We discuss some general properties of $\mathrm{ TR}$ and its $K(1)$-localization. We prove that after $K(1)$-localization, $\mathrm{ TR}$ of $H\mathbb{ Z}$-algebras is a truncating invariant in the sense of Land--Tamme, and deduce $h$-descent results. We show that for regular rings in mixed characteristic, $\mathrm{ TR}$ is asymptotically $K(1)$-local, extending results of Hesselholt--Madsen. As an application of these methods and recent advances in the theory of cyclotomic spectra, we construct an analog of Thomason's spectral sequence relating $K(1)$-local $K$-theory and \'etale cohomology for $K(1)$-local $\mathrm{ TR}$.
Categories: math.KT math.AT