What is the Question?🚨

The question of “active wallets” faces every ecosystem. Let’s investigate this question for Terra — and go beyond the “one transaction in 30 days” approach!

Define what an active, high quality user looks like and how it can be measured. Assess how many active users exist on Terra, according to your definition. Additionally, provide a few brief, specific ideas to attract additional users, as well as an assessment of what it would cost to implement these ideas.

What is the acquisition cost for a high-value user, according to your recommendations?

Analyzed Topics:

1. Overview of Terra Active Users
2. Transfer Activity by Active Users
3. Staking Activity by Active Users
4. NFT Sales Activity by Active Users
5. Swapping and Voting Activity by Active Users
6. LP Activity by Active Users

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.

More Info

What Happened to $LUNA?

The Luna crypto network collapsed in what's considered the largest crypto crash ever, with an estimated $60 billion wipeout, shaking the global digital currency market. There are two stories regarding Luna crypto: the TerraUSD/UST stablecoin and the actual Luna coin.

More Info

Method⚡

In this dashboard i provided a deep analysis about Terra active users over time in both overall and over time cases and after a overview of them, explored each action of them to find out what are they doing on Terra’s network and how they are effecting this network.

I considered wallets with over 100 transactions as active wallets on Terra and analyzed them on a monthly basis and you can change the number of transactions or date by ==Date== and ==TransactionsCount== fields in the beginning of dashboard but you should log in to flipside first to be able to change the fields.

• ==“terra.core.fact_transactions”== for overall transaction stats,
• ==“terra.core.ez_transfers”== for transfer activity,
• ==“terra.core.ez_swaps”== for swapping activity,
• ==“terra.core.ez_staking”== for staking activity,
• ==“terra.core.fact_nft_sales”== for NFT sales activity,
• ==“terra.core.fact_governance_votes”== for voting activity and
• ==“terra.core.fact_lp_actions”== for LP Activity.

Also i only considered successful transactions with tx_succeeded=TRUE .

I used currency=’uluna’ to analyze the data only for $LUNA

Findings👀

• Above charts are showing although number of unique users has decreased significantly on Terra but number of active users increased with a very small upward slope over time.
• Out of 217.4K users on Terra less than 2K of them were active and made over 100 transactions in the network. Unlike the monthly users charts, the transactions charts moved the same.

Findings👀

• Looking at the transactions done by active users since May, swaps are following transfers and they are the second popular actions among active users.
• Transfer accounted 69% of active users transactions over time followed by swap with 23.3% and Delegate with 4.6%.
• The highest number of transactions by Active users has been made on January 2023 and swapping activity has experienced a huge increase after the new year.

Findings👀

• Above charts are showing some deep dive about active users on Terra. We can see that January accounted most number of transactions by active users as i mentioned earlier and June 2022 had the highest number of active users among past 7 months after $LUNA 2.0 launch followed by September 2022.
• ==“terra1m4hq3r4xacwam3zk40kh0892gwlfzdpcxafd7u”== wallet address made the most number of transactions among active users on Terra with over 231K number of transactions over time.

2. Transfer Activity by Active Users

Findings👀

• In here we see the transfer activity by active users on Terra, the most transfer activity by them happened on January 2023 as i mentioned earlier but the most transfer volume has moved on November 2022 with over 512M $LUNA which were Transfer_In.
• Although Transfer activity started to increase after October 2022 but number of monthly active users didnt change that much.
• In overall there were mostly transfer OFF with over 400K transfers while transfer IN had less than 10K.

1. Overview of Terra Active Users

3. Staking Activity by Active Users

Findings👀

• Staking activity by active users didnt record a serious move in past few months but staking volume started to increase after October and peaked on December with mostly Redelegates.
• In overall, there were mostly Delegates in terms of staking actions and users and Redelegates in terms of staking volume in both $LUNA and USD.

4. NFT Sales Activity by Active Users

Findings👀

• NFT Sales by active users experienced a huge drop recently on November and went from average 400 monthly sales to less than 200 and decreased over 50% in 1 month.
• Moreover the most NFT Sales volume has been recorded on October which had the highest number of sales and active purchasers too.

5. Swapping and Voting Activity by Active Users

Findings👀

• Swapping activity on Terra by active users recorded a massive spike on January, this matter happened to number of active swappers swap volume too and after November it started to increase surprisingly and peaked on January with 575M volume in total.

Findings👀

• Monthly active voters on Terra were bearish in past few months and after June that was its highest, it dropped slowly.
• Most months recorded YES as their most votes except September, that month has recorded over 1.2K NO votes and it was much more than other months.

6. LP Activity by Active Users

Findings👀

• Terra has recorded its highest active LPers on May and after that it dropped massively and was bearish this whole time. It seems LP activity is not looking good on Terra unlike its other parts.
• The most LP activity belong to Providing liquidity with over 10K transactions and over 12M volume in total.

Conclusion and Suggestions💡

• In my opinion, if a network wants to increase its active users and actually wants to attract more people to come and interact with its network, it should gain their trust and lower its transaction fees or higher its speed on executing the transactions. After the incident that happened to Terra lots of users lost their faith into this project but after its second token launch, Terra didnt act badly so far and it succeeded to gain some of its users trust again. Nowadays as more users are getting familiar with crypto, web3 and blockchain, they are looking oft low fees blockchains or the chains that have a bright future to invest their money in them. If a project can work on its plans and roadmap to attract more investors, it will be so good both for reputation and support of the project.
• Only a small percentage of Terra total users are active users and made more than 100 transactions.
• Active users are doing very well on every parts of Terra chain except LP activity.
• After transfers, swap is the most popular action among Terra’s active users.
• June 2022 and January 2023 were the hottest months for Terra active users.
• Delegate is in the third place for popular actions among Terra active users and in the first place among Staking actions. We should mention that Redelegate is in the first place in terms of Staking volume.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

Twitter : Sbhn_np

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Thanks for your time!

Findings👀

• Above pie charts are showing some overall stats about all terra wallets, we can see that over 53% of terra users made 1 transactions, 66.7% of them been active for 1 day and over 80% of them have between 6 months - 1 year ages.