Terra new users - Protocols

    In this dashboard, we will filter out the wallets that have newly joined Terra blockchain over the past 90 days, and check their interactivity with various protocols since their first day.

    The new users data will be generated from the terra.transactions table, which contains transactions and wallets interacting in the transaction. By aggregating by individual wallets and finding the first transaction, then filtering for the last 90 days, we will get the new users over last 90 days.

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    Plotting the users interacting with the ecosystem.

    • 34% of the users are interacting with Anchor
    • Next its the two major DEXes on Terra
    • Stader comes as the next major protocol used by new comers
    • More exotic protocols like Prism, Nexus, Kujira, Spectrum and Apollo are less used by newer users
    • Thus Anchor acts as the main entry point into Terra ecosystem.
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    Contract interactions can be filtered out by searching for module wasm/MsgExecuteContract. Any message sent using this module, involves a sender which the user and the contract which can be used to predict the protocol being interacted with. Flitering the new user only interactions, we get the following plots.

    Plotting transaction volumes:

    • Anchor is the clear cut winner, with more that double of any other protocol under consideration
    • Then come DEXes and Stader
    • Protocols like Wormhole, TNS, Random Earth are much more used by newer users that the more sophisticated users
    • This could be because, these sophisticated protocols are mostly set and forget protocols.

    Now let us check the transaction distribution of these protocols. We will only consider transactions ranging from 1 to 50 as more than that, users are less like to use in a 90 day period.

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    Most users of any given protocol prefer to use 1 or 2 transactions. A better way to put this would be, the cumulative plot below.

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    One trend is necessarily similar, the curves flatten out after around 20 transactions.

    • Comparing Anchor and Terraswap's flatted out values of 80,000 and 100,000 users, around 30% of users made only one transaction
    • Using the similar transaction, half of users point was reached immediately at 2 to 3 transactions.
    • 80% of user count was reached around 5 transactions.
    • 90% of users was reached around 9 transactions.

    90% of protocol interacting users, make less than 9 transactions. 50% of interacting users make less that 2 transactions.