Try Quests to earn cryptoMetricsDAO - Metrics on True Freeze
Outline
In this report, we are taking a look at the True Freeze ecosystem’s metrics. In particular, we are interested in knowing the daily volume of ETH frozen, the daily number of transactions to freeze ETH and the daily early redemptions. We also analyze the staked volume of frETH and current balance of those who locked their ETHs, lets call these folks Freezers!
What is TrueFreeze?
True Freeze is an ecosystem that lets its users lock their ETH for a specific period of time (from 1 day to 1,100 days) and earn loyalties by doing so. Specifically, when a user locks an ETH, they receive/mint a specific amount of frETH. The longer the users lock their ETHs, the more frETH they receive.
Notes:
- This dashboard has been created on July 25, 2022.
- This a daily updating dashboard. The written texts might not be valid on the day of reading.
Part 1: Daily Volume of ETH Frozen
In the first section, we are interested in find out how much ETH has been frozen per day since the inception of the True Freeze platform. The figure on the right shows this statistic through time.
Our observations:
- Overall, 10.24 ETH has been locked on True Freeze, since June 10, 2022.
- The daily amount of locked ETH were generally low or even zero. But on June 20, 2022 locked ETH experienced an all-time-high of 5.2.
- Interestingly, no ETH has been locked in a few days from July 14, to July 25 (the day of writing this report). We have also checked the transactions on Etherscan. This might mean there was decline in the tendency of using this ecosystem.
Part 2: Daily Number of Transactions to Freeze ETH
Now, lets see the number of transactions that were occurred to freeze ETH. The figure on the right shows the number of these transactions.
Our observations:
- In total, 31 transactions were executed so far to freeze ETH.
- Same as the volume of frozen ETH, the number of transactions is low or zero for most days except on June 20, 2022. We can see that the large volume of ETh that was frozen what the result of 9 transactions. This was the busiest day for True Freeze.
- The most common number of transactions is 0 and 1 per day. This means that True Freeze, so far, is not a popular platform.
Part 3: Daily Early Redemptions
In the third section, we take a look at the number of times and the volume of ETH that has been unfrozen.
Our observations:
- Overall there have been 3 transactions concerning the redemption of ETH from True Freeze platform. In these 3 transactions 0.11 ETH has been unfrozen.
- The redemptions occurred on two days, June 10 and July 7, were 0.1 and 0.01 ETH got unfrozen, respectively.
Bonus: Interesting Statistics
Now, lets take a look at some extra statistics that are important on the True Freeze platform.
- Overall, there were 13 unique addresses that attempted to freeze ETHs. A number that can get much higher with more advertisements and public engagements.
- 28.3 frETH were minted in exchange for freezing ETH. In the first section, we have seen that 10.24 ETH were frozen. It is important to note that frETH is not pegged to ETH, and the longer time users lock their assets, the higher volume of frETH they can mint.
- Since there is a reward for staking frETH, most of the minted frETH were staked shortly after being received. We can see that 22.1 out of 28.3 frETH were staked.
Bonus: How It Started, How It Is Going
On the right we analyzed the amount of ETH that has been freezed by the users and the volume of frETH in their accounts.
We can see that volume of frETH that is currently hold by the Freezers, are not high. They either transferred it to another account, or as we have seen in the previous section, the minters staked their frETH.
It is worth mentioning that the two addresses with highest volume of ETH freezed, 4.25 and 1.73 ETH respectively, are currently holding to very low or zero volume of frETH.