METHODOLOGY

1. Get top 20 address holding KRT and UST from terra.daily_balances table
2. Compare their staked/liquid LUNA from daily_balances table.
3. Compare provide liquidity from msgs table
4. Compare swaps activity from swap table.

From table above, we can see that only 4 out of 10 wallets are also holding liquid $LUNA tokens but 2 of them has less than 1 $LUNA and only 2 out of the 10 also holding $UST. None from Top 10 wallets staked any $LUNA

Out of the 10 wallet, only one wallet terra1x04xgtwlw72gtfzrq7nfwmr6eexla8ecljw28z has provided liquidity Terraswap pool. This wallet has provided to 4 different Terraswap pool as per table below. The amount of LP provided is quite significant.

Holding $KRT or liquid $LUNA or stake $LUNA

Only terra1p54hc4yy2ajg67j645dn73w3378j6k05v52cnk has staked 25000000 $LUNA and also liquid $LUNA. Other two top wallet also has liquid $LUNA.

Provide Liquidity

Swaps

KRT HOLDERS

UST HOLDERS

Now we go through the UST holder who also provide liquidity. Only one wallet has provided liquidity to LP pool which is terra1p54hc4yy2ajg67j645dn73w3378j6k05v52cnk. This wallet has provided to three different LP; MIR-UST, ANC-UST and MINE-UST.

Holding $UST or liquid $LUNA or stake $LUNA

Provide Liquidity

Swaps

Looking at the swaps activity, once again, only terra1p54hc4yy2ajg67j645dn73w3378j6k05v52cnk have swapped tokens and most of it came from LUNA-UST pair swap.

It seems that the top 10 biggest wallet are not retail whales; they must have been wallets that belongs to corporate, venture capitals or some protocol because of lack of activity.

Graph above shows the top 10 wallets holding largest amount of $UST. The largest one currently holding around 600M which is more that 20% of current supply so I believe this wallet must be the foundation wallet or something.