Moonbirds Gas Fees

    Moonbirds is a 10K NFT project developed by PROOF. Out of total 10k supply, 2,000 Moonbirds reserved for Collective holders which get to mint for free and 7,875 reserved for the allowlist. The remainder 125 was held by PROOF team for their future use. In this dashboard, we will investigate the minting process of Moonbirds and how well it went. We will focus on the 7875 minting only since the 2000 mints for PROOF holder all went through.

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    For the public mint, there are total of 9967 transactions made and only 7875 went through. There were 2092 failed transactions; where the user still has to pay transaction fees.

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    Transaction fees is the fees paid to transact any transaction to blockchain. Transaction fees = gas price (gwei) * gas used.

    For Moonbirds mint, total of 429.46 ETH has been collected as transaction fees. 63.8% of those collected from the successful mint while the rest 36.2% (155.3 $ETH) came from failed transaction.

    On average, failed transaction paid 0.074 ETH and successful transaction paid almost half of it which is 0.0348 ETH. Some users paid up to 4 ETH in transaction fees for successful transaction. Gas price also significantly higher on failed transaction.

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    In conclusion, doing this bounty reminds me why I haven't been using Ethereum network in long time. Cheap fees on Terra, Avalanche, Solana, Cosmos etc has spoiled me and I can never imagine myself paying 3 ETH for a transaction. But even so, for Moonbirds minter, the price was well justified as the floor price for secondary market surpassed Azuki, at 26ETH. Some notable finding is that, many of the failed transaction comes from later block timestamp.

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