Validators process transactions and receive fees from users (supply-side fees).

Terra is a smart contract platform for decentralized applications (a blockchain). Terra was founded by Daniel Shin and Do Kwon and launched in 2018. Terra Classic's stablecoin UST collapsed in 2022 due to a cryptocurrency equivalent of a bank run. Terra was forked shortly after, leading to the current Terra and its predecessor Terra Classic. This dashboard tracks the new Terra blockchain.

LUNA holders own and govern the protocol. They take a cut of the total transaction fees paid by users (revenue) that is then rewarded to contract owners (cost of revenue). Terra’s investors include Coinbase Ventures, Galaxy Digital, Pantera Capital, etc.

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Terra

# Terra Revenue Methodology

## 1. Overview

Terra revenue represents the daily fees earned by developers through Terra's fee-sharing mechanism. This metric captures the total value distributed to developers from network transaction fees, providing insight into the economic activity and developer incentives within the Terra ecosystem. The calculation aggregates fee payout events from Terra blockchain transactions and converts them to USD using end-of-day price feeds.

## 2. Data sources

- **Terra blockchain event attributes**: Contains fee payout event data with JSON-formatted payment information from Terra network transactions
- **Terra transaction logs**: Provide timestamps and transaction hashes for fee payout events
- **End-of-day token price feeds**: CoinGecko price data for Terra LUNA (`terra-luna-2`) and USD Coin (`usd-coin`) tokens used for USD conversion

## 3. Step-by-step calculation

### Component A: Fee payout event extraction
- **Purpose**: Extract and standardize fee payout events from Terra blockchain event attributes
- **Logic**: The system identifies two types of fee-sharing events on Terra: standard `payout_feeshare` events and Juno-compatible `juno.feeshare.v1.FeePayoutEvent` events. Each event contains JSON-formatted payout information in the `attribute_value` field. The JSON arrays are extracted and prepared for parsing, with each event type tagged for subsequent schema-specific processing.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for transaction identification, `event_type` for event classification, `attribute_value` containing JSON payout arrays

### Component B: JSON payout parsing and flattening
- **Purpose**: Parse nested JSON payout structures and extract individual fee records
- **Logic**: The JSON payout arrays are flattened into individual payout records. For standard `feeshare` events, the system extracts fee information from nested `fees_paid` arrays within each payout. For `juno_feeshare` events, fee data is accessed directly from the payout object. Each flattened record contains the fee amount and token denomination.
- **Key fields**: `payout` containing individual fee record JSON, `type` indicating the parsing schema to apply

### Component C: Fee amount and token processing
- **Purpose**: Extract fee amounts and standardize token denominations
- **Logic**: The system applies schema-specific parsing to extract `amount` and `denom` fields from each payout record. Token denominations are mapped to CoinGecko identifiers: `uluna` maps to `terra-luna-2`, while `FDB` and null values map to `usd-coin`. Raw amounts are converted from Terra's native precision by dividing by 1,000,000 to account for the network's decimal handling.
- **Key fields**: `amount` containing the fee value, `unit` for the original token denomination, `coingecko_id` for price lookup

### Component D: Daily aggregation and USD conversion
- **Purpose**: Aggregate fees by day and convert to USD values
- **Logic**: Fee amounts are grouped by day using timestamp truncation, with totals calculated for each token type. The aggregated amounts are then converted to USD using end-of-day CoinGecko price feeds matched by `coingecko_id`. Each daily record is classified under Terra's blockchain business line with appropriate market sector and segment identifiers.
- **Key fields**: `daily_timestamp` for time boundaries, `revenue` containing USD-converted fee totals, `coingecko_id` for price matching

### Final aggregation
- **Combining components**: Daily fee totals are already aggregated by token type and converted to USD in the previous step
- **Currency conversion**: USD conversion occurs using CoinGecko end-of-day prices, applied to the aggregated daily amounts for each token denomination
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with all fees within a calendar day summed together
- **Final calculation**: The final revenue metric represents the total USD value of developer fees distributed through Terra's fee-sharing mechanism for each day, with standard Token Terminal metric finalization applied including zero-filling for days with no activity

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

TerraLUNA

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Revenue

Revenue

Competitive landscape