Concentration of Whale Activity

Drilling down further, we look at how many transactions each whale account is doing. The graph below shows each whale account (indexed along the x-axis) and how many Mirror or Anchor transactions were performed by each account in the last 30 days. A few accounts dominate the action, with 90% of the whale transactions coming from the top 10 user accounts. One single account generated over 60% of the whale action, averaging over 30 transactions per day on Mirror or Anchor

Drilling down further, we look at only the new Mirror & Anchor users - those who have made their first transaction on either platform in the last 30 days. Here the numbers are quite different - most (>70%) of the new Anchor/Mirror users are also new Terra users.
One possible conclusion is the Anchor & Mirror protocols are a use case drawing new users into the Terra Ecosystem. In the context of the 2000-5000 new Terra users each day, Mirror & Anchor only account for a very small proportion of these. It is clear that many users are coming to Terra for something other than Mirror or Anchor.

Users of Mirror & Anchor

In trying to understand if Mirror & Anchor usage is dominated by older Terra accounts or newer ones, we define an old account as one that has existed for longer than 30 days. Looking at all the Mirror & Anchor transactions over the last 30 days, we see that most of the transactions (80%) are done by Terra accounts that are older than 30 days.

New Mirror Users

The graph below shows new users on the Mirror protocol. Mirror is a platform for synthetic assets, allowing users to trade, borrow and yield farm in these assets. New Mirror users are accounts that have their first recorded transactions against the main Mirror smart contracts (swap, borrow, increase allowance, stake). Similar to Mirror, new users to Anchor range from 100-200 per day.

New Anchor Users

The graph below shows new users on the Anchor protocol. Anchor is a platform where users can deposit collateral (earning yield in the process) and borrow against that collateral - similar to Aave on Ethereum. New Anchor users are accounts that have their first recorded transactions against the Anchor smart contract. New users to Anchor range from 100-200 per day, which is a small proportion of the new Terra accounts seen each day.

New Users to Terra

The graph below shows new wallet addresses seen on Terra for the last 90 days. A new wallet address is one which has its first non-zero balance in Terra native coins (LUNA and the native stablecoins) on the date shown in the graph. It is assumed that new wallets are a proxy for new users, although some users may create multiple wallets. New accounts are coming onto the Terra network at a rate of 2000-5000 per day, with a large uptick in the last week or so to over 15k per day.

Whales on Mirror & Anchor

To examine the activity of whales on Terra, first we must define what a whale is. For this analysis, a Terra whale is a user account with a USD balance of greater than $1m in any combination of LUNA, MTN, KRT, UST or SDT coins. There are other native coins on Terra (and some users with huge balances) but we will restrict our definition to those with readily available USD equivalent balances in the Flipside tables. There were 176 whale accounts at the time of this report. From the table below, just under half of these whale accounts have used Anchor or Mirror in the last 30 days.