year, New LUNA

    The holidays and New Year are often chaotic in the crypto and DEFI space, as users make a spree of new transactions and wallets as they receive (and give) some cash and coins as holiday gifts. Has this flurry of winter activity impacted the Terra ecosystem? Are users creating new wallets or buying tokens with their newfound holiday wealth? Are they staking all those new tokens once they get them? Or are they selling tokens to pay for their own gifts and holiday travel?

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    Date: 2022-01-08

    Introduction

    What is Terra?

    Terra is an open-source blockchain payment platform for an algorithmic stablecoin, which are cryptocurrencies that automatically track the price of currencies or other assets. The Terra blockchain enables users to instantly spend, save, trade, or exchange Terra stablecoins.

    What Is Terra 2.0؟

    On May 25, Terra Classic users passed the governance proposal which outlined the genesis of a new Terra chain. The proposal also described a genesis distribution of Luna which would be airdropped to users. As per the plan, Terra Classic chain users would receive airdrops based on pre-depeg and post-depeg snapshots.

    The airdropped Luna could be found by viewing the same wallet address that was present during either snapshot and switching their Terra station network to the phoenix-1 mainnet. The phoenix-1 Terra mainnet launch was seen as a new era of development by the Terra community.

    1-Terra transactions data

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    Charts Insights

    The first parameter that is checked in this dashboard of the Terra network is the status of network transactions in three different time periods.

    According to the results, it can be seen that the number of Terra network transactions increased one week before the new year compared to the other two periods.

    This shows that in the days leading up to the new year, the activity of the users of this network has increased. In the following sections, we will see that this increase was caused by the increase in user activity in which part of the network. Is it related to the NFT markets or staking or swapping?

    According to the results, it can be seen that the number of new Terra network users increased 2 weeks before the new year compared to the other two periods. This shows that in the days leading up to the new year, the activity of the users of this network has increased.

    Also, it can be seen that the number of active Terra users increased one week before the new year. This shows that in the days leading up to the new year, the activity of the users of this network has increased.

    Finally, it can be seen that the amount paid fees by active Terra users increased one week after the new year.

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    2-Terra NFTs Mints data

    Charts Insights

    The next parameter that we have discussed in this dashboard is the status of minted NFTs on the Terra network.

    Based on the results shown, the number of mints performed by users on the Terra network increased greatly in the two weeks before the New Year and one week before Christmas, and decreased greatly in the following two weeks. This shows that companies and the owners of NFT collections on the Terra network have unveiled their new collections in the days leading up to the new year and have allowed their users to mint them.

    The same situation can be seen in the number of minters, as their number has greatly increased in the two weeks before the new year.

    Almost the same conditions can be seen in the number of minted NFTs in a way that it has increased in the week before the new year, which was almost as expected due to the increase in the number of mints in the week before that.

    Finally, the total volume of minted NFTs shows that two weeks before the new year, the largest volume of NFTs was minted by users, which confirms the above results.

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    3-Terra NFTs sales data

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    Charts Insights

    The next parameter that we have discussed in this dashboard is the status of NFTs sales on the Terra network.

    As you can see, in one week before the new year, the number of NFT sales of the Terra network increased significantly.

    The same situation is observed in the number of sellers and buyers of NFTs, so that in the week before the new year, the number of buyers and sellers of NFTs on the network has increased significantly compared to the week before and the week after that.

    This increase in the number of sales and buyers and sellers exactly one week before the new year shows that the users intended to buy their favorite collections before the new year, or if they needed the money, they wanted to sell their collections.

    A similar trend can be seen in the number of NFTs sold on the Terra network, so that in the week before the new year, the volume of NFTs traded by users has increased significantly.

    Finally, by looking at the average values of the number of NFTs sold and the average volume of NFTs traded, it can be seen that in the week before the new year, the average transaction values were at their highest.

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    4-Terra swaps data

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    Charts Insights

    Let's see what happened to Terra network swaps in these three weeks.

    The results show that the number of swaps has increased significantly in the week before the new year.

    This increase in the number of swaps before the new year shows that users have planned to swap their assets to other currencies before the year.

    Regarding the number of swappers, it is not possible to give a definite opinion, the number of swappers has been at the same level in these three different intervals, and no significant increase or decrease can be seen.

    The same conditions can be seen in the number of active pools, so that the number of pools has not changed much in these three weeks.

    Of course, it can be said that in the week before the New Year, the average number of swaps made by each user on the Terra network has increased, which means that users have made more swaps just before the New Year.

    But the results of the volume of swaps show that the volume of swaps has increased a lot in the week before the new year. In fact, although the number of swappers has not increased significantly, the same limited number of swappers have made more swaps on the network.

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    5-Terra delegation data

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    Charts Insights

    In the last part of this article, we are going to see the impact of Christmas on the status of delegations of the Terra network.

    The first chart shows the number of delegations on the Terra network in three different time periods. As you can see, the number of delegations has increased slightly in the week before the new year, but the same trend can be seen in the week after the new year.

    The results of the number of delegators show that in one week after the new year, the number of delegators has increased compared to the period before the new year.

    A similar trend is observed in the number of validators. As you can see, in one week after the new year, the number of validators has also increased slightly.

    It seems that the influential parameter here is the volume of Luna delegated to the Terra network.

    According to the last chart, the volume of Luna staked just one week before the new year on the Tera network is much higher than the volume that was staked one week after and 2 weeks before the new year.

    This shows that old (regular) users have locked a large amount of Luna in the network before the new year and expect to receive more profit.

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    Charts Insights

    But let us see how the activities of the delegates on the Terra network have been. Are they more inclined to stake Luna or to undelegate their Lunas? For this purpose, three diagrams have been drawn.

    The first chart shows that a large part of the transactions that are carried out on the Terra network by delegators was for delegation. In fact, most of these transactions are related to those who want to stake their Lunas.

    The same trend exists with the number of delegators, as you can see, most of the delegators tend to lock their Lunas in the network and receive profit for them.

    But the third chart that is very impressive is the volume of Lunas locked in the Luna network.

    According to this chart, on December 30th, a large amount of Luna has been delegated, which shows that old Terra users preferred to trust this network and delegate a large amount of their Lunas to this network at the beginning of the new year.

    Based on this chart, in the last week of 2022, most of the volume of delegations has been done to the Terra network, and it seems that this increase in delegations was related to the old and stable users of this network.

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    Overview of this article

    In the last few weeks, the Christmas holiday took place as an event in many countries. For us, as users of the cryptocurrency market, any phenomenon can affect the market trend, especially a big event like Christmas. In this dashboard, we are going to check the impact of this big event on the Terra ecosystem. For this purpose, all the important parameters including the number of transactions, users, swaps, NFTs, and the status of staking in three different time frames, i.e. two weeks before the new year 2023, one week before and one week after the new year will be reviewed. The main objective of the present work is to see if the Christmas holiday had an effect on the behavior of Terra network users. If this effect is significant, in the next step, it should be seen how effective it was on each network parameter.

    In short, what we will discuss in this article are:

    1-Terra transactions data

    2-Terra NFTs Mints data

    3-Terra NFTs sales data

    4-Terra swaps data

    5-Terra delegation data

    Methodology

    • As mentioned before, in this work, three time frames have been considered for establishing the impact of Christmas on the Terra network, which are:

      1-BLOCK_TIMESTAMP between '2022-12-18' and '2022-12-24' then '2weeks before new year'

      2- BLOCK_TIMESTAMP between '2022-12-25' and '2022-12-31' then '1week before new year'

      3-BLOCK_TIMESTAMP between '2022-12-31' and '2023-01-07' then '1week after new year'

    • In the next step, we are looking for Terra transactions which can be obtained from the “terra.core.fact_transactions“ table.

    • To extract Terra NFTs mints “terra.core.fact_nft_mints“ table was used.

    • To extract Terra NFTs sales “terra.core.fact_nft_sales“ table was used.

    • To extract Terra swaps “terra.core.ez_swaps“ table was used.

    • To extract Terra delegations “terra.core.ez_staking“ table was used.

    Definitions

    • Active wallet: A wallet is active if it has at least one daily transaction on the Solana network most days of the week, that is, it has been active for at least four days out of seven days of the week.

    • Who are Luna delegators?

      ​Delegators are Luna holders who want to receive staking rewards without the responsibility of running a validator. Through Terra Station, a user can delegate Luna to a validator and in exchange receive a part of a validator's revenue.

    • What is a validator? ​

      The Terra Core is powered by the Tendermint consensus. Validators run full nodes, participate in consensus by broadcasting votes, commit new blocks to the blockchain, and participate in governance of the blockchain. Validators are able to cast votes on behalf of their delegators.

    Conclusion

    In this dashboard, we carefully examined the impact of Christmas and New Year's holidays on the Terra network.

    • The results showed that, in general, the volume of transactions has increased significantly in the week before the New Year.
    • Based on the results, the increase in the number of transactions was more than that caused by the NFT market, and the impact of swaps and delegations was less than that.
    • The results show that the number of swaps did not change much during this period, although swaps volume increased in the week before the new year.
    • In terms of the status of delegations, it can be said that the volume of delegated Luna has increased greatly in the week before the new year, but the number of delegators and validators did not show a significant difference.
    • Therefore, in general, it can be said that the impact of Christmas on the Terra network was significant, and this impact was mostly due to the NFT market, and the impact of other tractions, such as swaps and delegations, was less.