TempleDAO Fire Ritual & Tokenomics

Phases? What phases?

  • Building the Temple for the long-term
  • Being community first and acting fairly in all aspects
  • Prioritizing stable wealth creation
  1. Gradually opening the protocol over a number of phases
  2. Stabilizing growth so we don’t boom too high too quickly (the hype is real)
  3. Prioritizing the most helpful community members (rather than whales, private deals, VCs, etc)
  4. Making access fair and accessible to all
  5. Being clear and transparent the whole time

What is the Fire Ritual?

  • The Fire Ritual follows the core mechanics and incentives of the protocol
  • Starting price will be $1.11 at a 6x multiple of Intrinsic Value and it will rise to just over $2.00 during the Fire Ritual as Intrinsic Value grows
  • There will be 21 days of the Fire Ritual
  • Each day a small group will be summoned to Burn Incense
  • Everyone in a day will pay the same price
  • Your amount of incense determines the maximum amount of stablecoins you can sacrifice
  • 1 incense = $1000
  • You will receive staked $TEMPLE for your stablecoin sacrifice
  • This $TEMPLE will be locked for 15–30 days after the Fire Ritual is completed
  • The specific day your $TEMPLE is unlocked is a randomly selected day between the first New Moon and Full Moon after the Opening Ceremony
  • There will be 160 incense burned on the first day, slowly increasing to 240 incense on the last day
  • The maximum stablecoins sacrificed during the Fire Ritual is $4,140,000
  • If you miss your summoning day, you can still participate at any time before the end of the Fire Ritual — however you will pay the price of that day
  • After each day, a Safe Harvest is run, calculating the growth in Intrinsic Value and rewards to mint
  • Therefore, the price will grow slowly each day as Intrinsic Value begins to climb
  • Once automatically staked, your $TEMPLE will automatically be receiving rewards
  • Staking rewards will be paid each day during the Fire Ritual, starting at 1% per day compounding or 3,687% APY

Who gets the Fire Ritual role?

  1. Participating and bringing vibes, asking questions, making suggestions, trolling the unverified (lol), laughing and hanging out with us
  2. Helping with marketing, writing tweet threads, evangelizing the best long-term stable wealth creation game in Defi
  3. Going out of your way to help the Temple: dozens of people have responded to our requests, introduced us to helpful people, and supported the community in sweet ways
  4. Sleeves up, building the Temple: our team has come together through Discord, and we hope it continues to grow from the community

Community Governance

  1. Safe Premium: The multiple of intrinsic value that determines the mint price on protocol for $TEMPLE. This determines the price ceiling and plays a key role in stabilising the Temple. The value is currently set to 6x. We have provided guidance of 3–6x and expect the multiple to be reduced over time as the protocol matures and price becomes increasingly stable.
  2. Harvest Distributions: As Intrinsic Value grows, $TEMPLE tokens are harvested from this growth and distributed to various pools. The values are currently set to: 35% to the staking pool, 15% to the liquidity pool, 10% to the bonus rewards pool, 20% to the DAO for operations and development of the roadmap, and 20% to Intrinsic Value growth.
  3. Unstake Queue: To promote stability, we limit the rate of unstaking from the Temple. This rate is not currently set as it will not be active until the end of the Fire Ritual. We anticipate it to be set around 3% of total supply able to be unstaked each day.
  4. Liquidity Incentives: We are still in discussion with a number of potential partners for liquidity, along with considering the standard staking rewards and deployment of our own liquidity pool. We will bring further details on these options to the community for discussion in coming weeks.
  5. Bonus Rewards: The Temple is designed with the future in mind, and a wide variety of bonus campaigns are able to be designed to incentivise positive actions for the protocol. This could reward long-term staking, positive behaviour supporting price stability, community participation, and so on. We expect good discussions on the best way to allocate this bonus reward pool to grow the Temple.

Important details, one more time..

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In a world of volatility, the Temple of long term wealth creation is where disciples come to stake, sleep easy, and chill. Join Discord: discord.gg/frCbCrGv2U