Call to Prayer #12

On February 13th, 2022, the twelfth Call to Prayer was conducted. This is a recap of that discussion. For a tl;dr, please click here.

CTP 12 Chinese Translation
2022年2月13日,进行了第12次CTP。以下内容是中文版回顾。你可以在twitter中查看总结,在soundcloud中聆听回放。 Temple Defend 生效! Decenmaxi 人们一直在问,地板价是强制的吗,defend真的有效吗?我们今天已经看到了它的作用。2月13日,一份卖单以低于IV价被写入AMM协议,IV价格为0.65美元。Temple Defend机制开始生效,AMM使用Defend储备购买了那些Temple代币,然后烧毁它们,Temple的IV没有下降,Temple的价格也没有下降。所以这完全符合预期。这是交易记录。 这意味着现在有人以最低价格出售TEMPLE,因为…

Temple Defend finally kicked in

People have been asking, is this floor hard coded, will defend really work? We have seen today that it works. A sell order was put in to the protocol today Feb. 13, under IV which is $0.65. The Temple Defend mechanic kicked in and the AMM bought those Temple tokens using the Defend reserve, then burnt them the IV of TEMPLE did not go down and neither did the price of TEMPLE. so this worked exactly as intended. Here is the transaction.

This does mean though that someone has now gone down in history as selling TEMPLE at the lowest possible price, since it cannot go lower than this and will be known as the person who proved that Temple Defend works. In this transaction 80,000 TEMPLE tokens were burnt, and 52,302 FRAX were given out of the AMM router to the individual who sold. So the price of TEMPLE and IV were defended. We don't want to design a system that locks people in or creates pain for selling, so if you need to sell for the cash even at the physical bottom, then no worries.

Temple Defend is a really important and unique part of our mechanics. The IV is loosely the total number of FRAX divided by the total number of Temple tokens that have been minted. That includes every TEMPLE token, including the DAO holdings and the runway, everything is pre-minted. This is why the IV cannot go down, it can only go up, and the Defend contract sets it as the hard floor. The risk of price dropping below this has now been proven to be zero.

Temple EVO

Even Olympus has released a paper outlining a shift in their mechanics, which puts them in a category now very close to the what Temple has always been about. We are happy with our mechanics and our direction. We will continue to move toward our original goal of being the best place in DeFi to stake and chill. We want to make it as easy as possible for as many people as possible to get the best return for their investment with relatively low risk. This also means we need to simplify some things so that people understand what they are buying.

We want TEMPLE to be something in between a stable, and a degen coin. A lot of users want the mid zone of an investment that grows more than a stable, but isn't totally volatile with crazy ups and downs. This is the goal for TEMPLE

Although we are down a lot, we are many multiples higher than other tokens in our category. If we had different mechanics, we might have seen a 95% reduction like others did, instead of 80-85%. This may seem like a small difference but it means that we are more than 3x higher than where we could be if the mechanics of Temple were different.

The whole industry tanked, and our mechanics did save us to a degree. Our floor prevented a much steeper decline because it is much closer to our token value than other tokens in this space that are trading at extremely high multiples of their token backing. We don't want to be the best of the worst, we want to be the best of the best.

Letting the Runway run out

The current model of a runway that is dependent on giving out APY yield rewards is not sustainable, and all the tokens that use this mechanic are currently looking for a different solution. If another DAO wants to do a swap for Temple, and is looking how the price will go up in the future, they will point to the shrinking runway and not pay a premium for the token because once the runway runs out the price will stop going up.

The plan right now is to let the runway run out, giving out the APY rewards to all TEMPLE holders before we then shift to the revenue sharing model and do away with the runway.

We could possibly speed up this process to give out the rewards faster, but the team feels like that would create unnecessary drama and it would be more optimal to just let the runway play out.

Replacing the Runway

The solution for this is to remove the separation between token rewards and treasury investment revenue. We decided to offer the profit from the revenue of the Temple treasury investments directly to TEMPLE holders. This is 100% sustainable and removes the need for a runway altogether.

Temple has started using some of the best investing strategies available using the treasury such as locking CVX and collecting bribes and partnering with FRAX and other DAOs. Temple is also looking into some leveraging mechanics with wrapped Temple tokens in partnerships with other DAOs. The details of which will be released once finalized.


You can move your OGTemple to another wallet without worrying about affecting your FAITH balance. Since the airdrop snapshot has been completed, it will not affect it at all even if you sell. Whatever wallet you move your TEMPLE to will be the wallet that you use to claim your FAITH in the future. If you want all your FAITH to be in one wallet then you shouldn’t move your OGTemple from your FAITH airdrop wallet. FAITH is non-transferrable.

FAITH lock multiplier

To get a larger multiple and thus a higher amount of FAITH for a longer lock time, Temple will offer a locking mechanism for the wenTemple token. When you lock your TEMPLE tokens, you will receive a wenTEMPLE token for every month that you lock your TEMPLE. The maximum lock will be for 4 years, and you will receive a multiplier for your FAITH tokens as a reward for a longer lock. The multiplier will be a linear sliding scale from 1x for the minimum lock to 3x for the maximum lock of four years. The multiplier was originally going to be 1.2x for four years but it was decided that this was not enough incentive for users to lock such a long time.

The formula looks like this:

FAITH received = $TEMPLE(# of months locked)(multiplier for length of your lock period)

If you locked 10 TEMPLE for 4 years it would look like this:

FATH received = 10 $wenTEMPLE * 48 * 3 = 1,440

So that’s 1,440 FAITH received for a 4 year lock of 10 $TEMPLE.

When you lock, you get all your FAITH up front so you only need to interact once for the FAITH lockup to reduce gas costs. After this, if you extend the lock, you will receive the added FAITH for the extended period.

To sum it up: if you lock up 1 TEMPLE for 12 months, you will receive 12 FAITH, and if after one month you decide to extend the lock for another month, to 13 months total, you will receive 1 extra FAITH bringing your total to 13 FAITH.

How to use FAITH to claim your share of the revenue

This is how FAITH works:

Once you get your FAITH, if you want to redeem your share of the revenue, you burn your FAITH. This signals to the protocol your intent to claim your share of the revenue. Once this signal is received, it will liquidate your share of the revenue

If you owned 10% of the FAITH supply for example, and you burned all your FAITH but no one else did, then Temple would take a snapshot of the total revenue. 10% of that would be liquidated and handed over to the claimer.

If you burn all your FAITH in the first month though, then you will only receive your share of the revenue for that month, and will forfeit your share of the future revenue. It will benefit you to hold onto at least some of your FAITH to claim a share of the revenue as it gets larger in the future.

You can burn any amount of your own FAITH at any time, you can burn it all at once, or just a portion every month. FAITH will be auto-compounding, so the longer you hold your FAITH, the bigger the pool is and the bigger your claim of it will be.

It is similar to a (3,3) game, if everyone holds then everyone benefits.

Getting rid of Devotion & monthly FAITH verification

Temple is moving to L2s to further reduce gas fees. We've have a few stages in the release of FAITH and the revenue share system. The FAITH airdrop is just the first step.

We are no longer going to do the devotion game. No more monthly verifying. We are trying to simplify Temple as much as possible because it's what the community want.

We will release a more detailed breakdown of the Temple investment revenue so that FAITH holders can see how much they are earning from the treasury investments.

wenTEMPLE and FAITH redemption details

wenTemple is just locked Temple. It is not a compounding token in the sense that OGTemple was. 1 wenTemple will always = 1 Temple. When Temple EVO is implemented, your OGTemple will all be converted into wenTemple automatically. You won’t have to do anything.

The reason that we are doing the FAITH model, instead of simply doing a monthly revenue share, is because in that case everything would need to be liquid. There would be no way to let the investments auto-compound and receive APY from protocols like Convex.

For example, all the CVX tokens would need to be burned every month which are part of the rewards pool, instead of just the amount that people actually want to claim. This the investment will auto-compound and everyone will receive higher rewards.

This would cost a huge amount of gas. By having the redemption process, we have the optimal strategy for the investment pool. Buying Temple gives you access to the smartest whale investing strategy without having to do any of the work yourself.

Because we are paying out the revenue redemption in TEMPLE, it will increase the compounding rate. This is a trade off as it increases volatility slightly because it increases the compound rate therefore the risk goes up slightly but so do the rewards. We are also developing a pure FRAX option which will be more stable, but with lower APY.

The team is also exploring extending the deadline for those who haven’t yet claimed their FAITH, or missed the deadline.

Simplifying the Temple

The drive for simplicity is to make it easier for new users to come onboard. For the Temple token locking and FAITH, we are trying to keep it as simple as possible.

It won't be necessary to join an Enclave to buy Temple, or to join the Discord. That will just be for the community and people that want to engage in the Temple culture.

We encourage people to do so, of course, because the community is strong and people should get the full Temple experience and all the wackiness and weirdness that comes with it by joining the Enclave ritual which we will make available for Templars.

This is also why we will be splitting out the different plays that we make in different ecosystems, to keep everything simple and easy for people to get involved with what part of the Temple that they want to.

Borrowing against Temple IV

This is an original design for a DAO. We didn’t base it off of anyone else’s work and it’s designed to give TEMPLE holders the largest possible auto-compounding rewards while maintaining a sustainable model.

Borrowing against Temple IV value will be shipping soon. Along with a FRAX staking strategy, and FXS staking strategy. All within a simple UI. The strategy for borrowing against IV is to make the loans liquidation-free, so that you don’t need to worry. We are working hard to make this a reality but it should be possible because of the hard floor coded into the Temple Defend mechanic which we have now seen does work.

Metaverse plays

We have some pretty turbo teams working on our big metaverse play and that will be coming soon. The Codex team is working on some pretty sick metaverse experience and other games which will be released in the coming weeks.


We have a swap lined up with FRAX, they want to do a swap with FXS and TEMPLE. Strategically we would like to accumulate a lot of FXS. The team feels that it is undervalued currently. Ideally this would happen before the FPI snapshot this month. We will be looking for feedback from the community on this decision.

We’ve launched an Ondo pool and will be launching an AMM with them

We're going to keep the comms coming in hot. In the updates feed, twitter, and the team will be listening to community feedback as always.