Hello Templars! Welcome to Issue #3 of the Temple Codex: your community driven newsletter
It's hard for us all to believe how far the Codex has come in just a month! In that short time frame it's really taken off. The Codex has even caught the attention of the Temple Masters, and to start things off here’s a comment about the Codex and where it fits into the Temple from Master Lux, and also from Narile, the newly appointed Temple Community Communicator
Lux, Master of Mystery
"The Temple is a bustling hub of activity and it's hard to keep up with it. The Codex is a nexus of news and insights that the Masters use to get the pulse of the community.
'The Codex directs a trustworthy information flow into a gap that would otherwise be filled by FUD. Though it began as a grassroots community effort, we see the CODEX as an indispensable tool in the never-ending campaign against ignorance and misinformation."
"Buying 1 $TEMPLE for $1.30 to guarantee a return on investment of no less than $1.90 is a pretty good deal for those who can see past the market noise."
Narile, Discple and Temple Community Communicator
"I joined TempleDAO in late September and it was my first experience of being integrated into a Discord community. I immediately felt that this group was built differently than others, so I decided to stay and experience it fully. As my experiences deepened, I noticed spiritual elements weaved into the rituals, games and interactions. It inspired to me publish essays about how the Temple asked us for more than just money.
'Fast forward to now, I still believe in the subtle elements that manifest within our walls, even if the issues with the AMM launch set us back a bit. Challenge is a necessary element in the process of transformation. Through this experience we were given feedback in hyper-speed on what works and what doesn’t, and on who really belongs here. So many people stepped up to support the resurgence of the Temple. We now have a solid group of investors / team who weathered a tough storm. The ones who were not shaken up by it will likely be around to provide value for a long time.
'Therefore, I feel inspired to be a bridge between the Templars and the Team. If I can utilize a skillset to embrace and move forward an idea that is worthy, I consider it a great opportunity. I also love working with all of you behind the scenes. You're all generous, creative and focused on the elements that I’ve written about. DeFi can be very fickle, so it was admirable to observe the large group who made forgiveness their default and just kept going as if we were still in the Fire Ritual / Opening Ceremony days.
'Loyalty is not required from a DeFi protocol, people are expected to do what is best for their own pocket. However, I think it needs to be recognized. I think it is important not to give up on something one believes in just because it experienced a setback. I want to be here to highlight these inspiring elements and communicate them to others. I want to help the team regain the trust of the community. And I want to help them connect with their people on the vision that was put forth in the summer. For anyone interested on a more in-depth look on how I perceive TempleDAO, check out these short essays."
Like old times: https://twitter.com/Nariles
Below is a snapshot from the #updates-feed and #announcements channels over the past two weeks
- ☀ decenmaxi ☀ shared that some major updates had been deployed:
i) the acceleration of the exit queue to increase queue processing time and
ii) the ability to unjoin the exit queue, which provided the capability to re-stake all Temple in queue (including Temple that was not processed)
- The Dexscreener link and Dune Dashboard updates were added to the #resources channel. You can learn more about the Dune Dashboards in the ELI5 post by Gman in our new Temple Study section below
- There was a bug that did not allow Templars to withdraw from the exit queue when their epoch was reached. A fix was implemented quickly and the Withdraw button regained normal functionality
- TempleDao made a big move to invest a large portion of the treasury into the FRAX pool on Convex. The total investment is expected to be $160M, with an initial amount of $30M being completed on Jan. 5. For additional information, see this Medium Post, and a summary by BowTiedBart that we've included below
- A portion of the treasury has been moved to a new wallet to track transaction activity and gains of the yield farmer. Wallet addresses and Zapper tackers available in announcement post
- Narile has formally joined TempleDao as the Community Communicator
- Lost Boy, ☀ decenmaxi ☀, and many other Disciples & Initiates came together to conduct some AMAs in #general. They were valuable and informative sessions. Catch up on all of them by heading over to the AMA section of the Codex
- Call to Prayer 9 occurred on January 2nd. You can listen to it or check out the notes
- Temple Codex got a shout out from Lost Boy and announced that Templars may now find a link to the codex on TempleDao.link
- In the #updates-feed channel, ☀ decenmaxi announced that the team will be sharing more work in progress as to keep visibility and transparency high. In addition, more team channels will be opened up as read-only so the work is visible to interested members who may want to contribute and join in. Head over to this structure channel to check out the plan to accomplish this
Medium Post Round Up
Each summary has a link to the original article which we encourage you to dig into and read yourself for maximum alpha!
Temple Investment on Convex
On January 5, 2022, TempleDao invested an initial amount of $30M into FRAX3CRV pool on Convex Finance. The plan is to invest $160M of the treasury into Convex. They made this decision for a few reasons:
- It’s the smart play. The Curve/Convex pool is one of the safest investments in DeFi. Temple decided to invest in the most battle tested and trusted protocol (Curve and Convex have over $45B in combined total value locked).
- It's a way to utilize the treasury for the good of the Temple. By investing some of the FRAX from the Temple treasury into Convex, Temple will earn around a 20% yearly yield (this would be over $32M in just one year on an investment of $160M). This profit can then be used to pay out rewards for Temple stakers or to invest in higher risk/higher reward plays. As Ethpanda said in the most recent CTP, "We have all this FRAX on hand that is not earning yield, so it makes sense for us to invest it in a place where it can stay liquid, risk free, and stable."
- It’s proactive. By investing in the CVX pool, Temple will earn more for the treasury, gain more influence as we interact with other DAOs, and give the right signal to all outsiders looking in.
For now, this move is solely an investment to earn APY. These earnings will be in the form of CRV and CVX tokens which can then be used for a variety of other profitable activities. These include staking the earned tokens to compound APY (up to 50%), and locking said tokens to earn voting power that can be used to acquire bribes from other DAOs. We are moving full speed ahead!
You can read the entire Medium article here. In addition, to learn more about Curve, Convex, and the Curve wars, head to the Temple Study section below.
This is the quiet and cloistered part of the Codex where Templars can come study the Temple and wider DeFi related topics
- Curve/Convex and DeFi Infrastructure
The importance of Curve and Convex in the DeFi ecosystem
- TEMPLE Dune Dashboards ELI5 (pt 1) - Temple Holdings Dashboard
The Temple Dashboard by Bobruisk explained
The Temple Watch gives updates from industrious Templars from every enclave
Enclave of Chaos
"The Chaos team's core focus is on building a larger audience through several key marketing initiatives across our social media channels, while collaborating closely with the other enclaves. There will be an emphasis on Defi education and introducing new users to the Temple core products. These projects will be more visible to Templars, and we will be encouraging and facilitating those that want to contribute. Additionally, we see a lot of value in positioning $TEMPLE as a reserve treasury asset and will be actively working towards this. Oh, and Temple Poker Night thoon!"
-- ☀alfalfa☀, Disciple
Enclave of Logic
"While the launch was little rocky, it was incredible to see how quickly the anonymous and fully decentralized team was able to move from crisis to resolution. Teams were mobilized within minutes and started cranking on solutions. A big learning for the future is that we need to come out of the shadows and more clearly communicate to the community. Lost and team have an incredible roadmap and I'm really excited for the entire community to see it"
-- Ft☀thec, Disciple
"As a member of logic it is my duty to say that in the world of crypto where everything is judged by Total Value Locked and extrapolating the future, it is rare to have an opportunity to buy a protocol at a 30% discount to its cash value and assigning zero value to the 2 month call option on potential growth. We have ~80 days of runway left. Basically, it's a simple risk/reward assessment. The cost of the option is near zero. And what's the possible reward if the team delivers? This is a concept that is familiar to experienced traders, but not as easy to grasp for retail investors. That's why you see lots of small sellers + big buyers in my opinion. The holidays are over. The team is rested. I'm looking forward to the next 30 days."
-- theBook, Guardian
Enclave of Mystery
"We are always thinking about how to amplify the work of all of us as temple guardians — from improving the temple cleric ask bot, to creating rich guides/faqs, to rolling out discord bots that help us provide info to users and moderate the community."
-- Cryptoknight, Guardian
Here is a collection of the work of meme-master Wisdom of the Crowd. We always enjoy seeing his new creations! He also gave us some comments on his feelings about the Codex and Temple moving forward, enjoy!
-- Click here for the gallery.
Enclave of Structure
"Feeling blessed to be working with such an amazing team for this second release. I’ve been involved in building the visual themes of the user dashboard, as well as some of the Temple’s 3D rooms along with the amazing @saso. We’re aware some users have found it difficult to navigate the dApp at first and we’re working behind the scenes on fixes. There’s still a lot that can be improved for a perfectly smooth UX now that the ground work has been laid. That being said, the whole team brought into “physical” existence a lot of the abstract DeFi mechanics of the Temple, allowing all of us to imagine ourselves step into the gates. Once we’re done consolidating our DeFi cores, I’m super excited to see how far we can push the boundaries of gamification and expand the Templeverse. 2022 is shaping up to be incredible."
-- Myst (PixelTemple), Initiate
"It's been a fun and interesting couple of weeks. I'm really happy to see folks come together and build the Codex. The team and content is growing so fast, far faster than I initially imagined, and that's great. We had enough visitors at our launch that the small infrastructure we had set up couldn't handle the load, and our server crashed! We were able to get it back up quickly and since then we've been upgrading everything behind the scenes. I'm really excited to see more content come out, and also mad excited to work on bringing you our very own Temple Radio set up which we'll be bringing to you all very thoon!"
-- Zaphod Beeblebrox, Acolyte and Codex Dev
Enclave of Order
"Along with the other Codex correspondents, lately I’ve been thinking about how to take the Codex to the next level. We want to curate content that will be valuable to all Templars, so you’ll start to see us branch out in new directions very soon. We’ve come a long way from where we started and the future is very bright."
-- DocPeppercorn, Disciple