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 provides an overview of holders of frETH.

Method, Data and Measures

To compute the number of frETH holders two sources have been used and compared:

• flipside_prod_db.ethereum.erc20_balances
• ethereum.core.fact_token_transfers

The former is a ready table and the latter consists of all transfers from and two wallets.

To distinguish between institutional and non-institutional wallets for the first source I relied on Flipside’s labels and for the second I myself conducted a research on addresses using Etherescan and alike.

Results

The graph below shows the daily number of frETH over time based on erc20_balances table. We can see that the daily number of frETH holder is growing, though there are few.

According to the erc20_balance table the graph next to this box shows the list of holders and what categories they fall in.

Categories are defined as follow:

• Shrimps: balance <1 frETH

• Fish: balance >=1 and <5 frETH

• Whale: balance >=5 frETH

We can find one whale among the frETH holders. While this is not labeled by FlipSide but the data shows that belongs to the protocol itself.

Using token_transfers table extracted results are somehow differently.

Graphs below show the list of frETH holders. Some of the wallets are labeled as institutional wallets. Those wallet hold the most amount of frETH.

Conclusion

True freeze is a newly launched protocol. Therefore, the number of holders are little.

This dashboard is more investigative than descriptive. By having more users onboarded on True Freeze and more user adoptions we can draw more conclusion about frETH holders.