Gold Auctions
Last updated
Last updated
Temple Gold is the exclusive base currency for Spice Auctions. During these periodic Auctions, Temple Gold (TGLD) may be exchanged for select Temple Treasury holdings which are not included in the stable backing as reflected by the Temple Price Index (TPI).
TGLD can only be acquired in two ways:
Stake TEMPLE for TGLD emissions
Bid USDS for TGLD in Gold Auctions
In a Gold Auction, both TEMPLE holders and non-holders may submit USDS bids in exchange for Temple Gold. You do not need TEMPLE to place USDS bids for TGLD! The final Gold unit price will not be settled until the end of the auction once all bids have been received. The last accepted USDS Bid will set the final price for TGLD. To avoid gaming to discourage Bids, USDS bids are final once they are submitted even if the auction isn't over.
All USDS Bids are final and cannot be withdrawn!
Submitting USDS Bids early or late does not affect the final price you will receive for TGLD. Only the total USDS submitted affects the final unit price for TGLD in USDS terms.
A total of 1,000,000 TGLD was put up for Auction and a total of 50,000 USDS was submitted by Bidders by the end of the Auction. The final price for TGLD is 0.05 USDS and each Bidder can claim 20 TGLD per USDS pro rata. Since Alice bid 500 USDS, she'd receive 10,000 TGLD or 1% of the auction lot. Since Bob bid 5,000 USDS, he'd receive 100,000 TGLD or 10% of the auction lot.
TGLD is fully cross-chain compatible through LayerZero to allow holders to participate in potential Spice auctions on other chains e.g. Berachain. Whether acquired through TEMPLE staking or Gold Auctions, TGLD are fungible and can be used in Spice Auctions on any supported chain.
Currently, TGLD can only be acquired through bidding USDS or staking TEMPLE. There are no future plans to integrate Spice Bazaar with external dApps e.g DEX or money market to facilitate swaps or collateralisation. TGLD utility is enforced at a contract level subject to DAO governnance.
Gnosis users should contact the TempleDAO Team if they wish to bridge TGLD to another chain because TGLD can only be bridged to the same address cross-chain. It's possible that TGLD credited to a Gnosis may need to be transferred to a hot wallet before bridging.
TGLD is non-transferrable except to whitelisted addresses and cannot be found on any exchange or spot market. There is NO secondary liquidity for TGLD outside of the Spice Bazaar. Any purported external liquidity pools for TGLD are fraudulent!
