Introduction

On March 25th, Terra launched on Thorchain. This launch meant that users could now swap Terra native assets like LUNA and UST for other native assets like BTC and ETH in a fully decentralized manner. In this dashboard, we'll assess the performance of the LUNA and UST liquidity pool using two metrics: swap balance and total fees generated.

Metholodgy

The swap balance can be thought of how many buy vs sell swaps there are for an asset. If there are three transactions for LUNA, in two of which LUNA in bought and in the other LUNA is sold, the swap balance is 0.5 (sold/bought). If there is an equal amount of selling and buying, the swap balance should be 1. The swap balance is calculated using the thorchain.swaps table together with the columns to_asset and from_asset. If from_asset = 'TERRA.LUNA', the transaction is a sell swap for LUNA. Synths are not considered in this dashboard.

In order to calculate the total fees generated by each pool, the table thorchain.daily_pool_stats was used in combination with column total_swap_fees_usd. We then take the sum of the total swap fees generated for every pool since the launch of Terra on March 25th.

Results

For the LUNA pool, there seems to be about an equal amount of selling and buying in terms of the number of transactions.

For UST, we can see that there is a clear unbalance. There is about 35% more selling than buying of UST in terms of the number of transactions.

Next, we'll look at the total fees generated per pool:

We can see that the UST pool generated the most fees of all pools since the launch of Terra. The LUNA pool is the sixth largest pool when it comes to total fees generated.