True Freeze is an immutable, no governance, no admin protocol developed by Deep Freeze LLC. It is currently under audit with an expected April 2022 launch. A full write-up of the design is available below in the Launch Paper**.** A heavily shortened summary is also provided, but we highly recommend reviewing the full paper (11 pages). You can follow developments on twitter at freeze_llc - The ONLY DISCORD: here, NO TELEGRAM, website under development.
We are offering grants from our initial revenue token (FRZ) supply to DAO/NFT groups/ Protocols/Builders see here for more info:
Giving FRZ grants to DAO/NFT Community/Protocol Partners
If you’re an actively managed fund / investment club / yield strategy protocol see here for info on how to save & make money with True Freeze:
Why your Fund/Institution/Trading Group should use True Freeze
| Vocabulary | Definition | Use Case in True Freeze | Theoretical Value |
|---|---|---|---|
| Ether (ETH) | The blockchain native asset on Ethereum. | Deposit and lock it to create a Freezer NFT certificate of Deposit. | Free market determined. |
| Freezer NFT | An NFT that represents a deposit of a blockchain native asset. | Transfer/Buy/Sell on any NFT marketplace. Redeem for its asset at Maturity at 0 cost. Redeem early and pay penalties. Penalties go to FRZ stakers. | Zero-coupon bond pricing using par value and time to maturity. |
| Maturity Date | The date a Freezer NFT can be redeemed for NO COST | Time to maturity affects early penalty costs. | The closer to maturity, the cheaper to redeem early. |
| Lock Date | The date the Freezer NFT was created | Time since lock date (i.e., to maturity) affects early penalty costs. | N/A |
| Freezer ETH (frETH) | The yield token minted as a reward for creating a Freezer NFT. | 1. Keep it in case early withdrawal is needed. |
An ecosystem for tokenizing patience. Users turn their blockchain native asset (e.g., ETH* on Ethereum) into a Certificate of Deposit "Freezer" NFT. They receive frETH (freezer-ETH*) as the yield token for doing this. The farther in the future they set the CD's maturity date, the more frETH they earn. But withdrawing too soon may cost more frETH than originally minted.
The NFT is buyable/sellable/transferrable on any NFT marketplace. This offers a unique mechanism for large and/or standardized denominations of amounts of ETH to be traded at 0 price impact and 0 slippage (This "decentralized OTC" avoids xy=k curves & maker/taker fees in an order book).
After the maturity date, Freezers can be redeemed for their par value in ETH at 0 cost.
Prior to the maturity date, it costs both X frETH and 0.25% of the ETH in early withdrawal fees to redeem the NFT. X is a function of the time left to maturity and the amount of frETH originally minted when the NFT was made.
Early withdrawal fees are paid to FRZ stakers.
FRZ is inflationary on a set inflation schedule.
This inflationary FRZ design dilutes value of existing holders and transfers it to those who burn frETH. By burning frETH, you earn a proportional amount of FRZ in perpetuity. This keeps the engine of the protocol functioning for decades, and opens up "Curve War" style strategies to continuously earn and burn to retain a consistent % of the revenue flow.
The result of all this is bringing the $120 Trillion global bond market on chain, allowing institutions, bots, whales, and others to buy Freezer NFTs at discounted rates using various zero coupon bond pricing models. At the same time, users holding ETH raw now have a mechanism to earn a small amount of yield for confirming their long-term savings as out of circulation, and they can easily transfer the NFT to a cold wallet for safe keeping, while knowing True Freeze explicitly does not expose their deposit to contract migration or smart contract risks (i.e., we don't forward the ETH to Yearn or other protocol for yield).