2.1 AMM Whitelist Opportunity
At the end of this week we will be releasing a Custom Temple AMM with new mechanics.
Most AMM launches are a race to trade first.
At the Temple of chill, we designed an elaborate Opening Ceremony Pilgrimage to allow the most deserving Templars to sacrifice FRAX — rather than the fastest bots or those who paid the most gas.
Now, we will be running a short Ritual — not unlike the Fire Ritual — to celebrate the opening of the Temple AMM and ensure the most deserving can trade first.
The Temple Gates Ritual
The Temple Gates ritual is a journey to get the “Sacred Key” role in Discord. At the end of this week, those who have the Sacred Key role will have their wallet whitelisted to trade on the AMM when it opens. This will give you early access to the AMM, but does not affect your access as a Fire Ritualists or Opening Ceremony participant (see timeline below for more details).
If you want to be one of the first to trade, you need to get the Sacred Key role by following two steps:
The first step is to receive new aquamarine “Temple Gates” roles in Discord. These roles are being assigned to Templars who perform certain acts of devotion. Each Enclave has designed their own acts of devotion that represent and resonate with the Enclave itself. If followed correctly, you will be awarded a new role. This will be your challenge this week. If followed incorrectly, ngmi. The instructions for the Temple Gates roles will be found in Discord.
At the end of this week, a new mini ritual will be announced where the Sacred Key role can be claimed. Observance, the Temple Discord bot, will offer the key in the order that it is claimed, but will pace it so the passageway through the Temple Gates does not get overcrowded. The process will be simple: a new command will be deployed that will allow the Sacred Key to be claimed in Discord. The Sacred Key is a signed message that you will take to the TempleDAO dapp and unlock access to the AMM.
Once you are inside the Temple Gates, you have access to the full AMM functionality: buy, sell, stake, join exit queue, earn Faith, … and so on.
You will have only one opportunity to submit your address correctly, so be prepared.
1/ The AMM is launching this weekend. Time to be announced.
2/ At launch, anybody holding the Sacred Key will get access to the AMM in an orderly fashion (Observance will sequence key delivery). You earn the right to claim the Sacred Key by gaining roles and paying attention as full details are drip- fed over the next few days.
3/ At 2021–12–19 09:57 UTC, Fire Ritualists will receive the Sacred Key automatically (although some of them will have already claimed it via the previous step). Fire Ritualists are a relatively small group compared to the Opening Ceremony and are the only ones with unlocked OGTEMPLE at this point.
4/ At 2021–12–19 21:57 UTC, the first Opening Ceremony participant unlocks. At this time, the permissioning on the AMM is removed, the gates are thrown open, and anyone can buy, sell, stake, etc. This includes your invited friends, etc. There are a number of price stability mechanics at play here: — Exit queue — Staggered unlocking over two weeks — Buy the dip bonus apy game (see next medium article) — New soft ceiling, allowing price to rise above 6x IV (as protocol mints) Read the linked tweet thread for more details on how this could all play out. Full details in the next medium article.
5/ The Temple Gates festival continues. One aquamarine role is not enough to gather all the additional benefits. The Temple Gates ritual will be happening for the next 2.5 weeks with events and competitions to earn rewards and bonuses along the way. Like always, details will come over time. For anyone wanting further details, including analysis of game theory and price stability mechanics, please read the linked tweet:
In our next article, we will detail the workings of this AMM and provide an updated take on Temple Economics.
In the meantime, see you in the #temple-gates-ritual channel in Discord.