Next transaction after minting frETH

⬅️ Taking a closer look, we discover that most users go on to approve their brand-new frETH to be burned in exchange for FRZ.

FRZ is True Freeze’s earning token, which receives a portion of users’ early unlock fees. It makes sense that freezer users wish to unlock this additional earning opportunity.

Top 100 contract interactions

by wallets since minting frETH

⬅️ The visualization on the left reflects the most popular contracts among users who have locked their ETH on True Freeze before and received frETH up-front reward for it. At the time of analysis, Wrapped ETH was the most popular contract, but this may change as the charts update daily.

On the right, you’ll find the list of top 100 contract interactions (contract x event), with the count of transactions & unique wallets. ➡️

What do users do on-chain immediately after locking their ETH in the freezer, and receiving freshly-minted frETH rewards?

The data below uncovers current True Freeze users’ “next purchase”, and refreshes daily.

⬇️ The donut chart below shows that, right after True Freeze users lock up their ETH and receive rewards in frETH, they typically… interact with frETH again! What does this mean? Why is this happening?

A broader look: In all time since minting frETH rewards, what other on-chain actions did users take? Which contracts have they interacted with?

To allow us to look beyond the immediate next transaction, below are the top 100 most popular contract interactions (contract address x event).

These are the top 100 actions that True Freeze users have taken so far (at any time after minting frETH):

Introduction

True Freeze is a curious primitive from the user behavior standpoint.

It is a willpower protocol for least-risky holding of crypto assets (like ETH).

If am generally bullish for the long term: I just want to HODL my ETH and hopefully watch it appreciate without exposing it to any additional risks (like LP-ing it), I’d do well by putting the ETH into a place where I will not touch it.

Except… ooh cool NFT! Wow look at that APY! My today’s self wants to degen, and doesn’t care if my tomorrow’s (or next month or year’s) self will still have the savings or not. Psychologists agree.

Methodology

All that said, it can be interesting to know more about True Freeze maxis -- the type of users who are in on this new, unusual, behavioral economics-based primitive.

The purpose of this dashboard is to provide insight into TF users:

• what transactions they typically make right after receiving their frETH reward for freezer-locking ETH on True Freeze, and
• what users generally do on-chain after becoming HODLers in the True Freeze ecosystem.

The visualizations automatically refresh each day to provide most up-to-date metrics.

About

• Author: mar1na (catscatscode) - reach out on Twitter!
• Date: 29 July 2022
• Data Source: Flipside Crypto
• Disclaimer: This dashboard represents the author’s best effort at interpreting the available data. It is not financial advice.

Concluding Thoughts

• Users who lock WETH (wrapped ETH) on True Freeze are interested in taking full advantage of the TF ecosystem. The most common transaction immediately after putting ETH in the “freezer” is to exchange (or approve the exchange of) frETH reward tokens for FRZ, which gives users a share of fees from early “unfreezing” that less patient users may do.
• Overall, WETH is the most common contract that TF users interact with at some point after entering True Freeze.
• Other than WETH and True Freeze, popular contracts for this crowd include stablecoins (USDC, Dai, Tether) and Uniswap. A few DeFi and NFT tokens are represented. Generally, this is not an uncommon cross-section of degen activity -- some DeFi, some stablecoins, some niche and new primitives.
• This analysis may reveal more findings and defining features of True Freeze users as they become more in number. With the charts’ daily refresh, the current dashboard may be more insightful to visit at a future point in time, when it describes a bigger population of (mostly patient) token HODLers. 💫

About True Freeze

True Freeze decided to tokenize the willpower for degens like you & I.

On True Freeze, you can lock your ETH (or more precisely WETH a.k.a. Wrapped ETH) in a “freezer” (immutable smart contract), decide the length of time, and forget about it. You get rewards upfront, and if you decide to unlock the ETH before time, you’ll be charged fees and penalties.

It’s like a savings account, but instead of getting interest from your coins being invested, you get a portion of the fees from users who’ve been impatient.

For a more detailed look at the psychology of True Freeze, including what it has in common with marshmallows (hint: it’s not hot cocoa), check out my introductory dashboard on this protocol -- True Freeze: The Marshmallow Experiment of Crypto.

In my third dashboard in this True Freeze series: True Freeze: Distribution of Token Ownership (frETH, TF NFT, and FRZ ), you can find a breakdown of each of the 3 tokens that make up the TF ecosystem, who holds them, and how the adoption has been so far.