Transaction Volume Of Mirror Assets On Terra Blockchain

In this article, we will analyze On Terra the last 90 days of transactions involving mirror assets and examine what are the top 10 assets based on transactions and volume within each asset type.

Mirrored Assets (mAssets)

In the blockchain world, mAssets are tokens that are similar to “mirrors” of things in the real world by reflecting the current market price. Despite their cryptocurrencies’ open access, fractional ownership, and censorship resistance, they give traders exposure to real assets prices. mAssets, unlike traditional tokens, serve exclusively for tracking price movements of the corresponding assets and are therefore purely synthetic.

Here are a few mAssets registered on Mirror : mAAPL, mABNB, mAMC, mAMZN, mBABA, mBTC, mCOIN, mETH, mFB, mGLXY, mGME, mGOOGL, mGS, mIAU, mIAU (Delisted), mMSFT, mNFLX, mQQQ, mSLV, mSPY, mTSLA, mTWTR, mUSO, mVIXY etc..

Transactions and volume of mirror assets for the last 90 days on Terra

In the below graph, we can see daily mirror asset transaction counts and their volumes for the past 90 days .The maximum number of transactions was observed on September 14, 2021 with 2.84K.The total number of transactions is decreasing. In W37, 2021, we could see a maximum transaction of 10,646.

The following image shows the Volume of mirror assets in the past 90 days, and a closer look can also be made into a heat map. On September 14, 2021, the total volume(USD) reached a maximum of $30.42M.Total Volume(USD) shows a downward trend.On September 3, 2021, total volume (USD) is lower than normal, and on September 14, 2021, and November 26, 2021, it is higher than normal.In W37, 2021, the maximum Volume of 58.97M was observed. The total Volume is higher than normal in W37, 2021.

In total volume and transactions of mirrored assets, there is a declining trend.There were a maximum volume of $30.42M and a maximum number of transactions of 2.84K in September 14, 2021.From the below graph we can see the total number of transactions on September 11, 2021 is lower than usual and higher than usual on September 7, 2021. Same way ,The total volume (US dollars) on September 3, 2021 is lower than usual, and higher than normal on September 14, 2021 and November 26, 2021.

Top 10 Mirror Assets Transactions and Volume

The chart/data below displays the top 10 assets on Mirror (by USD volume and transactions ) over the past 90 days.Two of the top mAssets, mVIXY and mIAU, contributed 28.14 % of all transactions. Here we can see the lowest Total Transactions is 102 (mGS), and the highest is 10.62K (mVIXY).

Here we have mETH, mDot, and mTSLA in the top 3, and these three have contributed to more than a quarter of Total Volume (USD). mETH is contributing highest volume which is $27M. In the 2nd place mDOT is contributing $26.31M .

On the below graph, we can see a detailed daily overview of the daily volume and transactions of the top 10 assets . On Sep10,2021, there were the most transactions, and on Sept14,2021, there was the highest USD volume.Volume(USD) for September 14, 2021 and November 26, 2021 is higher than usual.Total transactions in November 25, 2021 are lower than normal and higher than normal in September 10, 2021.

In the below charts, we can see the number of transactions and Total volume in USD for Top 10 mAssets and their percentage on a daily basis.mVIXY and mIAU are contributing more transactions and are also ranked first and second out of the 10 mAssets respectively.

The following graph shows that mETH, mDOT and mTSLA contribute more than a quarter of the total volume in the Top 10 mAssets and they are in the Top 3 according to the volume.

Observations

  • According to the analysis above, we see the daily trend as follows: Total Volume (USD) shows seasonality every seven days; high in day 1 and low in day 7. Total Transactions shows seasonality every seven days; high in day 2 and low in day 7.
  • The level of transactions of assets has decreased since Oct 29 2021, but has increased from Nov 22 2021 onwards.
  • If we take a look at the Top 10 mAssets, mETH transactions are the 4th place but based on volume, it lands in the first place.
  • We see that mVIXY is taking over mETH’s place in terms of transactions.
  • Among top ten mAssets, mVIXY transactions reached first place because of inflationary concerns in the US economic system, traders were anticipating a rise in volatility, which is why mVIXY transactions reached the highest level.
  • Among the top 10 mAssets, the mIAU is not ranked in a top 10 list of volume, but is ranked 2nd in terms of transactions.

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