What is True Freeze?

True Freeze is a platform that allows users to lock WETH for anywhere between 1 day and 1,100 days. This puts ETH into the future, removing it from circulation. In exchange for this, the mint freezer-ETH (frETH) yield tokens and get a Certificate of Deposit Freezer NFT. When the NFT matures, it can be redeemed at no cost for the underlying WETH. Redeeming the NFT prior to its maturity date requires fees. The fees are paid to stakers of the Freezer Revenue Token (FRZ).

What are Freezer NFTs?

Freezer NFTs are Certificates of Deposit. Each NFT is backed 1:1 with WETH locked in the system.

What is frETH?

Freezer-ETH is a yield token (frETH) is your tokenized proof of patience. When a user locks ETH into the future they are committing to HODL that ETH.

Methodology

In this dashboard we are looking at the airdrop claiming activity of the FRZ token and what users are doing once they claim the token. The data for this dashboard will come from the ethereum.core.ez_token_transfers and the ethereum.core.fact_event_logs tables of Flipside’s database.

Observations

• In total there has been 1,121 User that have claimed their FRZ Airdrop this is less than 1% of the address that are eligible to claim FRZ tokens
• of the 58.2 million FRZ tokens distributed so far 57.8 Million Tokens where distributed in a single airdrop
• Between June 29th and July 4th, the was a big spike in users claiming FRZ tokens

Observations

• So far, no user has transferred any of the FRZ tokens that they have received and the only tokens that have been sent are from the airdrop address
• The 3 most popular contracts that FRZ token claimers have used since they have claimed their tokens are WETH, FiatTokenProky, and UniSwap v2
• The average wallet that has received an airdrop is over 600 days old with a group of wallets joining Ethereum in early 2021

Conclusion

Currently less than 1% of all address that can claim FRZ tokens have and most of the tokens airdropped so far have gone to one wallet. So far user have not been using the FRZ token and the wallets that are claiming the tokens have been on Ethereum almost 2 years on average.