Introduction 🧊

Would you rather have $100 today than $100 (inflation-adjusted) in a year? If you said today -- same.

How much more would next year’s amount have to be to get you to choose prudent earnings next year over nice and spendable hundred in your hand right now?

That’s what research in behavioral economics (at the intersection of psychology and microeconomics) tried to find out in recent years.

And that is also what True Freeze protocol has tokenized -- our “time-preference” rate, aka how much more we value things (such as money) now, compared to in the future.

As part of this analysis, I created this dashboard and two additional dashboards: True Freeze: The Marshmallow Experiment of Crypto and My Next Purchase(s): True Freeze User Behavior Analysis. Check out the first dashboard in particular for a deep dive into what True Freeze, psychology, and marshmallows have in common, and how True Freeze puts a $ value on a vague notion like patience.

Who holds frETH? All wallets vs. non-institutional wallets (not affiliated with the protocol itself)

• The visualizations below reveal that, at the time of analysis (on 29 July 2022), 12 unique wallets hold frETH rewards token -- in the amount of ~30 frETH (about 9,000 USD).

• Only 7 of the current holder wallets are not formally affiliated with True Freeze protocol (i.e. not governance contracts, token contracts, or similar). Taken together, these individual holders are only responsible for less than 1.4 frETH held (416 USD). This is par for the course for a new protocol.

  These figures will change with time, as the charts automatically refresh once a day.)

• The time series chart shows that the first spike in frETH ownership happened on 28 June -- less than 3 weeks after launch.

Fun facts about non-institutional frETH holder wallets:

• mrcryptids.eth -- got multiple True Freeze NFTs
• tributestream.eth -- acquired 2 TF NFTs
• 0x3816d07136045891c9F7a1DCA409A19Da9860BcE -- the only NFT they have is a True Freeze NFT
• 0x28579946078515c7c6abcc57f3e1088fbf63b0d5 -- has 2 True Freeze NFTs
• '0xa8403e367ede137bfc2638f07890e088dad2d32e' -- has the most recent one (token ID = 33)
• sanice.eth -- acquired frETH without the True Freeze NFT, maybe they are connected to the protocol after all?
• 🥑🐉🌌.eth (0xa89542b64941800789f93710ef2d7f0165768c93) redeemed their freezer-locked ETH early (this has only happened twice so far, and btw cool ENS name)
• 0x77C2E72268576c563b4F1B81Ec33B6E801902363 -- has a whole 4 True Freeze NFTs, gotta love a maxi!

Diving deeper: Who holds True Freeze NFTs?

The visualization below reveals 15 addresses where True Freeze NFTs (representations of freezer-locked ETH) have been sent:

• null burn address (two TF NFTs have been burned so far, which represents 2 early deposit redemptions),
• two protocol addresses,
• and 12 users.

At the time of writing, no NFTs have been resold on the secondary market, although this figure will likely change with time as the chart refreshes.

Diving even deeper (hope you’re scuba certified! 🤿) : Who holds FRZ earning tokens?

There are currently 672 wallets that hold FRZ, the token that allows earning from impatience fees (early redemption fees).

Much of the initial supply of 100M FRZ has been airdropped to protocol-affiliated wallets (top 10+ wallets in the below chart are protocol-related), hence this analysis did not attempt to filter out the smaller recipients. This page contains the details of airdrop eligibility. The airdrop criteria are quite broad, so feel free to check there if you may be eligible.

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

The main finding this dashboard illustrates at the time of this writing is that True Freeze is a new protocol, yet to garner mainstream user adoption. That said, it is a truly unique psychology-rooted concept, and might be interesting to experiment with, if that’s your cup of adventurous degen tea. 🫖

Check out my other two True Freeze dashboards in the series for more data on the protocol: True Freeze: The Marshmallow Experiment of Crypto and My Next Purchase(s): True Freeze User Behavior Analysis (both refresh daily).

Methodology 🧊

• In this dashboard, we look at who holds each of the 3 assets that make up the True Freeze ecosystem:

  • frETH token -- the reward you receive up front when locking ETH (more precisely, Wrapped ETH or WETH) in the “freezer” contract, and have to pay back (in varying amounts) in. case of early withdrawal,
  • True Freeze NFT -- proof of locking ETH in the “freezer”, which can be redeemed at the end of the user-defined period, or sold on NFT marketplaces in the meantime,
  • and FRZ -- not a governance token (everything is automated and there is no DAO), but a token that gives dividend-like rights to some of the fees from more impatient, early redeemer users (frETH can be burned to get FRZ).

• The charts look at all token holders, and separately at holder wallets not affiliated with the protocol.

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