Overview

One way to generate passive income while holding cryptocurrencies is staking. Cryptocurrency holders can stake their assets and through validators contribute to proof of transactions and get rewards. This can be possible only in blockchains that are based on 'proof of stake'. However, major blockchains such as Bitcoin and Ethereum are based on 'proof of work' meaning that they do not offer rewards through staking.

Yet, few platforms provided solutions that make specifically ETH staking possible. True Freeze is was one of them. On True Freeze once users stake ETH, they will receive frETH in 1:1 rate. frETH can be used in decentralized finance platforms for generating passive income.

This dashboard traces what frETH minters do immediately after minting frETH.

Method and Data

DATA: Flipside’s on-chain data

NOTES on METHOD:

All transactions of frETH minters are ranked.

rank() OVER (PARTITION BY origin_from_address ORDER BY block_timestamp) as rank

Using ranks the next transactions after minting is identified.

frETH minting is identified through the following conditions:

WHERE a.origin_to_address = '0xb4bd4628e6efb0cb521d9ec35050c75840320374' AND a.contract_address = '0xb4bd4628e6efb0cb521d9ec35050c75840320374' AND a.event_name = 'Approval' AND a.origin_function_signature = '0x095ea7b3'

Descriptives

As boxes below show so far 26 unique wallets 36 times have minted frETH. On average, after about 6 hours they executed their next transactions.

Next transaction

The data shows that the most common transaction users have made after minting frETH is ‘transfer’. After that we can see Approval, staked and Swap.

Scatter plot below shows the relationship between the popularity of the contract type and the time difference between minting and the next transaction.