Throughout this article, we analyze the failed transaction rate in Terra over the past year based on the following tweet: https://twitter.com/alphaDefi_/status/1504522066674003972/photo/1 .
Failed transactions on Terra have been on the rise lately. wonder why. $LUNA $UST pic.twitter.com/VX0LxBqcuY
— Alpha DeFi Asset Management 🎰🌕 $UST (@alphaDefi_) March 17, 2022
Observing the given tweet, we can learn that many transactions have failed in the past year. Let’s discuss and analyze what is causing the high number of failed transactions in Terra networks.
This graph shows the failure and success rates for transactions on the Terra network over the past year. There has been an increase in failed transactions over the past few months. We can see the maximum number of failed transactions on March 7, 2022.
Here from the below graph we can see the weekly number of failed transactions on terra network. Between March 29, 2021 and March 21, 2022, there were 2.27M failed transactions. The highest failed transaction number was 179.53K on March 7, 2022. Failed transactions are trending upward. Consider a sample of failed transactions from January 2022 to March 2022, there we can see a 3X increase.
On weekly basis, the graph below shows the percentage of failed transactions on Terra’s network. Observed maximum Percentage Of Failed Txns was 4.25 on March 7, 2022 and minimum Percentage Of Failed Txns was 0.18 on June 14, 2021. The number of failed transactions increased by more than 4 times from March 29, 2021 to March 21, 2022. This shows an increasing trend in the number of failed transactions.
Using different contracts on the Terra network, let’s look at the top failed transactions by these contracts. In this chart, we can see that more than 45% of failed transactions come from Terraswap only. Secondly, we can observe that overseer transactions fail mainly when compared to all the other contracts.
Using different contracts on the Terra network, let’s look at the top failed transactions percentage by these contracts. Based on percentages of failed transactions by different contracts, the lowest failed transaction percentage is 4.05 (mTSLA) and the highest is 525.16 (terraswap pool). The maximum number of failed transmissions was recorded on March 14, 2022. As a result, we consider the failed transactions percentage to be increasing.
As shown in the graph below, Terra Swap pools account for 6.1 % of top failed transactions, with Liquidation Contracts accounting for the second highest proportion of failed transaction percentages.
Observations
From the above analysis,
- Out of all failed transactions, the percentage of failed liquidation contracts transactions is 1.7% . But the failed percentage of transaction percentages in this pool is 5.1%, which comes in second highest percentage of failed transaction percentages of terra failed transactions. As a result, out of all the transactions involving Liquidation contracts, the vast majority of transactions have failed over time.
- The number of Terraswap failed transactions is over 45% out of all failed transactions, however the percentage of this terraswap pool percentage of failed transactions is only 6% out of all failed transaction percentages. In other words, terraswap pools’ overall success rate has a higher ratio than other contracts.
- From the above analysis we can see a maximum number of failed transactions on terra during Nov22 – Dec6, 2021. which are all done happened by terraswap pool.