Introduction

frETH token is a token minted when investors lock up their ETH, the longer an investor locks up their ETH the more frETH token they mint.

The token is an important part of the True Freeze ecosystem, as frETH is used to unstake locked ETH early as an Early Withdrawal Penalty through the burning of a Freezer NFTs.

Investors who want to benefit from Frezezer Revenue token rewards can burn their frETH. The investor will earn a portion of the Freezer Revenue token inflation forever, with the Freezer token inflating 10% in the first year.

Methodology

Using SQL and the FlipsideCrypto IDE, I collected the following data:

For frETH holders chart excluded all contracts, LP and the named TrueFreeze.ETH wallet using Etherscan to check, so far there are been no mentions of airdrops of frETH to partner DAOs so these are not included, I’ve also excluded any wallets with labels. The calculation for holders is the sum of a sale per address taken away from a buy per address associated with the frETH contract

0xB4Bd4628e6EFb0Cb521D9ec35050C75840320374 to calculate whether each address is holding.

For the number, Number Of Holders I used count. to count the number of addresses associated with the methodology above.

For the number, Average Holding frETH, I used avg on the sum of holdings, to calculate the average holding of frETH holders, building upon the methodology used in the frETH Holders chart.

The number, Addresses Burnt frETH, I used sum to calculate the sum of frETH sent to the etheruem dead address 0x0000000000000000000000000000000000000000 and the contract associated with the burn function on the TrueFreeze dapp, 0x573c0609a8cac30b7a8a65e3652f0511caeffd30.

The number Amount Burnt frETH, is the sum of distinct addresses that have burn frETH so far by interacting with either of the two contracts above.

frETH Burned Daily & Addresses Burning chart, uses the methodology from Addresses Burnt frETH & Amount Burnt frETH, I used date_trunc(‘day’, block_timestamp) as day to group the data by day**.** In order to visualise the daily amount burnt and addresses burning on a line chart.

For the number Addresses Minted frETH ,I counted the distinct wallets who had frETH sent to them from the Ethereum Null Wallet**,** 0x0000000000000000000000000000000000000000. Assets sent from the null wallet are minted.

For the number Amount Minted frETH I calculated the sum of the minted frETH sent to each address, from the Ethereum Null Wallet.

The chart frETH Minted Daily & Addresses Minting uses the methodology from Addresses Minted frETH & Amount Minted frETH, I used date_trunc(‘day’, block_timestamp) as day to group the data by day**.** In order to visualise the daily amount minted and addresses being sent the minted frETH on a line chart.

frETH Holders

• So far we have 21 holders of frETH, with frETH being payment for minting a Freezer NFT.

• 57.7% of the supply of frETH is held by the largest wallet.

• The average holding per wallet is 0.0513, meaning the largest holder holds 874% more than the average holder.

• The 4 smallest wallets hold denominations of frETH which are 9 decimal points or smaller in size.

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• Investors can burn their frETH to add an extra step in the process of redeeming their underlying ETH, as they will need to buy frETH in order to do so.

• Dexscreener currently tracks frETH at 264$, with liquidity and price impact being high on Uniswap.

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• The TrueFreeze Gitbook explains that minting frETH may be more favourable when the price is higher relative to the price of ETH.

  
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frETH Burnt

• Investors can burn frETH when they interact with the Burn feature on the True Freeze stake & burn dapp.

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• So far 2 addresses have burned frETH.

• With the total amount burned being 22.1 frETH, the amount of frETH burned is

  32% smaller than the amount of frETH minted.

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• On the 20th June we see 5.89 frETH burnt the highest amount burnt in a single day so far.

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• The largest number of wallets burning frETH was on the 10th June when 2 burnt frETH.

frETH Minted

• frETH is minted through the True Freeze lock dapp, which can be used to lock up wETH.

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• So far 29.3 frETH has been minted.

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• On the 19th of June, 5 addresses minted frETH, with a total of 14.66 frETH minted. This was the most addresses and largest amount of frETH minted in one day.

• The dapp had its first transaction on the 10th of June, & has had 14 investors mint frETH using it so far.

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Conclusion

The main way of accumulating frETH is through locking up ETH on the TrueFreeze Lock Dapp, it can also be bought and sold on Uniswap however currently luqidity and price impact is high. frETH currently has 21 holders, with more investors minting frETH through locking up ETH, then have burn frETH so far. Currently, one wallet holds most of the supply, 57% and 0.5 frETH, with the average holding of an frETH wallet being 0.0513. With the tokenomics of the True Freeze ecosystem and the utility of frETH in it being used to earn Freeze Revenue Tokens and in the early redemption of Freeze NFTs, the price of frETH and the stats surrounding it are likely to change over time as the protocol grows and as the price of ETH changes.

Sources

Image 1, True Freeze, Logo https://1342673856-files.gitbook.io/\~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCuoWrqUivgdEBM9CMKny%2Fuploads%2F5qojor43JdXsTdu0p5h0%2Ftrue_freeze_black_banner.png?alt=media&token=febfd757-8c49-4044-b012-88ba2399ef8f

Screenshot 1, True Freeze Stake and Burn, Dapp,

Screenshot 2, True Freeze Lock, Dapp,

Introduction, Freeze ETH Token frETH,

Introduction, Frz Inflation Schedule,

frETH Holders, Dexscreener frETH,

frETH Holders, Freeze ETH Token frETH,