Call to Prayer #23

Call to Prayer #23 occurred on Sunday August 7th, 2022, at 6:00 pm EST.

For a tl;dr, you can check out this Twitter thread.  Subscribe to the new Codex newsletter to never miss a CTP summary!

STAX update

There are multiple incremental releases in the works. The most recent upgrade is:

  • Automated reward payouts - Payout is no longer a multi-step process but automated through keeper. You can sleep soundly knowing that you're not reliant on any human to correctly move rewards into STAX.

Coming up next include:

  • UX and UI overhaul - This is being implemented following some research into user activity in the dapp.
  • Zaps - Using any token, users will be able to zap into STAX. This is done by zapping from that token into FRAX, converting some of the FRAX into TEMPLE, and depositing it into the LP, all of which happens in one transaction.
  • Partnership with Convex - We've joined forces with Convex. STAX offers liquid staking for boosted rewards, and Convex offers a boost using their veFXS that they have accumulated. With this partnership, someone can stake through STAX, get the veFXS boost that Convex offers, AND the liquid staking benefits we offer. And we share some of the fees with convex. This all causes the APY rewards for STAX users to go up.
  • Two new gauges - Active work on two other STAX gauges/pools which go beyond the TEMPLE/FRAX LP
  • Alfa gauge - We are working on a third gauge, which may have something to do with one of your favorite chains (which doesn’t exist ) ʕ •ᴥ•ʔ

Q: Wen STAX token?

We want to launch the token when we get more features of STAX operational and when the product is more mature. It should have a decent market cap and some traction resulting in good prices for the tokens.

The FRAX gauge APY has dropped lower than when we first launched STAX. We still love FRAX, but the dynamics around the gauge and bribing isn’t picking up as fast as we had hoped. Therefore we're waiting to release a few more features and get it into a better position.

Q: Do we need to use STAX or hold TEMPLE for STAX airdrop?

I can’t give you an answer to that right now as the mechanics are not locked in

Q: Following Decen's engagement in CT recently, can you update us on how you feel Temple is positioned compared to other projects? And what new ideas the team has to improve our brand reputation, comms, and price?

Decen: I've got a lot of great public and private feedback. We're in the process of consolidating some of that.

Some observations: Whenever aggressive public discourse is taken privately into DMs, I feel people tend to be super reasonable and often are more willing to unpack a lot of their thoughts patiently, and I appreciate that. Sometimes being in a public forum with an audience fires things up a little bit more and things get a little more dramatic.

What have I learned? Temple has a reputation problem, and we all acknowledge that. We are trying our hardest to deliver something valuable for the long term. We also want everyone in the Temple to feel like they are being heard. We want to ensure that we are all on the same page and that there’s no disconnect between the people building our products and those using them.

Comms: We have poured a lot of work being very transparent with things like treasury stats and building products, putting us above average in that area. Where we are below average is community insight into our roadmap and governance systems. Where we are even farther below average is marketing and outreach activities. Bera is doing it right, having ambassadors in other discords talking it up. We should be doing similar stuff too. We will expand our capability in these areas. I will be more active on Twitter and Discord, going on other podcasts (DCF invited me to his).

For price, we needed to find a middle ground for people who are more short-term-minded looking to exit at a higher price and those who are more long-term-minded looking to farm yield and perhaps exit later. We’ve focused our efforts on achieving the highest yield above all else, and now we need to focus on building out mechanics to raise the price (Editor’s note: More on this below, see Temple Ascend)

Q: What will be done with TEMPLE that is still unclaimed from faith airdrop?

It won’t be given out. My opinion is to burn it.

Q: Why does the treasury bot show a lower book value? Is it correct?

This has been fixed. We seeded some LP onto Balancer, and for a brief moment, the TEMPLE going into that LP was included in the circulating supply because the bot automatically picked them up. But once they are in the LP, they're removed from the circulating supply.

Q: Can we get a more detailed breakdown of team payments?

Once we have the DAO games structure up and running, we'll have a front end that breaks down: The different chambers, the budgets, the different areas of work, who's active, and who the MCs and sponsors of each project are. It will make a whole lot of stuff transparent. The bounty system will be live this month, including the dashboard, which everyone can see. Currently, payment is happening per epoch (every three months or so). All of the team payments are visible on-chain from the DAO pool. We will move to a monthly payment structure after the DAO game is released. (Some further info on expenses written by Bob on discord here)

Q: If buybacks haven’t been done yet, how is yield already distributed to vaults?

We have covered this before, but the structure is created where a single contract has all the locked TEMPLE, no matter which vault instance you are in. This will allow:

  1. The flexibility of eventually borrowing against TEMPLE
  2. Allowing more of our treasury to be used to continue farming instead of sitting in the contract and not doing anything, which means a higher yield for everyone.

Of course, there will always be enough TEMPLE for everyone who wants to exit the vaults, and we will always keep wallets topped up. As more yield is generated, Temple Ascend will support the topping up of the contract for the vaults.

Q: What is Temple Ascend?

The new mechanic currently in testing is an innovative twist on the Balancer LBP. (For a quick introduction to Balancer, see the Codex article here.) Temple’s version of the LBP is like the inverse of a token pre-sale. Think Copper Launch but reverse, where the price slowly goes up instead of down. The pair will be TEMPLE-DAI, and we start with a lot of DAI and a small amount of TEMPLE. This mechanism will allow us to buy back TEMPLE to add to the funding of our vaults. More information on this will be released soon.