TempleDAO aims to become a presence similar to Frax and serve as a liquidity layer for protocols built on top of TempleDAO.

Written by: Samuel McCulloch

Translated by: TechFlow

TempleDAO was launched two years ago, and in this issue of the podcast, TempleDAO's leaders Miri and Lux discuss the rise of Temple over the years and the evolution of TempleDAO.

Since 2016, Miri has been a member of the crypto community and operated a company for six years before joining TempleDAO. He met Lux through another DAO, and together they embarked on a larger venture.

Lux transitioned from being a community contributor in Olympus Discord to becoming the master of TempleDAO's mysterious cave. It was the atmosphere of this online temple that drew him in and propelled Temple to new heights. From working hard in the Discord server to creating engaging memes and videos, his story is one of dedication. Lux's work in finance and product management highlights the importance of the culture that forms around token issuance in the crypto world.

Evolution of TempleDAO

TempleDAO initially started as a fork of Olympus and has continuously adapted to the changing trends in the crypto environment. As Lux mentioned, the concept of TempleDAO has evolved from "stake & chill" to simply "chill." Users only need to purchase Temple, and the protocol will work its magic without requiring additional staking steps.

Recently, they introduced RAMOS - Random Automated Market Operations, inspired by the FRAX AMO mechanism. The core purpose of RAMOS is to stabilize the trading range of the TEMPLE token and ensure its price corresponds to the growing treasury of TempleDAO, represented by the Treasury Price Index (TPI).

RAMOS is a dynamic price stabilization mechanism for the TEMPLE token, activated when its spot price deviates from the Treasury Price Index (TPI).

For example, if the spot price falls more than 1% below the TPI, potential rebalancing may occur randomly. However, if the price falls more than 3% below the TPI, rebalancing will be enforced. Conversely, if the spot price rises more than 3% above the TPI, RAMOS can add TEMPLE to the liquidity pool or withdraw stablecoins to strengthen the treasury.

RAMOS executes this AMO on its Balancer 50/50 TEMPLE/BB-A-USD LP.

While RAMOS's primary goal is to align the price of TEMPLE with TPI, TPI is not an absolute benchmark.

RAMOS also features a robust anti-manipulation mechanism, setting it apart from typical market protocols.

Firstly, it employs random timing for rebalancing, making prediction and manipulation difficult. This unpredictability means that rebalancing events may occur 2-3 times a day but will not persist.

Secondly, RAMOS dynamically determines the Balancer pool tokens (BPT) used in each rebalancing, selecting to withdraw 50%-100% based on price impact to align TEMPLE's price with TPI.

Finally, to encourage genuine price discovery, downward rebalancing is intentionally designed to be relatively mild, allowing TEMPLE to occasionally trade above TPI.

Origami: Temple's New Product

TempleDAO's Origami offers automatic compounding yield products based on underlying strategies, maximizing returns without sacrificing liquidity. The first strategy offered is for GLP and GMX on Arbitrum and Avalanche.

Origami was created to support the latest yield tokens and leverage, simplifying complex market leverage strategies into a straightforward staking experience using a money market model.

How does Origami work?

Users deposit tokens such as GMX or GLP into the vault and receive an Origami vault share token ("ovToken"). As staking rewards are captured and sold, the vault's reserve increases, raising the "reservePerShare" ratio - the ratio between the vault share token and circulating ovTokens.

Essentially, ovToken is a repricing token. Due to the compounding effect of yields, the vault's reserve grows faster than the vault share. Therefore, when users redeem their ovTokens, they receive more oTokens than the initial allocation.

In the initial "First Fold" stage of Origami, it only accepts GMX and GLP tokens. When these tokens are wrapped into Origami tokens ("oToken"), they represent the reserve for each ovToken. Users only need to deposit GMX to receive ovGMX.

Here's an example of a GMX vault:

• A user deposits 1 GMX, creating 1 oGMX. This GMX is then sent to gmx.io for yield, and user A receives 0.90 ovGMX.

• Origami earns yield on the GMX token.

• Upon redemption, the user returns 0.90 ovGMX and receives 1.17 GMX, representing a 17% increase from the initial deposit.

Origami charges a 5% fee on rewards harvested.

Conclusion

From its beginnings two years ago to its current position, TempleDAO has demonstrated the power of community-driven growth, resilience, and continuous evolution. As mentioned in the interview, TempleDAO aims to become a presence similar to Frax and serve as a liquidity layer for protocols built on top of TempleDAO. With Miri and Lux at the helm and a dedicated community of "Templars" behind them, TempleDAO has enormous potential to contribute to the DeFi space. The future looks bright for TempleDAO.

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