Yer a (n00b) Wizard, Jesse: Making A Dune Dashboard to Track True Freeze Airdrop Claims
August 26th, 2022

Introduction:

In the past few months, I’ve learned that the hardest part about breaking into on-chain analytics is finding something you can make. It is dreadfully intimidating to see beautifully organized charts and graphs detailing how people are using arcane protocols you barely understand – and even more so to see the never-ending SQL used behind it that you can barely read. So, it was really hard for me to stay motivated, especially if I didn’t have concrete goals to focus on. After all, web3 is a bit of a sandbox: do you want to explore deFi lending protocols? gameFi? Specific NFT collections? Hacks and theft? The Merge? For the beginner analyst, the crypto world is your oyster, but only in the most overwhelming way possible.

This is why I was pretty excited when I discovered bounty programs like MetricsDAO’s. Not only do they give me a specific topic to focus on, there are bounties that are tailored for beginners like me and I’ll be looking to do more of these in the future.

This one is about the airdrop that a protocol called True Freeze did a few months ago. The protocol itself is pretty interesting, especially for someone who is as risk averse as I am, but there is still a lot I don’t understand about the project yet. That said, the assignment is mostly about the airdrop which is much simpler to track. The two question prompts were 1) “Approximately 230,000 addresses are eligible to claim FRZ. What percentage of all eligible addresses have claimed the airdrop?” 2) After claiming their allotment in the FRZ airdrop, what do participants do with their FRZ tokens? I will do my best to explore these two questions with simple dashboard I made using Dune.

Here is the link if you want more than the screenshots below (Embedded Dune image links get screwed up on a dark background in Mirror).

What percentage of all eligible addresses have claimed the airdrop?

Eligible Addresses that Claimed

According to True Freeze documentation, the “230,000 addresses” were selected based on meeting a variety of different conditions such as holding certain NFTs or assets, donating ETH to the Ukraine address, or, my favorite, being liquidated on AAVE (I imagine they are trying to say “Man, sorry you got burned by Aave..you should try treating it with True Freeze”). To me, it’s still a bit of a black box exactly which addresses are eligible but I’m sure they have a whitelist somewhere or something like that.

To find the addresses that actually went ahead and claimed the FRZ, you can simply count up the “Claimed” events. Turns out, only ~0.49% of eligible addresses have claimed the airdrop.

Considering how the airdrop is set up, it’s not surprising that only a tiny fraction of the total eligible population of whitelisted users actually went ahead and claimed the tokens. After all, you have to have heard of the True Freeze project, be interested, know about the airdrop, and also know that you are eligible to claim. It’s not a bad approach, since the logic is that people who take action and claim it are much less likely to have the tokens rotting in their wallet. However, proper marketing and education still needs to be done to support it.

Timelines of Claim Activity:

First, I made timelines to track how much was claimed each day and how many claims were made each day.

It looks like the day most claims were made were on 6/29/2022, where it looks like exactly 500 (almost half of the total number) Claim events were emitted. That was the day with the highest total amount claimed as well with a total of ~1,130,629 FRZ. This leads to the natural question of “What happened that day?” but for the sake of expediency, I’ll accept my ignorance and we’ll move on.

Amount Claimed Per Wallet:

It’s clear that the amount a claimer gets is not completely random, with some getting thousands and others getting less than 100 FRZ. The most common amounts being claimed are 80, 77, 93, 147, 139, and 265, in that order. I’m curious though, what was the logic for how much someone gets in their airdrop? How much would you get if you were a LobsterDAO holder vs if you donated to Ukraine? The data certainly reflects a disparity.

After claiming their allotment in the FRZ airdrop, what do participants do with their FRZ tokens? 

This question was much trickier to tackle because since FRZ tokens are, well, fungible, I don’t think there is a point to tracking them. So I’m trying to answer it by asking “How many claimers actively obtained or staked their more FRZ after their initial claim? Then I tried to answer that question by counting the  addresses that claimed in the Stake and Transfer events. The result was, it looks like there are 30 addresses that received FRZ after the initial claim and 111 addresses that staked their FRZ.

Closing Thoughts

Truth be told, it felt like the work created more questions than it answered, which I guess could be argued as something that we want. Please be warned that since I’m new there might be inaccuracies because I screwed up the JOIN’s or something. In any case, I’m hoping that this will be the first step to being able to do more with Dune, MetricsDAO and Web3 analytics.

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