Issue #5

Issue #5 of the Temple Codex covers the FAITH Airdrop and Stake and Chill V2!

Announcements

Below is a snapshot from the #updates-feed and #announcements channels over the past two weeks

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Protocol Updates

  1. All in Keeping the FAITH - Update on January 20th, FAITH went through the final testing stage before the snapshot was taken (the Faith airdrop went live on February 3.).
  2. Regarding the repositioning - Faith will play an integral role in this shift, rewarding holders, incentivizing long term investors, and ultimately driving price stability.
  3. Faith Airdrop is live! On February 3rd 3:00AM UTC, Faith airdrop was released. Templars who are eligible have 10 days to claim their faith.

Community Announcements

  1. New Discord Role Icons - Take a look at your roles and appreciate the great work salō (bon, bon) did on the new dope Temple role icons.
  2. In case you missed it - Poker Night was a big success! Everyone had a great time on the Temple Poker Island hosted on Gathertown. The winner of the night was Mr. Fujisawa who took home a cool $800 in TEMPLE and a shiny new Poker King discord role. The Codex even made an appearance in a specially designed room on the island! We have heard that the team is working on something even cooler for next time and we can’t wait to see it, so stay tuned!
  3. Mini AMA - On Jan 27th in #general-chat, mini AMA occurred with Lost Boy and other core team members. Notes from the AMA can be found here.
  4. Call To Prayer 11 - On Jan 30th, the 11th Call to Prayer took place. Notes from the CTP can be found here and a brief recall below. Instructions to collect the CTP11 POAP can be found here.

Twitter Recap

  1. decenmaxi laid out the Temple roadmap for the future in a series of two threads. The first was on the shift to stake and chill V2, and the second was an explainer of how this shift stays true to the core philosophy of Temple. He also shared that he will adopt a new more informal style of tweeting, sharing some of his thoughts and preliminary ideas for the Temple, instead of only sharing finished products and refined concepts.

  2. In a thread on Feb. 6, decenmaxi laid out more details on the roadmap for Temple incuding:
    • Future Faith V2 rollout which will do away with regular verifying and also move to L2 to save on gas fees
    • Borrowing will be allowed against TEMPLE IV. An in-house borrowing market is being developed for non-liquidatable loans against TEMPLE.
    • Metaverse plays are in the works

  3. The Codex has been getting more traction on Twitter as of late, and during the last CTP live tweet thread DCF God retweeted us, specifically the section about the metaverse project our devs are working on currently. We can feel the hype for this project building already!

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!

Faith is not a token. It is non-transferable and represents your claim on revenues generated by the protocol. First there is the airdrop which will reward those who were the most faithful during the AMM launch. Moving forward, Faith will be earned by locking and verifying your temple.

There will be 3 Faith processes:

  1. Verify and grow your Faith to own your share of the revenue
  2. Burn Faith to request revenue redemption.
  3. Redeem revenue to collect your tokens.

There will be the option to lock your Temple tokens for as little as 1 month, or as much as 4 years. The longer you lock, the more Faith you will receive. Every month, in order to receive a share of the profits the protocol earned that month. you will need to verify your locked Temple (which are now in the form of wenTemple, similar to what OGTemple was),  After this you will have the choice to burn your Faith, or keep it and let it auto-compound, stake and chill!

Read more in the full medium post.

Call to Prayer

To read the full notes or listen to CTP11, click here.

Intro to Stake and Chill v2

  • Market has destroyed the yield token model, and until sentiment changes it's facing serious challenges, that is if it’s not dead altogether. In short, we will move from OGTEMPLE holders earning APY, to FAITH holders having a claim on our Treasury revenue. On top of that, the Faithful will receive some uniquely Temple benefits in our major metaverse play and early stage protocol partnerships.
  • Stake and Chill v2 is all about: 1/ stake for the at-scale exposure to major ecosystems and 2/ chill knowing you don’t have to manage it yourself.

Stake and Chill v2 Mechanics

  • Once we shift to this new model, those of you with OGTEMPLE will be able to come and verify your Faith. In doing so, you lock your OGTEMPLE for a period of time. It'll be a minimum of a month and a maximum of pretty much as far as you want. This then translates to how much Faith you can claim in proportion to your OGTEMPLE.
  • Faith is NOT A TOKEN. It is a counter on chain, which accumulates for your wallet and is non transferable. And it represents your claim on the total revenue
  • When you get Faith, even if you decide to burn it, your lifetime Faith will still increase because we want to play with that on some of the metaverse angles. Your lifetime Faith will never decrease.
  • An issue that has occurred recently as regards community voting governance in DAOs, is called quadratic voting. Whales can split up funds amongst various wallets to gain voting power and swing votes in a short period of time, and this is a massive concern to governance.
  • The answer to this is bottom-up representation. those who are doing amazing work can rise up through the ranks. If someone champions an idea, they can propose that to get entry into the Degen Chamber as a voting member. This gives power to the community to explore the governance model.

Degen Chamber

  • A new chamber is going to be created to give community members more input on where the treasury investments are placed. Members who are inducted into the Degen Chamber will be able to vote on protocols that they think will perform well, and if they are correct then they will earn a commission.

Metaverse

  • We have a ton of great ideas in the works for metaverse, with many Templars working hard to make them a reality. To accomplish our metaverse goals, we need to go cross-chain (which is in progress) and we will have to take great care to get the mechanics right on this as it relates to token value and scaling. We want to prototype the metaverse on the org side which will be hard to crack, but this issue is really valuable and important for DAOs if we can get it right.

Closing Remarks

  • Please, if anyone has any value to add, if anyone has any thoughts on how we can improve all these ideas that we've shared, we can join the team, right, like just getting amongst it and help us. We want to do this together. So come along, and let's build this thing.

Temple Study & Special Editions

Catch up on the Special Editions and Temple Study additions which were released since the last Issue

  1. AMA #5 - decenmaxi and Lost Boy Lost Boy joined the #general chat on Jan 27, 2022 to engage with the community and answer their burning questions.
  2. Temple Study: Flashcards for Templars - A cheat sheet of basic concepts to help educate all Templars who are new to crypto and the DAO’s education level, the Codex Team published the first round of Flash Cards. If you have any ideas or feedback let us know!
  3. Call to Prayer #11 is a great read, but scroll up to find the too long;didn’t listen for a condensed version.
  4. Podcast - connectrix launched a new podcast series which can be listened to on the Codex, Spotify, or Google.
  5. Temple Study: FRAX - What is an algorithmic stablecoin, and what makes it Fractional?

Enclave Updates

Enclave Updates shares insights into the work happening behind the scenes.

Enclave Updates #1 - This is the first post in a new section of the Codex.

CryptoKnight compiled a list of updates from the Initiates and Lux this past week on what all the enclaves are working on currently. Think of this as like the Codex’s Temple Watch section, but on steroids!

He plans to release these updates every 2 weeks. There’s tons of great info in here so make sure to give it a read!