True Freeze Early Redemption
Introduction and Glossary
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What is True Freezer?
True Freeze is a platform that gives users the ability to freeze their WETH for 1-1100 days. This removes the WETH from circulation and in exchange these different users get frETH freezer Ethereum yield tokens along with an NFT that has a date of maturity. Upon this date of maturity users can get their WETH back, but if you try and get it before the maturity there is a fee that you must pay and then goes to the stakers of Freezer Revenue Token.
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What is frETH?
Freezer ETH is a yield token that is proof that you have locked up your WETH. When a user locks ETH they are saying that they are going to hold onto the Ethereum that they have for that specific duration of time.
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Metrics and Methodology
In this dashboard we are going to look into True Freeze and see how many of their users have been using their feature of early redemption. This is when you pay a freeze to unlock your ETH. We will look at the total minted compared to users along with when they decide to use early redemption to find any patterns noticeable.
Early Redemptions and Fees
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The total fees from early redemptions came out to being around .11 ETH or 275μ
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There have only been 3 early redemptions out of the total minted, however, two with the same token_id, which is why it will only appear twice when looking specifically at the token_id
- Token_id 1 was burned twice on the same day so this could be a database recording error
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Two of the earliest minted tokens were burned for early redemption
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Holding and Burning Comparison
- Out of all of the mints roughly 6% have been burned for early redemption while 94% are being held in their current position
- There have been 33 tokens minted and of those only two have been burned
Conclusion
- The first users were the only ones to burn for early redemption and since then other users have decided to hold
- Since June 15th there have been no burns and there have been 28 mints
- .11 Ethereum has been paid out in fees
- Although there have been 3 burns one of the burns happened to the same token_id on the same day so there is a possibility that this was a recording error of the database and only 2 users have actually paid for early redemption