On January 16th, 2022, the tenth Call to Prayer was conducted. You can listen to it on the TempleDao Soundcloud. CTP10 discussed a bunch of new plays and roadmap goals, as well as answered some of the burning questions about Faith. Below is a summary of that discussion.
For the tl;dr click here.
TEMPLE VISION AND GOALS
☀ decenmaxi ☀ - TempleDAO is the home where you grow your bags and chill. And that means two things.
- Drive treasury growth - We want to be the best in class of wealth creation between stables and full risk assets. The position we want TEMPLE to take in the market is to NOT be a stable coin since you are earning higher yield than a stable coin, but also not be a full risk asset that is going to be extremely volatile. Temple won't have as high return as a totally booming stock but this also means it won’t crash as hard.
- Drive Community Growth - We want to create a place that is fun, memorable by creating great social and community experiences. There's no doubt that the opening ceremony experience helped the Treasury grow but it also helped the organization by helping the enclaves grow. It allowed us to find people to help us build. The more we build the better the product. The better the product the more the Treasury grows.
These are our two goals. Nothing else really matters right now.
QUICK RECAP OF AMM
☀ decenmaxi ☀ - The AMM mechanics that we released had two parts.
- When there was access buy pressure, the AMM would mint TEMPLE and therefore grow the Treasury
- When the price was below equilibrium, it incentivized buy pressure in a really efficient way.
Those two things together reduced volatility by keeping the price more stable than it would have been otherwise. The Temple Devotion mechanic of the AMM is not released yet. We're doing the Faith AirDrop first and we are being cautious. We want to make sure we don't accidentally introduce any unintended consequences or incentives. The AMM has completely new technology, which a number of parties are really excited about and we intend to develop further into a public AMM model that other DAOs will be able to utilize. We have quite a big roadmap to continue developing our technology in this regard.
But we also want to develop the AMM for ourselves. This leads to Faith and Temple Devotion...
☀ decenmaxi ☀ - The more OGTEMPLE you hold by the time the faith AirDrop snapshot is taken, then the higher the multiplier will be up to a cap of 1.5 plus an extra multiplier if you didn't sell anything up to now. Editor’s note - As of this writing the snapshot has now been finalized.
What is Faith and Temple Devotion?
☀ decenmaxi ☀ - Faith is a new token that is going to play an important role on both the economic side as well as the social and community side of Temple.
Temple Devotion is a game whereby, when a call (via an announcement) to TEMPLE devotees is made, there'll be a short period of time (about 24 hours) where you can verify your OGTEMPLE and participate to earn Faith. If you own faith that means:
- Your lifetime Faith increases and
- You get some faith to spend.
At the moment, you can spend Faith to claim some OGTEMPLE from the prize pool. The prize pool will vary in size so there will be opportunities to capture a percentage of that prize pool depending on how much Faith you have. e.g. If you have 10% of the Faith in circulation, you'll have a claim to 10% of the prize pool.
But that's not the only purpose faith has. On the community side of things:
- You'll be able to spend faith to buy upgrades and experiences as we're building out in the gamification and TEMPLE avatar direction (which you can see a little bit of in the full Temple website with the accounts page and various doors).
- On the organizational side, Faith allows you to provide blessings to community members. If you have more lifetime faith, more blessings, it's basically a reputation score within the TEMPLE. And a higher reputation score means greater access and influence over decision making, greater ability to participate in DAO and government activities. as we continue to roll that out and decentralize it. Basically,
it's exactly like a cult.It’s nothing like a cult.
Will Faith tie back to discord?
☀ decenmaxi ☀ - Yeah, in time it will be we because the blessing system will happen through discord.
If people have multiple accounts will it make more sense to pick one for the faith game (Temple Devotion)?
☀ decenmaxi ☀ - Yeah, because it's not transferable, there is value in playing the temple game on one account and accumulating on one account. The airdrop will be spread over any accounts that you hold OGTEMPLE on. That's somewhat unavoidable because we didn't want to make the cold wallet people miss out. But over time, choose the wallet that you want to primarily interact with TEMPLE and earn Faith there. You can always have a primary account to play the game and then transfer the value to a cold wallet.
Where can we see where the bonus pool is at and what percentage claim we have to it?
☀ decenmaxi ☀ - The prize pool is funded by the bonus pool which are already quite large (25 Million TEMPLE harvested as per the formulas from the early medium articles where a certain percentage of every safe harvest is put into the bonus prize pool). Portions of the bonus pool will be put into the prize pool that you can claim.
The dashboards in the temple AMM are currently being updated so that you'll be able to see your lifetime Faith, your spendable Faith as well as your outstanding Faith which is basically your percentage claim over the prize pool. We will announce the size of the prize pool at the start of each Temple Devotion.
There will be a Temple Devotion contract where some TEMPLE tokens from the bonus APY multisig wallet will be transferred across to the prize pool contract. And if you look in your account once it's fully launched, you'll see what percentage of faith you have and what percentage of the prize pool you'll be able to earn if the game is won
Is Faith an ERC-20 token?
☀ decenmaxi ☀ - No, Faith is not transferable. You could call it a non-transferable NFT or you can also call it a “counter” on the Temple Devotion contract. It's an on-chain metric that's stored.
The reason why it's not transferable is because of the whole reputation and governance side that we want to develop. There's no point making it a reputation measurement if you can just buy it. It's attached to a wallet.
In the future, if we want to be able to mint a transferable ERC-20 against Faith, we could add that in, but at the moment as a first step, the most important part of it is non transferable.
HOW ARE WE DAO-ING?
☀ decenmaxi ☀ - We don't want to create an organization structure with single token governance snapshot voting like every other DAO. The big problem with that is that it becomes a little diluted and it's very difficult to do innovative work when you have to convince the entire average of anyone who holds a token for any decision. As most people haven't thought about it before, you can't get everyone to vote on a change that's really transformative. You see that in a lot of larger, more established protocols. It's very difficult to make big changes and it becomes kind of static and slower.
So that’s how we tried to set up from the beginning. Faith, blessings, chambers and enclaves are all part of this vision.
OUR DAO OPPORTUNITIES
☀ decenmaxi ☀ - We want to create opportunities for people to move into different parts of the temple. Join different rooms, jams, chambers and enclaves. You can build up to become a Disciple and then an Initiate and a Master. As you do, you'll gain the ability to make decisions over different areas. So what you end up with is instead of having every single person being able to make a decision on every single thing within the DAO, you have the right people being empowered to make decisions over their area of expertise or their area of passion. That's the core model, smaller groups making decisions over issues that they're really experts in.
And that's part of why we're developing faith and blessings because what you need is a really good reputation system. You need the ability to identify good people within the cult organization that should be given more responsibility. And if you think about things like Curve and Convex, governance power could be worth a lot.
ONGOING FRAX PARTNERSHIPS
☀ decenmaxi ☀ - We've got quite a few exciting things coming up here.
- There was a proposal in FRAX put forward to buy $2 million in TEMPLE, as long as TEMPLE was below the risk-free value. That governance proposal passed with flying colors.
- The second proposal, which Sam (from FRAX) has agreed to is setting up a gauge. We do need final confirmation on this to set up the gauge for the LP on our AMM. We have $20 million worth of LP that's sitting there at the moment. In time, that will increase through trading fees. At the moment, we're already earning a pretty healthy 60% return on the FRAX just through trading fees. Once we get a stake the LP from our AMM on to a FRAX gauge we will also earn FXS. FRAX has been super supportive of this. It's really wholesome way for us to accumulate FXS and Curve CVX which we're currently doing through our farming. So we're accumulating those three assets solidly.
- The other piece of FRAX news is that we are also developing an AMO with FRAX. If you don't understand or haven't been across the way that FRAX protocol works, whenever there's a FRAX supply expansion, the automatic market operations within the FRAX ecosystem purchase assets to grow their treasury and back the FRAX with assets. One of these automatic market operators will buy TEMPLE and take it into the FRAX treasury. That is a really positive thing for TEMPLE because as FRAX expands, it creates extra buy pressure on our AMM, raising our price.
We have something that is incredibly low risk and incredibly high return right now. DAOs are one of the biggest holders of assets and it's a really obvious opportunity for us to have some of the DAOs hold TEMPLE and OGTEMPLE as an asset in their Treasury. It's as far as I can see the best asset to hold right now.
Will FRAX buy 2 million TEMPLE from the AMM or will that be OTC?
☀ decenmaxi ☀ - I actually don't have an answer for that. Their governance proposal did complete but it didn't say exactly the execution method. We'd be super happy to do that OTC and we are in chats with Sam but we haven't finalized the way that that will occur. OTC would mean that they would be able to make a larger purchase and the funds will go to Treasury which is also helpful for runway and safe harvest. But I would say that we would want a portion of that to go on to the AMM to provide some supply support and pushing the price further up towards risk free value. Ultimately, the execution is in their hands.
GIVE ME MORE SATIS-FRAXTION
☀ decenmaxi ☀ - As you may know if you've been following them closely, they're launching FRAXswap soon, which is an AMM designed to help their automatic market operations. And they're also launching FPI, which is a CBI linked token, which is kind of similar to TEMPLE, where it is not a stable coin, but also not a high risk asset.
And we're really excited about pumping this asset class together. TEMPLE and FPI are both a new generation of DeFi token. So we're gonna work together to pump both of these tokens to help raise awareness of this class which I think is so far pretty misunderstood in the entire industry, but severely needed.
And possibly, we'll be launching a pretty big TEMPLE/ FPI LP on FRAXswap. This would be really awesome as it will help people understand that FPI and TEMPLE are kind of in the same asset class and that they're both really attractive assets. And it will also just be a great place to deploy TEMPLE. We also have some even bigger plans with FRAX but they're a little speculative at this stage around lending markets and other development.
☀ decenmaxi ☀ - Very soon. Lux is pushing really hard and doing some great work. We've already transitioned the TEMPLE token across some L2’s. So far we can do Polygon, Arbitrum and Optimism and we're working on ZK sync, being able to bridge temporal ERC-20 across to those L2s. Once we can do that, we can interact with some of these really sweet protocols like DOPEX.
☀ decenmaxi ☀ - We have quite a lot of friends over on FRAX. Someone told me $300 million worth of FXS voted positively to buy some TEMPLE tokens. We are building some products together, and they have partnered with us to build a veFXS Bribing system. The bribing systems are becoming quite a big deal out there in the market at the moment (like the CURVE wars).
So for example, in this case, if you hold veFXS, which is a staked version of FXS token, then you're able to vote on where the emissions for FXS goes on the FRAX gauge. And what that means is you're able to pump the APY on different types of liquidity that partner with FRAX. This is a similar system to what's happening with Curve.
So if you can control where the veFXS votes go, you can control where people get more liquidity. And because a lot of people want liquidity, there's a lot of value in being able to control their FXS. And those bribes they get sent to the FXS holders and they also get split with the platform holders in a much in the same way as Convex.
And we really want to “theme” it up. They're big fans of the opening ceremony so we’re picturing something a bit more cultish (Are they bribes or are they offering?). So we'll be building a team around this, particularly we're looking for people that want to help develop the experience side of it. We really want to make this stand out in the market and be quite different. If you have any suggestions around thematics or experience, please share. We'll be adding to the team that's working on this.
Are you worried about current runway?
☀ decenmaxi ☀ - Great question. No, I'm not for two reasons.
- We've obviously got to focus on education right now. Get greater awareness around temple outside of our existing people. Chaos team has done a really awesome piece of work and organizing our comms.
- Next, we've got to build some partnerships. At the moment price being so low, we're such an incredibly attractive opportunity that it's going to be an easy sell. With greater awareness, it builds up in the market around us. And from there with higher price, more growth, more partnerships, more products.
Of course over time APY is gonna have to come down. APY is currently arguably way too high for the level of risk. We are likely to launch a small LP which is TEMPLE/FRAX on to Uniswap or Sushi, which is currently being discussed in one of the chambers. It's going to cost us 5% per annum but it will be another way for us to boost awareness.
☀ decenmaxi ☀
- Core Product
a) Improve awareness of TEMPLE token and coordinate our comms better (Marketing Chamber in Chaos enclave)
b) Refine core TEMPLE mechanics - applicable to mechanics that are already deployed (Mechanics Chamber in Logic enclave)
c) Faith and Faith airdrop - currently discussion in private channels (Disciples+)
d) Cross chain play - setup TEMPLE in L2s (Structure enclave)
e) Partnerships - FRAX, DOPEX, etc
- TEMPLE DeFi ecosystem play
a) FRAX ecosystem - FRAX gauge, FRAX AMO, FRAXswap FPI/TEMPLE LP, Trinity lending markets
b) Strengthen position in Curve wars - and creation of veFXS for bribing mechanics. And accumulating assets (Investment chamber)
c) Borrowing Option - against the IV so that it is liquidation free. In talks with Alchemix or launch in-house.
d) Public AMM - Releasing TEMPLE AMM for public utility (not yet staffed up)
a) Prototyping - OC, Immersive AMM, FRX bribing platform are all testing grounds for bigger metaverse project. Probably launched under its own token but shared with TEMPLE treasury and TEMPLE holders. Possibly airdropped in first instance to people with high reputation.
- DAO Organization
a) Updated ritual - For verifying and becoming a templar and to join and switch enclaves.
b) Team payments - Lost is releasing medium article on this soon.
c) Decentraliszed mini DAO governance - instead of democratic token voting, it will be smaller teams making decisions.
How does TEMPLE define its Metaverse?
☀ decenmaxi ☀ - What we see is that there's a lot of people that are developing Metaverse which are kind of like residential real estate. You can buy property and speculate on real estate prices, but it's not that exciting to actually work with and create experiences. And that's what we found with the opening ceremony. It was really hard to work with any of the metaverse products out there and create an experience.
We had to do a lot of crazy stuff and break cryptovoxels a few times in order to create our experience and we want to create a Metaverse that is still an open world for exploration kind of like cryptovoxels but more community Quest game oriented. A little bit more like sandbox light, but also more commercial real estate, something that's more oriented towards DAOs and DeFi.
We have plans to scale it up to about 15 or 20 people.
Lost Boy - Up until this date, Temple has been really based around the enclave model. That was good, and we still have the enclaves, but what we are doing is we are re-organizing the organization into chambers. Chambers are tighter functional units inside of these enclaves. We currently have about 13 chambers, and we’re adding more. Chambers are basically teams. For example, in Chaos, we have the marketing chamber which is like the marketing team. Some of these chambers are becoming visible to you guys and are opening up. If you are not a member, the next step is we have to set up onboarding for that. For everyone that wants to contribute, chambers are the way to do it. If there are chambers open and you are interested in that chamber, that is where you can participate in the conversation. We are going to publish all of this stuff so everyone is aware of the different working groups.
Lost Boy - We finally paid the team a few days ago. Everyone has been working at TempleDao for quite a while now and no one got paid until a few days ago. It took us a while but we thank everyone for their patience. Everyone is getting paid by Epoch. Epoch was was from genesis until the opening ceremony. Epoch two was from opening ceremony to the AMM launch. We’re in epoch three right now, so everyone that is in a chamber or participating in one of the Temple Releases is getting added to a list and we will pay people that way. We’ll make a post about it, but essentially, you show up in a chamber, help out, and get paid for it.
☀ decenmaxi ☀ - We’re hiring engineers, particularly people with solidity experience. We’re hiring UX design people and also game devs, so anyone with some kind of Metaverse or game mechanics experience. We’re also hiring for logic while you may not be able to code, if you’re interested in mechanism design, market insights, market partnerships, sales, all of those areas we are super keen to hire on. If any of that sounds like things you’d like to work on and get paid from the Temple to do so, reach out and say hi.
How many people working on TEMPLE at the moment?
☀ decenmaxi ☀ - Easily 50 people on guardians, initiates, masters and acolytes, maybe more. There's gonna be more. We actually have a lot of hiring to do.
Doc☀Peppercorn - Up until recently, we’ve worked in the shadows. We recently joined the TempleDao server so we can open up our work to the greater Temple. To read more on this move and to get an overview of the Codex history, please check out this post.
☀jcannon☀ (kookaburra,spider) - The Chaos Enclave is going to be hosting a poker night. There'll be an announcement coming out this week. Poker night will be on gather town, so if you haven't seen it, check it out. We're gonna be doing an island boy theme. We're gonna have some good vibes there. If you're not a poker pro, just come and hang out in the voice chat. It'd be super fun. Just keep your eyes peeled for the announcement this weekend. Let's all get involved.
Lost Boy - I guess it depends what you mean by that. We've really been leaning into Twitter and some of the partnerships stuff for example. If you have other ideas for marketing, the marketing chamber would be the place to do that but we feel like lots is happening at the moment.
How's this group so talented?
Lost Boy - It's a good cult.
What is one faith worth?
☀ decenmaxi ☀ - One faith will be worth one divided by the total amount of faith that's out there, which you could probably figure out from the dune dashboard times by the first prize pool, which you don't know how much that is. So that's the answer.
Runway is currently 60 days. How do you make it sustainable?
☀ decenmaxi ☀ - Runway comes down to two things:
- Growth- at the moment, temple token is positioned at such a good risk return that now that we’re keeping the marketing up, we’re getting stable by growing products, our growth is pretty inevitable at this point because we have such a low price to work with. it’s almost impossible to grow from here in terms of the risk versus reward and the products coming, we're bullish on growth.
- Time - Overtime, the APY is going to come down.
Those two things will play out over the next couple months, and in that way, runway is not going to be a problem.
Are we going to Arbitrum and Polygon?
Lost Boy - Yeah, I think we're live on both already, although there's not a lot of community or tokens there yet, but yeah, it's coming.
☀ decenmaxi ☀ - We haven’t yet launched our LP or AMM there, but we will. To do that, we need to have a little bit of a treasuries sync up mechanism that allows us to keep the treasury insync, keep the intinsic value in sync and so on. That's one of the projects that we're building so as soon as we've got that done, we'll be able to launch the AMM, faith and all sorts of things on multiple chains. So project in the works.
Do we have a date on when enclaves are opening up?
☀ decenmaxi ☀ - No dates but that is currently being worked on. At last, we have enough engineers free to begin to tweak up the opening ceremony to make it something that's appropriate and evergreen. We'll make it a little easier. We'll change the cool downs. We'll change the information so that onboards people, not just in the enclaves but also into chambers and so on. Lux and a few other people are working on that right now, and that will allow people to join enclaves again for the first time since the opening ceremony which will be great for growth as well.
Wen next ritual?
Lost Boy - That'll be announced. We don't have a date on that yet. We're really focusing on more on that the fine mechanics side of things, but it is coming.
☀ decenmaxi ☀ - Lost has done some work on the next ritual. We have a bit of an outline for one, but we're waiting until we have the next product to release so that we have something large to ritual. Some people were saying that maybe we should have an opening ceremony for each chain we launch on. It's really interesting idea and something we'll definitely consider.
Do you guys worry about stretching your resources to the next thing?
☀ decenmaxi ☀ - Decentralized organizing is crazy. We have 50 plus people coordinating, and we only heard docs voice for the first time today and he’s done a bunch of sweet stuff. This is the nature of it. It's beautiful chaos. At times, we were too chaotic and at times were too not creative and chaotic enough. Lost is always on everyones case, trying to make sure we’re prioritizing correctly. Thats part of the job of the masters. All of us are thinking about how calibrate to get things moving as best we can.