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    TERRA: Top Anchor Users: Part 1

    There are two main protocol on Terra which are Anchor and Mirror protocol which were developed by Terraform Lab. Anchor is the savings protocol and there are two main components of Anchor; the EARN and BORROW. Earn is where users can deposits $UST and earn ~19.5% APY. Borrow is where users bond their PoS assets and borrow $UST up to 50% LTV (Loan-to-Value). In this dashboard, we will take a look at power users on Anchor protocol.

    DEFINITION

    The Earn is the main selling point for Anchor whenever I shill this project so for this dashboard, I define 'Power Users' as those who made the most transactions for last 30 days for $UST deposits. Table below shows the top 10 address that deposited the most into Anchor Earn.

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    These top 10 users responsible for over 32% of total $UST deposited past 30 days which is equivalent to 1.7B $UST 🤯.

    Let's see who these addresses are. Let's take a look at their holdings. The top address holds a lot of liquid $LUNA and $UST so I believe this address belongs to protocol that utilizes Anchor Earn or maybe an institution which manages funds. Second address has a lot of staked $LUNA and also $KRT so I believe this might be a Korean whale or institution. Other than the top 3, the next 7 seems to be like normal retail investor.

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    Now let's take a look at those top 10 addresses' bAssets current holdings. The second address had 3.5M $bLuna deposited as collateral which seems very ridiculous and fifth address has 470 bETH deposited. Those that has -ve balance shows that they are a true retail investor because highly possible that it became negative because they had liquidated in the past.

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    In nutshell, out of top 10 Anchor Earn depositor, I conclude that the top 3 of them belongs to VC or protocol wallet and the next 7 addresses are the normal retail investor. In addition, all top 10 power users by volume deposited belong to VC, protocol or institution.

    Power Users by volume deposited

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    Table below shows the top 10 address that with most $UST deposited in the past 30 days. From table below, the top address has deposited 1.7B $UST into Anchor earn which is very ridiculous so I believe this wallet belong to TFL (plus they hold 700k $LUNA). Other wallets also deposited over 100M $UST in single transaction. Rank 4 and 8 seems to be retail investors but they did not own any $LUNA which does not add up.