Call to Prayer #19 occurred on Sunday June 12, 2022 at 6:00pm EST. Click here for the Chinese Translation.
For a tl;dr, you can check out this Twitter thread.
FAITH - FAQ
FAITH redemption is a going buck wild, and it's great to see that we got more than $25M in total value locked within the first few hours after the CORE vault was launched. Through FAITH, we want to reward our most faithful holders, including those who bought during the OC and have been through a lot of ups and downs with Temple. We also want to give people who sold their $TEMPLE after getting their FAITH a chance to come back and give Temple another shot.
At the same time, we also wanted to make sure that those who don't hold FAITH aren't overly diluted. To this end, we took FAITH rewards out of our pre-minted $TEMPLE bonus pool.
Is FAITH redemption a one-time event?
Yes. When you choose to redeem your faith, you must burn all of it at once. It cannot be used again. You can redeem FAITH by depositing it in the recently-launched CORE vault along with some $TEMPLE or $OGTEMPLE, and your deposits will be locked at the time of entry for the duration of the first vault cycle. 28 days or so, depending on the exact day you entered.
Do I have to unlock my OGT?
Yes. If you did not unlock your $OGTEMPLE after buying in the OC, you will need to do so before you can deposit it in the vault. Unlocking transfers the $OGTEMPLE into your wallet and can be done from the profile page in the dApp.
When should I redeem my faith?
Faith redemption is currently scheduled to be live for 30 days. The redemption period is split into 4 sub-vaults each staggered by one week (see the illustration below). You'll have about four weeks to enter one of the vaults and redeem your FAITH.
If you have FAITH in your profile, but you don't see it, try refreshing your browser. If the problem still persists feel free to contact the support team in the Temple discord.
Will users who failed to redeem their FAITH this time get another chance?
There have been discussions of extending that period into the next vault cycle (after 30 days). A few people entered the vault with their entire $TEMPLE bag and forgot to redeem their FAITH in the process. We don't want those people to miss out on getting their FAITH bonus, and we will make an announcement on this issue very soon.
How can I use utilize my faith optimally?
We’ve created a Faith Optimizer spreadsheet which tells you how much TEMPLE you need to deposit to receive the max bonus. In order to change the values of the spreadsheet you will have to make a copy.
Why not just make faith infinitely redeemable?
We want to ensure people have ample opportunity to redeem FAITH, but we are not going to make it infinitely redeemable. It will expire at some point. We can currently track how much FAITH is outstanding and expect how much can be redeemed, but we must deprecate it eventually.
A safe haven and a sea of volatility
Temple Core principles and how we got here
After the OC debacle and yield market collapse it was pretty clear that we needed to shift our revenue distribution model. The team decided that the Temple roadmap needed to be accelerated.
Temple CORE wasn't an idea that was just pulled out of nowhere, it is completely aligned with our starting principles of bringing sustainable yield to Templars. We just needed to fast-forward our development to get there sooner than we expected given the state of the rest of the market, and now here we are.
Temple CORE Goals
Aim to be in the middle of the DeFi risk curve, between stable coins and naked volatile assets.
We aim to give yield strategies that you can't easily get or maintain yourself. With the added bonus of DAO leverage.
Some important pillars of Temple CORE:
- Automated reinvestments - If you're a smaller-sized wallet, constant moving of assets (like in Curve and Convex) is kind of cost-prohibitive (would incur large fees relative to the size of the investment). We pool and automate reinvestment so you don't have to.
- Temple Defend - Keeping Intrinsic value as a hard floor to give Templars peace of mind.
CORE User Flow
We have published a medium article which explains the mechanics of the CORE vaults in depth, we highly recommend reading it before you invest. For those who prefer video walkthroughs, here is our Temple CORE walkthrough video:
Will there be longer duration vaults available in the future?
Yes. We will launch multi-month vaults of varying durations very soon which will offer Templars higher reward multipliers depending on the duration of the vault (longer lock time = higher reward multiplier).
Will there be a future option to buy TEMPLE and zap into a vault with a single transaction?
Yes there will.
What to do as a brand new user of Temple?
Buy some $TEMPLE by sacrificing $FRAX on the “trade” tab. Then go to the “vaults” tab, click on the “stake” tab and deposit into the vault.
If everyone apes on vault A and nobody is involved in vault B will the APY be better in vault B?
The rewards are distributed based on how much TEMPLE is deposited into each vault. So the math works out to be the same no matter how high the volume of investment is in your particular vault or sub-vault. It doesn't matter if a vault has one person or one million people.