Introducing True Freeze

Praise the Lord! There is so much turmoil inside Our minds!

- Hafiz

Sometimes, striked and amazed by all the innovative products of the Crypto market, I recall and whisper this beautiful poem by Hafiz Shirazi, the Iranian 14th Century Poet. If you are an active CT user, you can search a random word and there is a good chance that a crypto protocol would pop up! Yes, Not every and each one of them is any good or rendering a new and fit product, but I’m sure there are exciting cases like True Freeze as well.

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True Freeze has recently launched (Less than 6 weeks) and has a long path and bright future ahead. Adapting to the market’s new state and addressing its sentiment, seems to be the perfect time for rendering a product that rewards patience. ==But how does True Freeze rewards the most patient users?==

To answer this question you need to know what are you capable of doing with True Freeze, or from another aspect, what products they are offering?

• You first need to Freeze any amount of ETH, from 1 to 1100 days. You’ll receive some amount of frETH (frozen ETH) in return which is the yield-bearing inflationary token that rewards your patience. You’ll also receive an NFT which represents your right and full control over your position (Tradable at any NFT marketplace).

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• There is Freeze Revenue Token (FRZ). FRZ stakers will receive a penalty from early redemption action.

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• Anyone getting impatient and wanting to redeem their frozen ETH earlier than the committed timelock will have to pay a penalty of 0.25% WETH and [X] frETH. So, in one way, more frETH will be burned when users will get impatient to sell - Your frETH will be more valuable, and in another way, you can get part of that penalty if staking FRZ.

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Want to know more about True Freeze? See another dashboard of mine with more detailed information, Or check out their Quick Guide in the documentation.

What will you find in this dashboard?

One of the most valid signs of maturity and usefulness of a product is the patterns it generates among its users. As if What would people buy when they receive their paycheck?

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Now we want to see:

• what would people do after depositing ETH and minting their share of frETH?
• What type of transactions are they more drawn to and what are doing with their Proof of patience representative asset?

Some notes:

• This analysis is made using the FlipsideCrypto database and App.
• MetricsDAO collaborating with True Freeze provided this series of bounties to spread awareness about TF and help to create a rich analytical body for the future growth of TF.
• As True freeze is a newborn autonomous protocol, there hasn’t been much interaction with contracts yet, resulting in immature visualization and arguments for analysis. To overcome this obstacle, and seeing the potential of True freeze, I queried data to refresh on a daily basis, so we can have a much shaped and richer information as time passes.

Type of Transactions

To define the boundaries of what counts as transactions after minting frETH, I chose the ones that happened on the same day as minting frETH happened.

The first chart shows the type of actions involved in every single transaction after frETH mint. This means that while Transfer is the most popular action, it may be a direct transfer of a specific token or a transfer that happens during a swap or stake action.

For example, the contract that attracted most users in approval, transfer, and stake is actually the contract for staking rewards:

0x573c0609a8cac30b7a8a65e3652f0511caeffd30.

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This suggests that in this stage, most people are following the standard procedure of staking FRZ after minting frETH.

The second popular destination for transfer is also the governor contract which suggests people are locking more ETH on the same day.

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Swapping is another Important criterion to extract on-Chain behavior and you can use this table to see how many transactions with how much volume happened on the same day as frETH minted. Right now liquidity for frETH is very low and we will have to wait for future movements.

NFT trading is another high-order activity that sets apart active crypto users. In the next two charts, you can see how many NFTs were minted, the number for each project, and also NFT sales on the same day as frETH mint happened.

As of today, there are no NFT sales but this will change in the future for sure.

Null address here is also the contract address of true freeze NFT which suggests there are 4 cases in which users minted frETH on the same day again.

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And in the end, since Staking is a popular activity in Defi crypto, I showed how many stake interactions each contract received, which will be more interesting if other projects start to build upon True freeze.