Mars Protocol Performance

This dashboard aims to provide insight into the performance of the Mars Protocol by looking at the following metrics: active users and net deposits and net borrowed on the protocol.

Introduction

Mars Protocol is a new borrow and lending protocol on Terra. It allows users to deposit UST and LUNA and use them as collateral to borrow UST and/or LUNA. In the Fields section, users can yield farm using leverage, which is a first for Terra. Users can choose between three different farms: LUNA-UST, MIR-UST and ANC-UST, and have up to 2x leverage. See this article for more information.

Mars is almost 1 month old. This dashboard will focus on the current performance of Mars according to the following metrics: daily active users, daily net deposits and daily net borrows.

Methodology

Active users: terra.msg_events in combination with Mars Red Bank contract address: terra19dtgj9j5j7kyf3pmejqv8vzfpxtejaypgzkz5u.
Deposits: Red Bank address in combination with 0_action = 'deposit'
Withdraws: Red Bank address in combination with 0_action = 'withdraw'
Borrows: Red Bank address in combination with 0_action = 'borrow'
Repay: Red Bank address in combination with 0_action = 'repay'

Active user is defined as a users who made at least one transaction on Mars on a given day.

Results

When looking at the daily active users, we can see that there were a lot of active users in the first couple of days. Since then, however, the amount of daily active users has been down significantly to about 200 unique users a day.

The daily net deposits (total deposited - total withdrawn) does not look good. While the net deposits for LUNA have been mostly positive, the net deposits for UST has been negative most of the time. There is a clear uptrend in the amount of UST that is withdrawn from Mars.

The net daily borrowed (total borrowed - total repaid) seems to be fluctuating heavily. There do not seem to be any trends. Although it looks like most days there is a positive net borrow for UST.

Key findings