Moons were migrated to Mainnet a little over a month ago on August 9th, 2022. As something of a MOONs enthusiast myself, I wanted to understand if this impacted how Moons are transacted.
And since the blockchain is public, this can be done with only a bit of work! The data I used here are moons transactions on Rinkeby Testnet, Arbitrum Testnet, and now Aribtrum Nova Mainnet and is the same dataset that ccmoons.com uses.
The main caveats here is that I exclude transactions from moon distributions and transactions of <0.01 Moons, since they heavily skew the data and aren't aren't very interesting.
Below are my findings
1. Transactions had slowed, but Mainnet gave it a boost
The number of Moon transactions is correlated with the broader cryptocurrency market, so it’s no surprise that it fell off quite a bit since the peak back in late 2021. However, there appears to be some renewed activity after mainnet, with average daily transactions around 500 as of late.
2. Volume has significantly increased after Mainnet
Note that the plot here is on log-scale, since the data has a large variance. In the months leading up to mainnet, average daily volume was ~100k, but that has generally increased to the 500k+ range post mainnet.
3. Number of active moon addresses is steady
In the first chart we saw that transactions are up, but “active” addresses remain roughly the same, if not slightly up. I define an active address as an address that sent or received a Moon.
4. Transactions Between Redditors is slightly down
Transactions between redditors (mostly tips) was already very low compared to the peak in 2021, although this peak was almost entirely driven by a few generous redditors who tipped thousands of users (see https://ccmoons.com/tipping to see who). The graph below is also an underestimate, since I only know vault addresses that have appeared on a distribution CSV file
Since mainnet this number appears to be slightly lower, perhaps because some users are deterred because you now need Nova ETH to pay for gas.
Pro-tip: use novafaucet.com to get enough nova ETH for a couple transactions!
5. Transactions with exchanges spiked
Included below are transactions to or from a known exchange address. This might be missing some lesser known exchanges, but I’m including the larger ones. This was expected given the recent mexc and gate.io news
Thanks for reading!