Try Quests to earn cryptoTerradash Part 2: Staking and Supply
What is the Question?🚨
We’re working with Terra to rebuild the great Terradash , a dazzling dashboard full of analytic insights providing an overview of the entire Terra ecosystem— and we need your help! We are building out this new and improved Terradash in parts.
This week for Part 2: examine token supply and staking activity on Terra, both in terms of transactions, volumes and wallets. Be sure to include the following metrics (and more), noting any trends or outliers you see.
- Total Supply
- Circulating Supply
- Vesting Schedule
- % LUNA IBC-ed out
- Richlist (Top 100)
- of LUNA staked
- % of LUNA staked
- Staking rewards distributed in USD trend
Analyzed Topics:
- $LUNA Supply
- $LUNA Bridge Activity
- $LUNA Staking
- Staking Reward
- RichList (Top $LUNA Holders)
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.
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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.
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Method⚡
In this dashboard i explored $LUNA 2 several metrics to see how the project performed after its crash and launching the second token.
I mainly used ==Terra.core== schema from Flipsidecrypto database and the data is for Terra’s second token, $LUNA2. I used these tables for each part of the dashboard:
- ==“terra.core.ez_swaps”== for Terra Supply
- ==“terra.core.ez_transfers”== for $LUNA transfers like bridge and some help for Supply
- ==“crosschain.core.fact_hourly_prices”== to extract $LUNA’s price
- ==“terra.core.ez_staking”== to extract $LUNA’s staking activity
I used Currency ilike ‘uluna‘ to filter its token data and only considered successful transactions with TX_SUCCEEDED = TRUE
Also i used SUBSTR function to extract bridge information from message_value column from ==“terra.core.ez_transfers”== table.
Findings👀
- With over 1B total supply for $LUNA, only 193.4M out of it (18.4%) is circulating supply and the rest of them are not circulating in the market.
- We can see that after August 24th, almost 2 months after Terra’s crash, the circulating supply is increasing day by day and $LUNA price didnt put any serious effect on its circulating supply over time even on September 10th and 11th that its price recorded an all-time high and reached 5.95$ with a huge spike.
Findings👀
- Above charts are showing $LUNA bridge activity over past 5 months since May 28th, $LUNA 2 launch day.
- After late May, $LUNA bridge activity saw a huge drop on its number of bridges, bridgers and bridge volume and didnt recover yet after 5 months. It seems users lost their trust in Terra project and not interacting with $LUNA that much. The bearish market has also affected in this matter.
- Kujira and Osmosis chains were the most popular destination chains for Terra bridge activity in past 5 months on almost every day.
Findings👀
- In this section, i showed $LUNA staking activity over time and overall and divided them by Delegate, Redelegate and Undelegate types of stake activities.
- We can see that $LUNA recent staking activity has recorded some serious moves after awful 10 days in late October and recorded its biggest staking activity in terms of number of staking actions in late November. It should be mentioned that most of the mentioned staking activity were Delegate.
- It is interesting that while most of the staking actions on November 28th were Delegate, but Undelegate volume was much more than delegate volume.
- Daily staking volume chart is telling us that users were busy on Delegate first, Undelegate their assets after and then Redelegate them again in late November because there were too much staking volume has been recorded in late November 2022.
- In a general view, Delegate is in the lead in terms of number of actions and users and Redelegate is in the first place in terms of staking volume in past 4 months.
- This is interesting that although Delegate accounted over 95% of staking actions share among Redelegate and Undelegate, but Redelegate accounted over 50% of staking volume over time with over 30M staked volume in total.
Findings👀
- Over 34K wallets received 116K rewards with a total volume of almost 12M $LUNA and 25.6M USD over time.
- In overall, users received an average of 351 $LUNA and 750$ per user.
- The highest number of rewards that received by stakers was on September 9th, the day that $LUNA price was pumping and going for its ATH (all-time high). 6.3K stakers received over6K number of staking rewards with over 495K $LUNA volume and 1.84M USD volume.
- We should also mention that the highest staking volume that has sent to receivers was on November 18th with over 3.86M $LUNA and 23M dollars in total.
Conclusion💡
- Less than 20% of the whole $LUNA supply is circulating between people in crypto market.
- $LUNA price didnt put any effect on $LUNA’s circulating supply.
- Osmosis and Kujira were the most popular destination chains for Terra bridgers.
- Delegating $LUNA is in the lead in terms of number of actions and users but in terms of staking volume Redelegate is in the lead followed by Undelegate and delegate is in the last place!
- After September 9th and 10th, number of staking rewards and receivers chart didnt record any special move.
- ==“terra1tygms3xhhs3yv487phx3dw4a95jn7t7l8l07dr”== is the biggest $LUNA holder at this moment with over 65M balance.