I won't get deep into the math here, but basically if you write it out:
Turn 1: 70% of damage gets through. (30% has 3 turns wait on it).
Turn 2: 49% of damage gets through (30% has 2 turns of wait, 21% has 3 turns of wait).
Turn 3: 34.3% of damage gets through (30% - 1; 21% - 2; 14.7% - 3)
Turn 4: 30% comes back, making 64.3% coming at you, of which 30% is frozen, so only 45.01% gets through.
Turn 5: 21% comes back, making 66.01% coming at you, of which 30% is frozen, so only 46.207% gets through.
And so on. It turns out, once things stabilize around turn 9 or so, that about 57% of damage is consistently blocked (i.e. 43% gets through.) You end up with 18%, 19%, and 20% on different levels of frozen-ness, but they're just cycling through those three numbers over and over.
Of course, this is thrown off by the opponent adding new creatures, but the basic math is solid.