Another week, another set of great Terra data dashboards.
Let’s dive in.
The favorite validators of top delegators
We’ll start with a look at the top LUNA stakers from MarneeSeaweed. This submission examined the delegation activities of the top 25 delegators. More specifically, it analyzed who they delegate to and undelegate from.
As we can see in the graph below, the top 25 delegators do not tend to favor the largest validators. In fact, only four of the 10 largest validators for these top delegators can be found on a list of the top 10 validators by voting power — Mosaic, Orion, Staked, and Terran One.
This shows that most of the top validators reached that position without the help of whales. That’s a good sign for decentralization, says MarneeSeaweed.
Chai transactions fall…📉
Grab your teacups, because our next submission focuses on Chai. In this analysis, @mintingfarms looked to build a dashboard that would show the volume of CHAI transactions in the past year and the total monthly fees collected on Terra over the past year.
As we can see in the graph below, monthly fees (represented by the green line) and transaction volume (represented by the blue line) both peaked at more than $350 billion in November of last year. Both measures then fell sharply through January of the new year, with monthly fees rebounding more quickly.
The dashboard will also include daily breakdown of volume and also cumulative transaction volumes and fees collected. See the whole submission here.
…and so do users 📉
Our next submission also focuses on Chai. This time, however, MarneeSeaweed explores how much Chai is used each month, This analysis focused on the Chai usage volumes in terms of the number of users, the monthly transactions, and total fees from transactions.
As we can see in the graph below, the number of Chai users has been falling steadily over the past 12 months. Despite this decline, however, MarneeSeaweed notes that “the average number of users still stands at a respectable 490k per month.”
Terra growth expected to continue 📈
In our next submission, @HarrimanLuke offered a framework to estimate the price of LUNA. After considering a wide range of factors and parameters, our analyst noted that the best way to examine LUNA is to “look at Terra as simply a decentralized payment network.”
When we do this, @HarrimanLuke says, “the valuation model is very simple.” The value of 1 stacked LUNA, he says, is equal to “(Annualized Transaction Volume) x (Tax Rate) x (Rewards Multiple) / (Staked Luna)”. And as we can see in the graph below, Terra has already seen significant transaction growth over the past year. Our analyst expects that growth to continue, thanks in large part to the diversity of applications built on Terra.
This was a detailed submission with plenty more to take in, so be sure to check out the whole thing here.
Understanding Terra risks 👷
Next up is a look at some of the risks across the Terra ecosystem from @sem1d5. As this submission points out, given the strong user base for applications like Anchor and Mirror, demand for UST is high, making risks more unlikely.
But, as our analyst notes, there are situations where these protocols would fail. Anchor, for instance, could fail if “there are a lot of deposits…and not alot of people wanting to provide collateral.”
Mirror users, meanwhile, could see problems if the value of MIR token goes to 0. The closest we’ve come in recent weeks to that scenario, however, was on July 19, when the price of MIR neared $2.50
“Give Once, Give Forever” 🕊️
Last but not least is a submission from @EthPoly. This submission offered a closer look at Angel Protocol. For the unfamiliar, Angel Protocol is a Terra-based protocol to create perpetual charity endowments, operating under the motto “give once, give forever.”
In this analysis, @EthPoly looked to determine how many LUNA holders have delegated to the charitable protocol via its validator node, and where those donations come from. As we can see in the graph below, more than 637 users have delegated so far, with 552 LUNA holders still actively delegating — about 86% of all users.
When we take a look at LUNA delegated overtime, meanwhile, we see a major spike in July, when delegations reached a peak of more than 400,000. In the weeks since, however, the amount of LUNA has come down slightly but still maintains a consistent level around 375K.
Do more with Terra data 🔍
That does it for this week. Thanks to everyone who submitted such great Terra data dashboards!
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