Through our exposition in this dashboard, we've look at how the number of users on Terra have been growing, how users have been interacting with Mirror and Anchor and have also looked at whether Whales interact with these protocols. I think its safe to say that only a small percentage of Terra users use Anchor and Mirror but a large number of them seem to be staking their LUNA. Moreover, it seems like some whales are interacting with Mirror and Anchor as well, which is only positive as it increases the liquidity in these protocols!

Looks like out of the 6.75k whales on Terra 1/6th of the so-called whales have ever interacted with Mirror or Anchor. But this proportion does seem like it's a lot higher than the proportion of overall users that use Mirror and Anchor. It's reasonable to think that a larger proportion of whales are smart enough to interact with Mirror and Anchor because they have larger positions on Terra that they might like to manage.

By our definition there are about 6.75k addresses with 50k or more in Terra-based assets. Now, let's take a look a if these whales interact with Mirror and Anchor:

Okay, so now, let's take a look at what kind of users are these power users that interact with Mirror and Anchor. It might be fair to assume these are likely whales with larger accounts.

Let's start off by categorising our simple types of users: crabs and whales.

• Crabs are people with < $50k in their wallet (either liquid or staked)

• Whales are people with >= $50k in their wallet (either liquid or staked)

So let's first look at how many whales are there in the Terra ecosystem:

It looks like only 14k of the users who have interacted with Mirror have also interacted with Anchor. These numbers for Anchor and Mirror seem quite small compared to the total size of Terra's economy. We need apps like alice.co and kash.io to succeed to help grow the adoption of these technologies amongst non-defi users (note: if you see NaN in the dashboard it looks like a bug where I see the result on the query page but NaN upon adding to the dashboard).

Right now it looks like both Anchor and Mirror has a consistent group of users but not all participants of Terra use either product yet. The power users tend to be the vast majority of users who use both products (66% for Anchor and 50% for Mirror).

From the number of unique addresses that interact with Anchor and Mirror, it becomes apparent why the growth of the cumulative interactions over time is linear (because the same interactions are happening at regular intervals). Only 30k addresses have interacted with Mirror and 24k addresses have interacted with Anchor. It seems like it tends to be power users of the Terra ecosystem that tend to use either of the platforms. Let's also see what the intersection of these two address sets looks like (i.e. addresses that interact with both Mirror and Anchor) to understand if these are actual power users:

Since cumulative daily interactions possibly multiple counts wallets that interact with anchor and mirror daily let's just sanity check our numbers by computing the number of unique addresses that have interacted with both protocols over time:

It looks like about 400k (not necessarily distinct) addresses have interacted with Mirror and 200k addresses have interacted with Anchor. The growth of these numbers seems to be linear just like the growth of the number of addresses in the Terra ecosystem (suggesting our data lines up!).

Let's start by taking a look at the interactions users have with Mirror and Anchor. We compute interactions by counting how many addresses interact with the contracts on Mirror and Anchor each day and then take a cumulative sum over time. This gives us a reasonable understanding of how many wallets tend to interact with Anchor and Mirror:

In all honesty, it's probably a combination of the two. But let's take a look at some of the new things people are able to do on Terra like interact with Mirror and Anchor since July 2020.

Another proxy for active users might be addresses that stake LUNA. These users are likely to be long-term holders (due to the 21-day lockup) and also likely manage the claiming of staking rewards.

Interestingly, from the graph below, it looks like all addresses on Terra seemingly staked in July 2020 but newer addresses seem to be less likely to be staking. This could be because of two reasons:

1. The addresses are inactive.

2. People are finding other interesting things to do in the Terra ecosystem.

Terra has grown from 1M addresses to ~2.5M addresses with a huge spike coming in September 2020. It isn't completely clear what caused the spike but the growth in users has still been on an up-slope without the spikes (although the spikes did cause a huge increase in addresses)

A decent proxy for new users on Terra would be the number of wallets on the ecosystem. So let's take a look at how the number of addresses (which is a fair proxy of wallets since smart contracts would only be a small part of the address space) has grown over the last year: