Opening Ceremony Drop #3: The Ritual
As we pull back the curtains at the unveiling of the Opening Ceremony, Templars should prepare for more mysteries to be revealed.
Opening Ceremony Ritual Outline
- Preparations begin in the Discord.
- You will be called to make a Pilgrimage.
- Cooperation is helpful and perhaps necessary.
- Things will be seen and experienced.
- The devoted will complete the ritual and be blessed with genuine Sandalwood.
- The Sandalwood Incense will be bridged back to mainnet.
- With Sandalwood, you will be able to sacrifice $FRAX for $Temple.
We’ve literally broken metaverses, bridged discord-to-polygon-to-mainnet, and blown minds in preparation.
How it all begins
Are you verified, Templar?
Being !verified changes people. Not just through improvised song and prayer, but because it begins a connection with the Temple.
A spiritual connection.
Some say that connecting too closely with the divine can lead to a separation from “reality”. That it can lead to Echoing Whispers of Truth. A silent knowing of where the right path lay.
Is this a sign of flying too close to the sun?
Or the beginning of spiritual ascension?
Is this the path, or is this madness?
If you engage with Discord in The Way, you may find The Roles that take you deeper. You too may hear a quiet voice, echoing in your mind, whispering of temples, bags and endless chill.
They say The Way can be hard to find, but easy to follow. Some have earned it already, others will stumble into it blindly, others will deliberately achieve it. There are many ways one can find The Way.
But if you are wondering if you have found it, you should pray for clarity. In time you will know.
You will hear it too.
How Do You Complete the Ritual?
TempleDAO identifies and rewards its biggest supporters, and the Opening Ceremony Ritual is no different. It is not a difficult process, but to be the first to find your way through will require extreme faith, wisdom, and dedication.
Without explicit instructions, we expect that it will be very difficult to be the very first Templar to navigate the Opening Ceremony Ritual. However, just like any journey, it is easy with support from those who have gone before you. As more Templars complete the ritual, we expect the experienced to impart valuable insights to those still finding their way.
With the right knowledge, the ritual is straightforward.
Finding the right knowledge, however, is another matter. Not everything you hear in the dank corners of the Temple Discord is designed to lead you on the straightest path. There are no assurances that anything you hear outside of Medium/Announcements will be accurate. But if you get to know people in the community, you will find whom to trust.
There is value in completing the ritual quickly, as by Temple’s Safe Harvest method, the mint price on protocol will increase as Intrinsic Value rises. The sooner you complete the ritual, the sooner you can sacrifice your Sandalwood and $FRAX. The sooner you burn the $FRAX, the lower the price you will pay for $TEMPLE tokens.
The ritual is an elaborate public launch designed to filter for and reward devoted $TEMPLE holders.
How Do You Sacrifice Your $FRAX?
Note: we have made some changes to the way Sandalwood works after listening to the community. There was concern that the prior design would lead to blackmarket Sandalwood trade, providing ritual-level access to the Temple for whoever is willing to pay. This is of course against the principles of the Temple, so we made changes. You can’t buy divine blessings.
At the end of the Opening Ceremony Ritual you will receive 3 sticks of Sandalwood Incense (an ERC20 token).
You can bring this incense as an offering to the TempleDAO dApp. At the gates of the Temple, you will be assessed for authenticity. If you have the blessed mark of the Enclave deities, proving completion of the Opening Ceremony Ritual, you will be allowed to proceed. This confirmation will cost a small amount of Ethereum (~$10) and secures the entrance to the Temple.
Once welcomed inside the Temple, you will be able to return to the ritual space every 24 hours and sacrifice more $FRAX if you choose. This will start at 30,000 $FRAX limit and double in scale every 24 hours over a maximum of five days. All Temple staked through the Opening Ceremony Ritual will be locked for six weeks.
Note: Thanks to community contributions, zapping to $FRAX from other currencies (USDT, USDC, DAI) will be possible. You will be able to come to the Altar and zap into $FRAX through the TempleDAO dApp.
Temple is all about community, and some have wondered what is the best way to bring a close friend to the Opening Ceremony.
We are currently working on a new process to allow Templars to leave the name of a trusted associate at the front gates of the Temple. This will allow you to share some of your incense with a close friend, grant them access to the Temple to sacrifice a small amount of $FRAX and receive an almost-as-high APY. Perhaps this will be just the right nudge they need to get !verified and complete the Opening Ceremony themselves..
Harvest will be running regularly, so as $FRAX is sacrificed, Intrinsic Value will rise, rewards will be minted from Intrinsic Value growth, and the mint price on protocol will increase.
Can’t I just buy from the AMM and stake?
Yes. Shortly after the start of the Opening Ceremony ritual, the $TEMPLE/$FRAX liquidity pool will be deployed. Anyone will be able to buy $TEMPLE and stake it on protocol without doing any of the rituals.
- We expect it will be significantly cheaper to mint $TEMPLE on protocol via the ritual, rather than buying $TEMPLE from the AMM at market price
- If you stake without completing the ritual, you will get a lower EPY of 0.70% per day (~1,200%) however with no lock period — you can unstake at any time via the exit queue
- If you buy on the AMM, and also complete the Opening Ceremony, you will be able to roll any free $TEMPLE in your wallet into the ritual stake-and-lock contract alongside $TEMPLE minted from your $FRAX sacrifice
I’m a Fire Ritualist, Do I Need to Complete the Ritual?
If you wish to burn more $FRAX for $TEMPLE you must complete the new ritual like any other Templar.
If you do not wish to add to your current holdings, then no you do not.
However with the advent of the Opening Ceremony, staked Fire Ritualists will need to migrate to receive the higher APY received by Templars who have completed the Opening Ceremony Rituals. The rewards on the current (old) contract will drop to a lower rate intended for stakers who purchased their Temple on the AMM instead of earning their tokens through ritual offerings.
No need to panic, we will provide further details and there is no rush. The migration is designed so that it can be done at any time without losing any APY.
A final short Medium article with contract addresses will be released in the next few days. This article will mark the exact 24 hour count-down before the Opening Ceremony begins.
There is no limit to the number of people who can complete the Opening Ceremony. We have limited the amount that you can sacrifice per day, so that everyone has the opportunity to enter the Temple on equitable terms.
However, by returning over multiple days, you will be able to maximize the amount of incense you gather and thus the amount of $FRAX you will be allowed to sacrifice for $TEMPLE.
Those who want zero fuss: Buy on the AMM and stake for a fantastic APY.
Those who wish to Know the Temple, Know their Enclave, and Know Themselves will be rewarded accordingly.
Collect your Sandalwood. Share some with friends. But do remember that once you give some away, you will not be able to gather more.
Templars, we sincerely wish you a joyous Opening Ceremony.
It is a glorious time of celebration.
Remember to Pray.
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