Spice Auctions

Periodically, the Temple Treasury will hold auctions for select volatile holdings acquired through farming, liquidity bootstrapping, or other incubation activities. 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. Example SPICE Tokens may include USUAL, ENA, and other volatile tokens. Spice Auction details about which SPICE token and the auction lot size will be announced well ahead of the start of the auction. The only accepted currency in the Spice Auction is Temple Gold (TGLD). A Spice Auction will typically last 3 - 7 days and all TGLD bidders will receive the same unit price in TGLD for the SPICE no matter when or how much TGLD they submitted during the course of the auction.

USDS cannot be used to bid in Spice Auctions and there’s no zap feature for TGLD.

Typically Spice Auction Tokens can be found trading at fair market price on external exchanges (DEX or CEX). 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. Only the total TGLD submitted affects 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 by the end of the Auction. The final price for Token Y is 10 TGLD and each Bidder can claim 0.1 Token Y per TGLD pro rata. Since Alice had bid 10,000 TGLD, she would receive 1,000 Token Y or 1% of the auction lot. Since Bob had bid 100,000 TGLD, he would receive 10,000 Token Y or 10% of the auction lot.