Welcome to Issue #7 of the Temple Codex: your community driven newsletter.
Below is a snapshot of the latest news, updates, and articles that have dropped in the past two weeks.
- TempleDAO is hard at work behind the scenes the new version of Temple mechanics which will include updated tokenomics and protocol functions that be much more sustainable and benefit all Templars.
- The ones and zeros are being written to ensure the stable future of TempleDAO...this includes documentation on Gitbook, continuously communicating and evaluating strategic partnerships, and standardizaing rewards from the treasury!
- The Codex’s own BowTiedBart wrote an article on ETH 2.0 and the Gas crunch, if you haven’t read it yet you should definitely check it out
- Lost Boy joined the #general thread on discord for a quick AMA on Mar. 7
Call to Prayer
To listen to CTP13, click here.
Too Long; Didn’t Listen
Call to Prayer #13 occurred on February 27th at 11:00PM UTC. Notes were published by the Codex. The highlights from this CTP include:
Goal of Temple and EVO
Temple is heading in a new direction by shifting to a treasury revenue sharing model. The goal is to enable low volatility but strong inflation-adjusted yields - in keeping with Temple’s original philosophy of offering the the best possible lower-risk, high yield investment opportunity.
We've been working on a way to reduce gas costs, automate and simplify wherever possible. We’ll do this by pooling funds and then doing a multi-layered treasury investment strategy managed by the DAO (Curve, FRAX, Convex) that will automatically and fairly split out farming revenues to all who deposit in the the pool (or vault).
Faith Design from Last CTP
FAITH was originally conceived as an accounting mechanic for doling out shares of the revenue from the treasury investments. The tradeoff of FAITH is that it created a strong incentive to claim at the latest possible date (the longer you don't claim, more it’s worth), and in doing so diluted the rewards of those who did not.
The original design was a good fit for staking and chilling and long-term FAITH holders, which is great. After talking to the community however, we realized that it may have been excluding a portion of TEMPLE holders that wanted to claim rewards on shorter time windows. We want people to be able to manage their investment as they see fit, and claim their periodic rewards whenever they want.
In order to allow people to be able to claim whenever they choose, without interfering with each other, we need to be even more precise with our accounting metrics so everyone gets their fair share.
The solution is to track the pooled farming strategy as the first layer of farming (Leveraged FRAX/Convex) - "Layer 1 Revenue”.
Every month, this revenue will then be distributed between multiple "vaults" - which represent different preferences/strategies
Multiple Vaults Strategy
Each vault has it’s own claiming and locking period, the choices as it stands are:
- Monthly claim vault: A vault where you can cleanly collect and claim your revenue rewards every month
- 3-month claim vault: Automatic monthly re-investments and compounding of rewards over a 3 month period
After the lock period, you can move your funds to any other vault, or redeposit back to the same one, or take the out if you wish.
FAITH was an accounting mechanic, but it added a layer of complexity between users and their rewards, so it will not be utilized in the vault system, although FAITH holders will still get rewards. This way it's simpler and easier, and people can find the vault that fits their needs best, claiming or compounding based on their own preferences.
Many more investment strategies will be added over time, guided by community interest (e.g FXS focused vault)