In this dashboard, we will look at the growth of new users on Terra, the flow of users and assets to different dApps on Terra and map the early activities of new users to different protocols/dApps on Terra.
To begin, let's just look at the number of new addresses on Terra each day (Note: we will use the number of new addresses as a proxy for new users on Terra):
(Interactive Link: https://velocity-app.flipsidecrypto.com/velocity/visuals/da4a24e5-3701-4d0f-9cf9-0afaa02d698e/0ab5dc91-3d46-4466-bfea-8a60ffd7cdaf)
I only used data from Feb to June since some days right outside this range have negative account growth which should not be possible (this likely happened due to missing data in Flipside's tables). The peaky nature of missing data (days with -244k in account/address growth) also meant that it was disrupting our view of what I would assume to be correct data so I thought it was best to remove those peaks.
(Sidebar: Link to negative account growth graph for reference - https://velocity-app.flipsidecrypto.com/velocity/visuals/0fa3a239-6e35-4f5f-a8ae-f0f3ad597020/7b4ea482-68b6-4d0c-ac1d-31235028b167)
We see about 5-8k new accounts on Terra on normal days with certain events acting as catalysts for spikes. For example, the huge spike in March was near the ATH for LUNA's price and also around Anchor's much-anticipated launch. Interestingly, the number of new accounts created each day right after the crashening of May 23rd also went up. Likely because some traders became long-term investors and thus, needed to maximise the ROI from their investment. Late June also saw a noticeable uptick in the number of users coming into the Terra ecosystem possibly due to users coming and depositing funds to Anchor.
Next, let's try to map the growth of users to core Terra projects such as Anchor, Mirror and Terraswap (this is because more users on our dApps naturally mean more assets coming into the ecosystem and the associated dApps).
To do this let's start with Anchor. We will use the number of new addresses interacting with the Anchor Money Market contract as a proxy for the number of new users on Anchor each day:
(Interactive Link: https://velocity-app.flipsidecrypto.com/velocity/visuals/2afad06c-0935-426d-a31e-8c719bd2d9ce/5009f936-4959-4ead-ae96-de89a1bfa2ab)
There was a huge influx of users to Anchor at the start with over 3000 users interacting with the Money Market contract in the first couple of days. The number seemed to have stabilised at 100-200 new accounts interacting with Anchor from late March to June, but the reduced volatility in crypto and increased interest on loans from the Anchor Money Market seems to have led to another uptick in new accounts interacting with Anchor (this uptick also lines up with new users coming to Terra during this time).
Now, let's look at the new user interactions with Mirror Protocol. To do this, we'll count all first time interactions with the Mirror staking, minting and governance contracts (we won't count the activity of them buying MIR or mAssets on Terraswap here since that is an interaction with Terraswap as opposed to Mirror). The user growth looks something like this:
(Interactive Link: https://velocity-app.flipsidecrypto.com/velocity/visuals/5e4c2e92-e04a-4f43-866a-3f18e721a4d3/c1e6e91a-1a3b-4be4-9ec8-4154f0f6a40f)