First of all, let's see how much total volume that has flow through Wormhole V2 from Terra ecosystem. Up until today (28th Nov), total of 204.7M $UST has moved out from Terra to various other blockchains through total of 3580 transactions over the past ~40 days since it went live. This equates to around almost 5M $UST everyday which very impressive amount imo.

Now, let's dive a little deeper. We're seeing highest volume of $UST went to Solana through Wormhole with over 64% of total $UST outflow of Terra which is around 131M $UST. Well it is not a surprise as Wormhole is created on Solana to accommodate the flow into Solana ecosystem and it seem to be working as expected. Then, followed by BSC mainnet with over 32% (65M $UST), Ethereum with 2.67% (5.4M $UST) and finally Polygon chain with 0.6%. We also seeing highest number of users bridges the fund to Solana with over 73% of total address, followed by BSC, Ethereum and Polygon.

ps: I started working on this dashboard since last week (21st Nov and it seems BSC has surpassed Ethereum in UST Volume bridged - by quite some margin too. smh ETH fees.)

However if we're looking at average $UST bridged by chain, we can see that Ethereum is way higher than other 3 chains by 12 times. On average, users bridged over 500K $UST to Ethereum, while to Solana only 40K $UST. Well with how ETH fees has been recently, it really do feel like Ethereum is the chain for whales and the wealthy.

Let's compare the outflow to Ethereum mainnet through wormhole vs Terra Bridge. Terra Bridge is a bridging protocol that is quite established. This comparison only focused on $UST. You can bridge other assets on Terra bridge too including aUST, mAssets etc. From graph below, we are seeing much higher volume on Terra bridge compared to Wormhole. Volume of UST through Terra Bridge has crossed 20M, 30M, 40M and even 50M few times while through Wormhole only once and that is coming from 1 transactions.

Now, let's take a look at the daily volume of $UST bridged through Wormhole. Since it went live on 13th October, we can see that the number has been steadily declining. We can also see that most of the $UST went to the Solana ecosystem. Solana is very thriving now.

Looking at transaction count, once again Solana dominates most of the daily transaction of $UST bridged and for the past couple weeks, we can see Polygon also start to get some traction. Same goes for BSC. But for Ethereum, I think many users still prefer to use the Terra Bridge.

In conclusion, if you believe that the future will be multi-blockchains then Wormhole would be a very pivotal instrument in managing assets across blockchains. We also can see that $UST will get more exposure and become the dominant stablecoin over others. Wormhole also could be a bullish case for Terra as more blockchain start to utilize $UST, more demand for $LUNA burning and this could only mean one thing for $LUNA. Moon.