Light as a Feather
What is the Question?🚨
The announcement of Station has generated hype in the Terra community. Has this type translated to an increase in activity?
Define and visualize at least 2 metrics for ecosystem activity and analyze them in the week before and after the Station. Did the launch have any measurable impact? Are there other factors that might be in play affecting the metrics you’ve chosen?
Analyzed Topics:
- Transactions & Users & Spent Fee
- New Users
- Transfer Activity
- Staking Activity
- NFT Sales Activity
- Contracts Deployment
- $LUNA Price
- $LUNA Circulating Supply
- Swapping Activity
- Voting Activity
- LP Activity
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
There are so many charts to load in this dashboard, please be patient or use Firefox instead of Chrome or Edge.
Method⚡
In this dashboard i went through Terra ecosystem and analyzed different parts of it divided by Before and after the Terra station announcement that happened on Jan 14th to find out that this event provided any hype on the network or not.
For this matter i used ==Terra.core== database provided by Flipsidecrpyto and extract the data from multiple tables to do my analysis.
I used
- ==“crosschain.core.fact_hourly_prices”== for $LUNA Price,
- ==“terra.core.fact_transactions”== for overall transaction stats and contract deployment,
- ==“terra.core.ez_transfers”== for transfer activity and circulating supply,
- ==“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
and analyzed the data since ==Jan 7th 2023 until Jan 21th 2023==. (1 Week before and after the Terra Station Announcement)
Findings👀
- In this section i showed Daily total transactions, users and spent fees on Terra by its community divided by before and after Terra station announcement.
- We can clearly see that all the metrics that i mentioned experienced an increase after Jan 14th and this event generated a hype on Terra ecosystem. Also the highest stats happened on Jan 15th, 1 day after the announcement.
- Right total bar charts are showing that stats has increased massively 1 week after the announcement than 1 week before it.
Findings👀
- The highest activity on Terra as i mentioned happened on Jan 15th and most of it was Transfers.
- Transfer category accounted 72% of all Terra transactions and 52.7% of all Terra users.
- Also Swaps recorded the highest daily average transactions in this period.
- Delegate and Swap are the second and third most popular categories among Terra transaction types.
Findings👀
- As well as previous sections, we see the hype on Terra transfers after jan 14th in this section too.
- The highest transfer activity on Terra happened after the announcement and on Jan 15th with over 16.8K transfers generated by 2.1K senders and 3.6K receivers in total.
- Left and right charts are confirming this and they are showing that transfer activity after the announcement were more than before it.
Findings👀
- In this section i showed Terra transfers since jan 7th until Jan 21th and divided them by Transfer Type.
- We observe that the highest activity on Terra happened on jan 15th and most of them were Transfer Off.
- Transfer Off totally outperformed Transfer In in this period and recorded over 120K transfers while transfer In recorded only 4K. This statement is working for the volume too.
Findings👀
- Staking activity on Terra has increased more than others that i analyzed so far and recorded massive stats on Jan 14,15 and 16 and the highest staking activity on Terra happened on Jan 15th too like others.
- The staking volume after the announcement is much more than before it with over 15M USD while staking activity on Terra has recorded less than 5M USD volume before the station announcement.
Findings👀
- In this section ai showed the staking activity on Terra but in here i divided them by Staking type.
- Although delegate has accounted most of the transfer activity on every days since Jan 7th, but redelegate recorded much more volume than others in this period with almost 12M USD and surprisingly delegate which accounted the most staking activity such as actions and users recorded the lowest volume among redelegate and undelegate.
- Most of the redelegate volume on Terra has recorded on Jan 15th and 18th, a few days after the announcement.
Findings👀
-
Terra has recorded more activity on its NFT section after the terra station announcement and most of the sales happened on Jan 19th and 20th with 24 and 25 sales respectively.
-
Although the highest nft sales volume happened on Jan 12th with 2234 volume in $LUNA and it was before the announcement, but in overall terra recorded more volume after the announcement than before it.
Also Jan 20th has the highest number of purchasers with 15 purchasers and Jan 19th has the highest sellers with 53.
Findings👀
- In overall, more contracts deployed on Terra after the announcement than before it, the highest happened on Jan 18th and 19th with 39 deployed contracts together and a total of over 50 contracts after the announcement while before it terra recorded almost 40 deployed contracts.
- Astroport was the most interacted contracts on Terra both before and after the announcement but most of the interacts belong to After the announcement. (23.7K)
- Also Terraswap contract interacted more by users after the announcement.
Findings👀
- The circulating supply chart is showing that a massive increase happened after Jan 14th and the highest circulating supply belongs to Jan 15th with 8.14M.
- Terra has recorded a total of 10.93M circulating supply during this duration (1week before and after of the terra station announcement)
- A total of 14.6K users were holding $LUNA in this period.
Findings👀
- Like previous sections, we see the spike after Jan 14th on swap charts too.
- Terra has recorded over 19M swap volume in $LUNA on Jan 15th and it was 16M more than its previous day.
- Left and right charts are showing that the swapping activity on Terra were increased so much after the announcement and recorded much higher stats than before it.
Findings👀
- In this section i showed Terra governance activity in this period. Voting activity increased after announcement, highest activity happened on Jan 15th and a total of 417 votes has been recorded by 344 voters after announcement while only 180 votes has been recorded by 132 voters before it.
Conclusion💡
- After analyzing several parts of Terra ecosystem we found out that Terra station announcement generated a hype on the whole Terra ecosystem and we were be able to see the increase on charts on all parts of the analysis.
- $LUNA price has increased massively after the announcement and went from 1.62$ to 2.17$ in 1 week.
- Astroport was the most interacted contract on Terra both before and after the announcement but it got interacted more after the announcement.
- Transfer has accounted most of the Terra transactions and users since Jan 7th until Jan 21th and the highest transaction activity on Terra happened on Jan 15th.
- In overall after analyzing 1 week before and after the announcement, it was clear that Terra has recorded more activity on all parts after the announcement than before it.
