> ## A new Terra​ > > On May 25th, 2022, Terra Classic users passed governance proposal 1623, which outlined the genesis of a new Terra chain. This proposal also described a genesis distribution of Luna which would be airdropped to users of the Terra Classic chain based on pre-depeg and post-depeg snapshots. Users can find their airdropped Luna by viewing the same wallet address that was present during either snapshot and switching their Terra Station network to the phoenix-1 mainnet. > > On May 27th, 2022 the phoenix-1 Terra mainnet launched, ushering in a new era of development by the Terra community.

From Terra Docs

While the Luna currency collapsed, the community of DAPP developers and users needed someplace to go, leading to the fork of the original chain with an attempt to airdrop Luna to addresses , as equitably as possible, from the point of “the depegging”.

So, this time around, there is no algorithmic stablecoin, just USDC. The community is banking on the strength of the ecosytem of Dapps and projects, to return to glory and rise from the ashes like the proverbial phoenix (note the name of the mainnet).

Flipside was an important part of this ecosystem and its red headed stepchild, MetricsDAO, is on a mission to restore the glorious analytics dashboards of yore.

In this, part one of the dashboard project, we start with the fundamentals: Users, transactions and fees. We will try to get a feel for the health of this six month old baby. In later iterations, we hope to roll out an even more dazzling interactive experience.

We examine the following metrics:

• Users
  • New users - a wallet is counted as new if it received its first transfer during that week.
  • Active users - a wallet which initiates at least one ‘send’ transaction.
  • cumulative new users
• Fees - this is similar to measuring “revenue”, in a sense. Fees are a bummer, unless you are a validator charged with securing the system. It is a crucial metric!
  • Average fee per transaction per week - ultimately there is a large amount of revenue, but the fees remain affordable.
  • Total fees per week
• Transactions
  • Total transactions per week
  • Transactions per second per week

Users

The chart on the right shows the active and new user data. One shouldn’t be too surprised that there were a lot more new and active users for the first couple of weeks, following the genesis, as users became aware of the chain and set up wallets and delegated, etc.

While the number of new wallets per week has tapered off, seeing the slope of the cumulative new wallets line, indicates continued growth in new users. The first two weeks of September saw a surge of the same size as the early weeks. Since then we see an increase in active wallets overall, for the. most part.

We calculate the total active users for each week, by counting the distinct senders in Flipside’s `terra.core.ez_transfers`

table. For new users, we find the minimum date where the address is seen receiving a transfer and count it if it is in that week.

Fees

Transaction fees are dirt cheap on Terra, at the moment. Until recently, the price was fluctuating mainly between .1 and .2 Luna, with Luna priced just north of a dollar. Here we see a negative note, with total fees per week dropping significantly over the past couple of weeks (last weeks of Nov, first weeks of Dec). While the surge in usage, of early September, seen in the active user chart above, was reflected to some degree, the total fees was nowhere near the totals of the first two weeks of the new Terra.

Transactions

If you are wondering why the total transaction per week and the TPS charts look so similar, that’s because each week has the same number of seconds! Yep, to get the total transactions per second, by week, take the total number of transactions in that week, and divide it by the total number of seconds in a week. For average block time, we count the blocks and divide by the number of seconds in a week. The boss wanted both charts. We present both charts. For block time, I took the total number of minutes in a week and divided by the total blocks that week to get blocks per minute per week. Unfortunately, this method of calcualtion voids the rightmost bar, as there haven’t been that many minutes yet! The block time seems pretty consistent , which I guess is the main thing people want to see. With POS, the times are fairly consistent. The leftmost bar is the result of genesis type activity.

The thing about transactions per second is that when you have a blockchain like Ethereum, with more transactions than will be processed in the next block, you are measuring efficiency. With most chains today, certainly including Terra, there isn’t a large enough demand, for block space, so here, TPS measures the growth of the network, a term which did not originate with crypto, by the way.

Insights and concluding thoughts

• After an initial surge of active and new users, at the onset of the new Terra chain, the average number of users dropped down, but then steadily increased.
• In early September, there was a surge in active and new users, nearly matching the record setting second week in active users, but not collecting anywhere close to the fees collected in that week.
• Following that week, the number of active users, on average increased and has remained steady at a level higher than before the September surge of active users.
• While there was a big drop, in the last couple of weeks, in the average fee and total fees collected, this was not a reflection of transaction volume or participants on the network.
• Regardless of trend, transactions are fast and cheap, at the moment, but there is still a long journey ahead, before Terra 2 can be categorized as a success.
• There has been a dissapointing decline in the number of new users per week, but there is still a steady stream of new users.
• At this point, the fate of Terra could easily go in either direction. The data indicates that it is too early to tell right now.