Terra (Luna) Network is starting to gain more traction of late and there have been some visible gains on the ecosystem but one things users and potential investors are cautious of is if in fact the protocol is growing and if users are participating in the ecosystem.
A healthy ecosystem should include active participants which many could debate the fact that UST is growing and recently Terra's UST outperformed Binance's BUSD to become the third largest stable coin and continues to charge forward.
We already know that Anchor protocol makes up a large chunk of UST investors who have provided collateral to mint UST and farm the 20% APY. But the majority of people farming Anchor yield through collateral are Ethereum users who have minted bEth. So it is safe to say these wallets aren't particularly all that "active" or engaging with other dApps which doesn't mean their not but more likely they are farming UST and purchasing more bEth and repeating the process.
Image Sourced Terra Wallet
According to information provided on the Terra Station wallet since genesis which is the launch of Terra (Luna) Network there have been a total of 3.91 Million wallets created with only 3.78 Million current active wallets. This is a good statistic but we want to delve a little deeper.
Over the past 30 days there have been 171,000 new wallets created and becoming active with a total active wallet count of 594,000 active participants. This data is hard to assess for a few reasons and that is in order to register as "active" you would have had to undertake a transaction. There could still be just as many inactive wallets participating in staking or other functions just not undertaking a transaction.
Noting that this data can also be obscured as delegation isn't taken into account but at current the majority of Luna held in wallets is under 100 tokens which makes up 96% of the current wallet base consisting of 664,000 wallets.
Given that 41% of the total Luna circulating supply is now staked a number of these wallets could potentially be delegating to validators. The next largest cohort at 15,000 wallets is the 100 to 500 and then numbers dramatically drop.
The current most popular dApps are Anchor Protocol, Terraswap and Astroport which indicates a healthy, growing Decentralised Finance (De-Fi) system as these protocols solely focus on liquidity and trades. We can also see around them an ever growing ecosystem of dApps and with wormhole consisting of 7.3k users over the past 90 days we can see a slow entry into Terra (Luna) Network.
Wormhole use is something I want to drill down into but I haven't been able to find out how to access the whole data sets as yet. This will give a clearer picture of if people are bringing money in or out of Terra (Luna) Network.
Top Blockchain TVL Performance Last 1 Month
— Terra Daily 🌖 (@TerraLUNADaily) March 9, 2022
🥇 $WAVES @wavesprotocol
🥈 $LUNA @terra_money $ETH $BNB $AVAX $FTM $TRX $CRO#TERRA #LUNATICS #LUNA #DEFI #cryptocurrecy pic.twitter.com/RGdKmnqz58
Although, Terra's TVL over the past 30 days has continued to be amongst the leading platforms so clearly it is more people coming in than leaving.
Image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
