New Year, New LUNA?

    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.

    The Terra protocol creates stablecoins designed to consistently track the price of a fiat currency (a government-backed currency such as the U.S. dollar or euro). It consists of two cryptocurrency tokens—Terra and Luna.

    Understanding Terra

    Terra is a payment system that resides and is built upon a blockchain. It was developed by South Korea-based Terraform Labs, which was founded in 2018 by Do Kwon and Daniel Shin. Do Kwon was formerly employed by Microsoft and Apple and founded a startup, Anyfi, which offered decentralized wireless mesh networking solutions. Shin is the founder and CEO of Asian payment technology company Chai—a Terra partner—and was co-founder of Korean e-commerce firm TMON, also known as Ticket Monster.

    Methodology

    In this dashboard, we will examine Luna at the beginning of the new year, 2023. For this purpose, we take a look user activity, the number of new users since the beginning of the year, the number of active users, development, NFT sales, etc. For better conclusions, daily charts are used and their trends will be analyzed.

    The following charts are used for data analysis:

    • terra.core.fact_transactions
    • terra.core.ez_messages
    • terra.core.ez_staking
    • terra.core.fact_nft_sales

    User Activity

    Transactions

    Active/New User

    Fee

    Since Beginning of 2023

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    Observation II

    The number of new users in 2023 has gone through a decreasing trend in the last days of the year.

    New users are users who make transactions on the network for the first time.

    The transaction fee is decreasing at the beginning of the year and it gets a jump on the 5th of January.

    With the beginning of the new year, naturally, the activities on the day of Nashat are reduced. We have to wait in the new year and see how this process will continue.

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    Development

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    Observation III

    The number of active contract addresses from the beginning of 2023 is equal to 290. With the beginning of the year, the number returns to its previous trend.

    The number of contracts that have been created since the beginning of 2023 is equal to 33. The average number of contracts created in one day is equal to 4.71. As it is clear in the daily chart, with the beginning of the year, the number of created contracts increases and reaches 10 and 15 in one day on January 4 and 5, respectively. It is also clear from the cumulative chart that the number of contracts will increase suddenly with the beginning of 2023.

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    Staking Since Beginning of 2023

    Observation V

    From the daily graph of the number of users, it is clear that the number of those who stake is increasing every day, and it is also clear that it will reach 670 people on January 2nd, which is a large number.

    After that, it goes down until today. The number of transactions has an almost constant trend.

    Interesting results can be obtained in the volume chart, it can be seen that the amount staked on January 6 is very high and reaches 2.66 million. Also, on the same day, the amount of unstaked volume is 950.63k.

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    Total Number of Users Who Stake = 2900 → 79.7%

    Total Number of Users Who Unstake= 739 → 20.3%

    NFT Sales Since Beginning of 2023

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    Observation VI

    The total number of NFTs sold since the beginning of 2023 is equal to 104, buyers are 37, the volume sold is 4570, the average volume of NFTs sold is 44, the most expensive NFT is 155.4. The daily chart of NFT sales shows that at the beginning of the year, the sales volume decreased on the first day, and then it reached 1163.67 on January 2, and it has a downward trend in the following days. The number of sales will also increase on January 2nd, followed by a decrease and an increase in completion on January 7th. The number of buyers is also decreasing on January 2, 12 and then.

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    Terra and Luna

    Because the primary value of stablecoins is derived from the stability of the price peg, theoretically bypassing the volatility typical of cryptocurrencies, the Terra protocol attempts to maintain the price of the Terra stablecoin by ensuring that the supply and demand for it are always balanced by employing arbitrage.1

    Luna is the variable counterweight to the Terra stablecoin and absorbs its volatility. To understand how Terra works, envision the entire Terra "economy" to consist of a Terra pool and a Luna pool, which are used to adjust the price via incentives for network participants.

    Observation I

    The graph of daily transactions shows that with the arrival of the first day of 2023, the number of transactions will decrease and then from the second day of January 2023, the number of transactions will take an upward trend. The number of daily active users has decreased significantly, which is less compared to the decrease in the number of transactions.

    Then, on the second day of the year, it increases and then decreases.

    The number of transactions per hour has an increasing trend in the new year.

    Total Number Stakes = 5007→ 85.6%

    Total Number of Unstakes= 845→ 14.4%

    Total Volume of Stakes = 3.53M→ 73.6%

    Total Volume of Unstakes= 1.26M→ 26.4%

    Observation IV

    Since Beginning of 2023 as can be seen, the ratio of the total number of stakes to unstakes is equal to 5.94, which shows that users tend to stick. Also, the volume of the stick to the stick is equal to 2.75.

    This difference in the two mentioned ratios shows that most users who stake have less volume and most users who unstakes have more volume.

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