Terra - Analysis of the side-by-side relationship in the Ethereum-Terra bridge

Many of you must have heard the Ethereum-Terra bridge. Basically it is a tool to connect these 2 blockchains. As Terra and Ethereum are 2 different blockchains, they usually cannot talk with each other easily, then, Terra Bridge came out and can help users in these 2 blockchains switch currencies seamlessly. In this article, I am going to analyze the Terra Bridge activities.

Introduction

Terra Bridge is a Web application to transfer Terra’s tokens to other blockchain networks, it can easily transfer tokens between Terra and Ethereum blockchains, the way it uses to do that is the wrapped currency. For example, there is no Luna token in the ETH blochchain, but it is easily create a ERC-20 corresponds to the LUNA, every time we call the function in Terra Bridge, we can transfer and create the same amount of wrapped LUNA in the ETH blockchain.

Here is the more detailed explanation for Terra Bridge:

The contract address for Wrapped LUNA Token (LUNA) in ETH is: 0xd2877702675e6cEb975b4A1dFf9fb7BAF4C91ea9

Analytical Framework

The focused analytics framework here is to focus on the Ethereum <> Terra bridge and answer the following 2 questions:

  • Identify the pairs of addresses
  • Compare activity by week on Ethereum vs Terra.

Identify Pairs of addresses

As there were tons of different tokens in Terra blockchain, in this article, I only focus on LUNA and assume that LUNA will represent the activities.

The thinking logic to identify the pairs of addresses is tricky as this kind of transaction happens in 2 different blockchains. The way/logic applied here is to use the simultaneously activities to map the correct corresponding ones.

Analyze the daily activities

From the daily transaction activities chart, we can find out that the

The blue bar chart shows the daily transaction activities by counting the transaction id
The orange bar chart shows the total amount in USD involved

All the data, tool come from Flipside Crypto.The link to all the queries is here.

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Cryptwizards

On-chain analyst, passionate to deliver nimble self explanatory visualized blockchain analytics. Wishing a world without any type of hierarchical contempt.