Spice Auctions

The Temple Treasury will hold periodic auctions for select volatile holdings. These auctions are known as Spice Auctions and should not be confused with Temple Gold Auctions.

Collectively, the tokens that are put up in the Spice Auction are known as SPICE. The SPICE Tokens may be any suitable volatile token, but may consist of airdropped or vested tokens from Treasury or Partner activities. Spice Auction details about which SPICE tokens and the auction lot size will be announced well ahead of the start of the Spice Auction.

Spice Auction listings are often derived from tokens received from Partners via pre-TGE agreements or airdrop stemming from farming activities. Not all volatile tokens are reserved for Spice Auctions. Some may be directly sold on the spot markets to sustain TPI growth.

The only accepted currency in the Spice Auction is Temple Gold (TGLD). USDS cannot be used to bid in Spice Auctions and there's no zap feature for TGLD. Depending on the total value of a given volatile token, the lot may be split into several smaller Auctions also known as Epochs to promote Bidder participation and reduce the chance of "bid sniping".

Each Epoch will typically last 3 - 7 days and all TGLD bidders will receive the same pro rata price in TGLD for the SPICE at the end of the Auction. The last accepted TGLD Bid will set the final price for SPICE. To avoid gaming to discourage Bids, TGLD bids are final once they are submitted even if the auction expiry has not been reached.

All TGLD Bids are final and cannot be withdrawn at any time!

Spice Auction Tokens may be found trading at fair market price on external exchanges. Given the unique mechanics of Temple Gold, TGLD holders may discover a potential arbitrage opportunity by acquiring TGLD in advance to bid on SPICE through future Spice Auctions.

Submitting TGLD Bids early or late does not affect the final price you will receive for SPICE. The total TGLD submitted as Bids for a given lot determines the final unit price for SPICE in TGLD terms.

Spice Auction Example

A total of 100,000 Token Y was put up for Auction and a total of 1,000,000 TGLD was submitted by Bidders before Auction expiry. The final price for Token Y is 10 TGLD and each Bidder can claim 0.1 Token Y per TGLD pro rata. Since Alice bid 10,000 TGLD, she'd receive 1,000 Token Y or 1% of the auction lot. Since Bob bid 100,000 TGLD, he'd receive 10,000 Token Y or 10% of the auction lot.