Overview of analysis:

The activity through Terra blockchain has been investigated during holidays and new year. The aim of this analysis is to find the pattern between new year/holidays and Terra network different parts. Lets deep dive into the sections and used metrics as below:

• Transactions

  • Average Transaction Fee per txn
  • Total Transaction Fees
  • Total number of transactions
  • Average transactions per second (TPS) per week
  • Average block time per week
  • Status analysis (Success and failure)

• Wallets

  • Total number of new wallets
  • Total number of active wallets
  • Time difference between first two transactions

• Contracts

  • Contract deployment
  • Most used contracts

• Staking

  • Circulating supply of LUNA

  • Staking actions (delegate, undelegate and redelegate)

  • Delegation during holidays and new years

• Trade analysis

  • Swap from/to LUNA
  • Swap on stable coins
  • Most popular swap pairs during holidays

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Methodology:

• The data provided by Flipside has been used to handle this analysis. To handle this investigation the following steps have been passed as below:

• Step 1: Transactions

  • Used table→ terra.core.fact_transactions

• Step 2: Wallets

  • Major aspects→ active wallets, New users, Distribution of wallets by count of transactions and time between first two transactions

• Step 3: Contracts

  How to find contracts→ tx:body:messages[0]:contract from terra.core.fact_transactions

  Metrics→

  • Weekly count of new contracts
  • Application of contracts by count of transactions and users

• Step 4: Staking

  • Used table for stake actions→ from terra.core.ez_staking

• Step 5: Trade

  • Swap and swapper count, volume, popular swap paths

• Step 6: By aggregating the outcomes of the steps and deep dive into the all parts of this live dashboard, draw a conclusion about how activity of Terra blockchain during holidays and new year.

About Terra:

After the sudden and horrific collapse of the Terra network, many investors are worried about the future of the stablecoin Terra and the Luna Classic blockchain. Although Terra Network was completely destroyed, the founders quickly launched a new version called Terra 2.0.

Terra 2.0 is the new version of Terra Classic blockchain. This version relaunches Luna cryptocurrency. In fact, the new Luna coins replace the old ones. Terra 2.0 is completely different from the old Terra platform, now known as Terra Classic. Now that the network is up and running, the new Terra will be officially released under the original brand. The main difference between these two networks is that it will not be supported by Terraform Labs or Do Kwan (the founder of Terra Classic). This means Terra 2.0 is fully community controlled.

The technical name of this chain is Phoenix-1 and the name of its test network is pisco-1. The previous network will continue to work with a new name; This network will be called Terra Classic chain and all its tokens will have the classic extension. Therefore, Luna will be called Luna Classic or LUNC, and Dollar Tera and other stablecoins of this network will have the suffix C added to their tokens (USTC, KRTC, EUTC, etc.). Some centralized exchanges that have listed the new network and its tokens have used the name LUNA 2 for the new network token and LUNA for the older network currency.

Part 1: Transactions

Part 2: Active wallets and newcomers

Part 3: Contract deployment on Terra

Findings:

The outcomes related to the transactions on Terra have been summarized as below:

• The count of transactions on Terra blockchain has been increased through holidays and new year compare to other days and the highest count of transactions occurred on the most recent days.
• The daily paid fee and created blocks on Terra blockchain enhanced during holidays.
• The average paid fee per transactions has been decreased after holidays and new years.
• The average TPS of Terra blockchain remain at their previous level during holidays and did not change so much.
• The success rate of transactions on Terra blockchain decreased by increasing the count of transactions on different days and the lowest success rate during holidays happened on December 29, 2022.

Findings:

• The count of active wallets enhanced through holidays but the count of newcomers decreased compare to other days.
• The distribution of users shown that more than half of the users made between 1-5 transactions during holidays.
• Most of the active wallets on Terra during holidays made their second transaction in the same day of first transaction.

Conclusion:

It is mentioned in the question that the end of the year and the beginning of the new year have always caused conflicts in the crypto universe. The purpose of this research is to estimate the impact of the beginning of the new year on the performance of Terra network from different aspects. In this research, the Terra network has been evaluated from various aspects, and according to the results obtained, the following conclusion can be reached:

• The application of Terra network has increased during the holidays and the new year, which can be clearly seen from the performance of this network.
• The amount of investment in the form of stake the Terra network has increased, and this can be considered as a sign of the increased trust of users in this network.

Useful links:

• Terra networks
• Docs about Terra. 2
• GitHub about Terra. 2

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Findings:

This sections presents the contract deployment on Terra blockchain and the outcomes are as below:

• The count of new contracts on Terra blockchain reached its highest level on the second week of January 2023 during holidays and new year compare to other days.
• The most popular contracts on Terra blockchain during holidays belong to Astroport and Terra Poker token stands in the second rank of most popular contracts.
• Now lets focus of the application of contracts on Terra by usage count of application by Terra users.
• The highest count of transactions for top contracts occurred on January 9 and 10. Also, the dominant contract on that dates is Astroport.

Part 4: Staking activity on Terra

Part 5: Trade analysis on Terra

Findings:

• The circulating supply of LUNA on Terra blockchain has increased dramatically during holidays and new year compare to other days.
• The delegation of LUNA token has been increased during holidays by considering the volume of delegation. Also, the staking rewards on Terra enhanced tremendously during holidays and the highest volume in USD occurred on January 6 with over 2.64 million USD.
• The most popular action on Terra blockchain during holidays belong to Re-delegation action. Also, the highest average and median action volume belong to re-delegation action.

Findings:

The trade activity on Terra blockchain has been analyzed according to the swap analysis of LUNA and stable coins (USDC and USDT):

• Count of swaps on Terra blockchain increased during holidays and new year compared to other days. From the unique swappers point of view, the holidays and new year have increasing pattern in comparison with other days.

• During holidays, users swap their assets into the LUNA more than from LUNA to other assets and the swap to LUNA action dominated the holidays.

• The swap volume of stable coins is one of the most important parts of trade activity. The USDC has been dominated the stable coins on Terra network.

• The average swap volume of stable coins during holidays reveals the domination of USDT on this perspective.

• The most popular swap pair on Terra blockchain during holidays is LUNA→USDC from the volume of swaps point of view.

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