Introduction

True Freeze allows investors to benefit from the ability to lock up their ETH in exchange for an NFT denomination of ETH which can be traded. The longer investors lock the more frETH, the investors earn, allowing investors to benefit from being patient. The protocol was launched in early June, June 10th according to the data collected in this dashboard.

In their own words:

> True Freeze's value proposition is measuring & pricing ETH's volatility via tokenizing market time-preference rates and turning every NFT marketplace into an OTC-desk to allow traders to avoid slippage and price impact.

• TrueFreeze or FRZ is a dividend inflationary token, earned by burning frETH or buying on the open market.

• frETH is used for payment and burning True Freeze NFTs, and is earned in the True Freeze NFT minting process.

• True Freeze NFTs represent an NFT position of locked ETH, with the NFTs being able to be traded on NFT marketplaces.

The True Freeze ecosystem, has a number of relationships between the value of each token, I will explain in some detail the associated tokens related to each graph. For those looking for further insight the FlyWheel page on Gitbook explains the relationship between ETH price, frETH & the Freeze Reward token.

Let’s take a look at a number of Metrics related to the True Freeze protocol, with the data in this dashboard refreshing daily to represent changes as the protocol grows in age.

Methodology

• The number Amount of Transferred of TrueFreeze Crypto, is the sum of TrueFreeze crypto in the TrueFreeze transferred on Ethereum over time, where the contract address 0x55b1e2D8b13E7acad03353FAD58fc3FA065C5822 for the TrueFreeze Token is present.

• For the chart Daily Transactions of TrueFreeze Token count the number of distinct transactions, where the contract address 0x55b1e2D8b13E7acad03353FAD58fc3FA065C5822 for the TrueFreeze Token is present.

• For the chart Number of Transactions and Value Daily of frETH I count the number of daily transactions and the sum in ETH of transactions associated with the contract address is 0xb4bd4628e6efb0cb521d9ec35050c75840320374.

• For the chart Transfers To frETH Daily the sum of transactions in frETH, where transactions are sent to 0xa4B41efc1B6F73355c90119aeeFDdB1ffcf907b0the True Freeze contract which represents an investor locking up their wETH.

• True Freeze NFT Position Holders, is the sum of a sale per address taken away from a buy per address associated with the True Freeze NFT contract

  0x6C4e530A6F5cEC117Bbd1ed2937584a71c75cA22 to calculate which NFT each address is holding. A sum of all the holdings is used to find the number of holders.

• Average NFT Position Holding, looks at the average number of NFTs held per address associated with the method above.

• The Withdrawal Penalty Transactions Daily number of distinct transactions associated with the withdrawal origin function 0xbe5021ec and where the to address 0xa45645ebb075a96d1c89511e28d3e9b94f3b7905is the True Freeze stake contract.

• The Daily Withdrawal Penalties Paid sum of transactions sent, using the withdrawal origin function 0xbe5021ec and where the to address 0xa45645ebb075a96d1c89511e28d3e9b94f3b7905is the True Freeze stake contract.

TrueFreeze Token

• So far 240.3 Million of TrueFreeze has been transferred, the crypto asset is inflationary with newly minted FRZ(TrueFreeze) being split amongst everyone who has burned frETH.

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• Over 230,000 ETH addresses are eligible to receive an airdrop of FRZ for taking part in a number of past actions on the blockchain.

• On June 29th we see the highest day of transactions of FRZ with 573 transfers, in more recent weeks there are days where transactions have been in the single digits, however with future airdrop participants to come daily transactions and the amount transferred are set to grow.

True Freeze NFT

• So far there are 13 holders of True Freeze NFTs.

• True Freeze NFT holders prefer to hold more than one position on average.

• Each of the NFTs represents a current wETH deposit on True Freeze, with the NFTs being burned when an investor claims their locked wETH.

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• The NFTs solve issues around slippage & price impact when it comes to trading ETH on traditionally Decentralised exchanges as they don’t suffer from such costs.

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• By holding the NFT until the unlock date they chose when locking, the investor avoids paying early withdrawal fees.

Withdrawals

• Withdrawals so far on the True Freeze platform have been limited with investors preferring to hold onto the NFTs they have minted by locking their wETH.

• So far there has been one withdrawal that led to an early withdrawal fee, with the investor having to pay 0.0016 frETH and 0.00025 ETH to unlock their wETH position.

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Conclusion

The True Freeze protocol is relatively new, with the first transactions seen on the 10 of June, so far there is a number of assets that feed into their ecosystem, allowing investors to lock up their ETH and benefit from doing so. With a large number of addresses eligible for the TrueFreeze airdrop (over 230,000) this can draw more transactions of the native token and attention to the True Freeze overall.

So far we have seen a peak of 54.66frETH worth of volume for frETH and 38 transactions on the 20th of June, with a peak of 14.66frETH, transferred to frETH on the same day. Investors who are using the protocol prefer to hold more than one position a good sign for True Freeze, with over 2 NFTs minted on average with each representing a lock ETH position.

With the data in the dashboard updating daily, feel free to check back to see how the True Freeze cryptocurrency protocol develops over time.

Sources

1. True Freeze Quick Guide for Apes,
2. True Freeze Revenue Token,
3. Freezer-ETH Token,
4. Freezer NFT,
5. True Freeze The Fly Wheel,
6. 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

frETH Token

• frETH is an asset used to both burn and mint True Freeze NFTs representing the investor’s wETH position they have locked.

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• frETH attracted the highest number of transactions on Jun 19th seeing 39 transactions, with 54.66 frETH worth of volume being seen that day.

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• On most of the days where there is volume, the total has been over 1ETH, with multiple transactions more often being seen than not.

• Transfers to frETH chart represents wETH transferred to frETH via the True Freeze dap/p.

• We see a peak of 14.66 frETH of volume on June 20th, with the next highest day of volume, 3.01 frETH being seen on June 26th.

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• There are a number of days where there is no volume due to how new the Dapp & project is, with the first transaction being seen on the 10th of June.