Your Frequently Asked Questions
TempleDAO’s ongoing community call / AMA that happens every second Sunday at 3pm PST / 6pm EST can be attended live on Discord. Templars who cannot attend the Call to Prayer can find the recordings on the TempleDao soundcloud and the notes on the Codex.
@Observance is always watching. High quality chats of all kinds from all channels are Observed. They say the perspective of the divine is hard to understand. It’s unlikely we will ever come to understand the exact criteria @Observance uses to weigh Templars. Some say it is unfathomable and automatic. Perhaps magic.
Users who still hold $OGTEMPLE can zap them into any vault (see “How to Deposit Into a Vault” here.) The protocol will automatically convert them to $TEMPLE.
As of June 18, 2022, OGT yields were reduced to 5% APY. This will be followed by a reduction of 1% APY per week over the next 5 weeks. As of July 23, 2022, Temple CORE vaults will be the only place to receive yield.
The prevailing market conditions and troubles surrounding the AMM launch led to steep declines in the $TEMPLE price. With $TEMPLE price at levels where Temple Growth was disengaged and market participants largely doubting the general yield token model, it was plain to see that the rewards runway for $TEMPLE holders had a finite lifespan. In the worst of market conditions, sustainability was clearly an issue and put Temple in a very precarious position.
However, these challenges also presented opportunities for Temple as it was uniquely positioned to evolve with market conditions. Some of the key advantages already in place were:
- Large treasury comprised almost entirely of $FRAX stablecoins
- Strategic partnership with $FRAX
- Participation in the resilient, revenue-generating Curve/Convex ecosystem
- Non-diluting IV for $TEMPLE
- Hard floor for $TEMPLE token price via Temple Defend
- Adaptable protocol model and a strong, diverse, and growing team
As uncomfortable as the practical circumstances were, they were also eye-opening. Rather than hold their breath and hope for a swift market rebound to rescue the wounded V1 model, the Temple team decided to take advantage of the opportunities to adapt, evolve, and re-think how the core principles could be delivered upon in a truly sustainable way.
After a considerable amount of analysis, ideation, and discussion, the decision was made to pivot Temple into a revenue-sharing model utilizing its massive treasury to deliver value from the strongest DeFi projects and investment strategies to Temple investors. This can be accomplished while maintaining all of the successes of the V1 model, but with 100% sustainability.
This is a core mechanic that has been in place since the very beginning and will continue to be used. Temple Defend ensures that the price of $TEMPLE will never dip below the IV price on our custom AMM.
How this works in practice is that when the price is above IV, all buys and sells for $TEMPLE are handled in the AMM. But once a sell dips the price below IV, the Temple Defend contract kicks in and redirects all further sells towards the TempleDAO treasury. This continues until a buy brings the $TEMPLE price back up above IV. The Temple Defend contract then switches off and hands over all trading back to the AMM again.
Rewards are paid out at the end of the term cycle per vault.
You can only enter a vault when the vault is “open”. Each vault has its own “entry/exit window” and during this window you are able to deposit your tokens as many times as you like. Bear in mind that depending on how close to the start or end of the window you are, there may be a small "Vault Joining Fee" deducted from your deposit. This design ensures a fair system for early stakers who have earned a little more compared to someone who joins much later. The joining fee is explained in more detail here
Similar to entering a vault, you can only exit a vault when the vault is open. Each vault has its own “entry/exit window” and during this window you are able to claim all or a portion of your tokens.
Once a vault has vested, your initial capital along with all your rewards will become claimable for a period of time (“see entry/exit window”). If you do not claim your rewards during this period when the vaults are open, your assets will be automatically re-locked into the same vault for another cycle at no cost to you.
Yes, you are able to deposit into multiple vaults at the same time.
FAITH was an on-chain, consumable counter credited to wallets that held $OGTemple through the turbulent public launch and subsequent $TEMPLE price decline. When Temple Vaults launched, FAITH holders were able to redeem their FAITH for additional $TEMPLE to be locked. This FAITH redemption was a one-time event. In other words, a user’s entire amount of FAITH is burned upon staking into a vault and cannot be used or redeemed again.
Last modified 3mo ago