What Is Terra 2.0 (LUNA)?

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). It's now-renamed LUNC token collateralized UST, which crashed in a bank run in May 2022. That devalued LUNA to virtually zero and caused a launch of a new chain — resulting in Terra Classic and Terra.Read a full breakdown of the Terra crash here.

The development of Terra Classic launched in January 2018 and the blockchain launched in April 2019. It attempted to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offer fast and affordable settlements through its UST stablecoin. Terra Classic offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies.

The new Terra blockchain continues the legacy of Terra Classic without the UST stablecoin. It will keep building with the help of the LUNA community dubbed “LUNAtics” and evolve the world-class UX and UI that brought Terra Classic up to second place in total value locked (TVL) at its peak. Many DApps have agreed to migrate to Terra to continue their functionality.

Methodology

I will consider situation of Terra network and Number of New contracts on it since 2022. I investigate this for MetricsDAO for answering question about development of Terra Network per Week. I also Consider inflow and outflow of Stablecoins for this Network during same time.

Introduction

Observations

• In terms of the number of weekly new contracts, the highest number of new contracts on the Terra Network belonged to the last week of July, with around 110 contracts this week. In addition, after this week, the trend of new contracts in the Terra Network has experienced a downward trend during this period.
• A total of approximately 1.3,000 contracts have been deployed on the Terra Network since 2022.
• These contracts had the highest number of transactions in the last week of May and Astroport had the highest number of transactions that day at around 172,000. Additionally, this stat was eye-catching for Terra Network as Terra never experienced half of this stat per day after this week. Maybe this statistic refers to a hype about Terra Network. In addition, this week also saw the highest number of users and Astroport also had the highest number of users this week with around 17.5k.
• Astroport had the highest percentage of transactions on Terra Network since 2022 at about 53% and the highest percentage of users at about 36%.
• Astroport Dex had a share of about 24% of all transaction numbers and Astro token had about 18.5%, also Astroport Dex had a share of 22% of all users and Astroport token had about 17.5%.
• In terms of overall type, Dexs on the Terra Network accounted for about 55% of all transaction numbers and tokens accounted for about 37.5%. In terms of users, Dexs had about 53% share of all users and tokens about 37%.

Observations

• terra1ksvlfex49desf4c452j6dewdjs6c48nafemetuwjyj6yexd7x3wqvwa7j9 This contract had the highest number of Dexs transactions at around 79,000 and this contract was owned by Astroport. This contract also accounted for around 45.5% of all transaction figures during this period.
• Also this contract terra1ksvlfex49desf4c452j6dewdjs6c48nafemetuwjyj6yexd7x3wqvwa7j9 had the highest number of users with about 14.3k users on Terra Network and also this contract had a share of about 46% of all users.
• This contract terra1ksvlfex49desf4c452j6dewdjs6c48nafemetuwjyj6yexd7x3wqvwa7j9 also had the highest number of transactions per user on the Terra Network, at around 20.8 per user.

Key Insights

• Inflow

• The highest number of inflow stablecoins transactions occurred in the first week of September with around 470 for axlUSDC and around 50 for axlUSDT. The number of stablecoin inflow transactions on the Terra Network did not have a clear trend during this period and sometimes had an upward trend and sometimes a downward trend during this period. Also, the highest number of users bridging their stablecoins to the Terra Network was this week and axlUSDC had around 330 users and axlUSDT had around 35 users, but the highest amount of stablecoins inflow volume was in the last week of October and the first November week about 3.9M for each week for axlUSDC and about 2-2.5M for each week for axlUSDT. These weeks have been peaks for inflow volume on the Terra-Network, as the Terra-Network has not experienced this amount before and after.

• axlUSDC has experienced about 6.4k transactions as cumulative inflow transactions since its inception, while axlUSDT has only 330 transactions at a time. Furthermore, axlUSDC had about 4.1k as cumulative inflow users and axlUSDT about 245. Furthermore, axlUSDC had about 32.3 million as cumulative inflow volume while axlUSDT had about 13.5 million during that period.

  Outflow

• The highest number of outflow stablecoins transactions occurred in the first week of September with about 330 for axlUSDC and about 20 for axlUSDT. The number of stablecoin outflow transactions on the Terra Network has not had a clear trend during this period and has sometimes had an upward trend and sometimes a downward trend during this period, but after this week it has experienced a downward trend. Also, the highest number of users bridging their stablecoins from the Terra Network was this week and axlUSDC had about 220 users and axlUSDT had about 10 users, but the highest outflow volume of stablecoins was in the first week of October with about 1 million for axlUSDC and about 630.5K for axlUSDT. There was a spike in the volume of outflow on the Terra Network this week as the Terra Network has not seen this amount since then and before.

• axlUSDC has experienced about 2.2,000 transactions as cumulative outflow transactions since its inception, while axlUSDT has only 160 transactions at a time. Furthermore, axlUSDC had about 1.5k as cumulative outflow users and axlUSDT about 100. Furthermore, axlUSDC had about 4.7 million as cumulative outflow volume while axlUSDT had about 828k during this period.

  Netflow

• Since Netflow data has seen more stablecoins inflows than outflows on the Terra Network, people seem to be inclined to deposit their stablecoins on this network rather than withdraw them, and it shows that stablecoins are experiencing a healthy status on the Terra Network to have.