Overview of analysis:

This is a live dashboard that displays the following metrics. Lets deep dive into the sections and used metrics as below:

• Transactions

  • Average Transaction Fee per txn per week
  • Total Transaction Fees per week
  • Total number of transactions per week
  • Average transactions per second (TPS) per week
  • Average block time per week
  • Min, max, Median and average seconds between blocks
  • Status analysis (Success and failure)

• Wallets

  • Total number of new wallets per week
  • Total number of active wallets per week
  • Only include senders who initiate transactions
  • Cumulative number of new wallets per week
  • Time difference between first two transactions

• Bots

  • Identification of Bots
  • Share of Bots on Terra transactions
  • Paid fee by Bots
  • Status analysis of transactions by Bots

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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: Activity of Bots
  • Definition of Bots→ Bot are considered users made over 20 transactions in less than one minute
  • Used metrics→ Activity of bots in general and over time, Status of transactions executed by bots
• Step 4: 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.

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: Bot activity

Findings:

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

• The highest count of transactions and paid fee in LUNA happened on the las week of May, 2022 and first weeks of June, 2022.
• Also, the highest count of created blocks on Terra occurred on the first week of June, 2022 with over 71k blocks.
• The average paid fee happened on the last week of May 2022 with 0.194 LUNA per transaction.
• The average and minimum TPS per week have been shown that the highest TPS per week was 100 transactions per second and occurred on the first week of June, 2022.
• According to the investigation, the average time between blocks on Terra is 15.79 seconds.
• The status of transactions executed on Terra blockchain reveals that about 95% of transactions are successful.
• The over time analysis reveals that the lowest percentage of successful transactions occurred on the first week of May 2022 and the main reason of that is because of the highest count of transactions and users not quite familiar with new chain.

Findings:

• The highest count of active wallets and new users on Terra blockchain happened on the last week of May and first week of June 2022.
• The distribution of users shown that more than half of the users made only one transactions on Terra blockchain.
• Most of the users with over 2 transactions execute their first two transactions on the same day.

Findings:

As introduced in the Methodology section, Bots are users with over 20 transactions in one minute:

• The highest share of bot activity occurred on the second week of November 2022 with over 12% of transactions.
• The failure percentage of transactions executed by Bots is more than regular users.
• The trend of success rate reveals that regular users have success rate over 90% but success rate of Bots is volatile.

Conclusion:

• After the bitter events that happened over the Terra ecosystem and Luna and UST tokens, this network is looking for a resurrection. This time there is no mention of VCs and investment funds, and most of the tokens belong to the user community of the former Terra network. Terra 2.0 seems to be an interesting platform with a bright future.
• The first weeks of the new chain were most active days of Terra blockchain from various aspects.
• Bots are responsible for most of the failed transactions more than regular users.

Useful links:

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

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani