This proposal is to add a veBAL gauge for the new TEMPLE-DAI 80/20 weighted pool on Ethereum.
## References/Useful links:
Github Page: GitHub - TempleDAO/TempleDAO
## Protocol Description:
TempleDAO is a low-volatility yielding token with over $52M in TVL. TempleDAO was an early backer of Frax Finance by conducting its presale exclusively in FRAX, and became a top holder with one of the largest FRAX reserves ($137M). We are one of the largest non-AMO providers of FRAX liquidity on Curve. Since March, TempleDAO has spent over $800K at Pitch.money on veFXS holder bribes to evangelize the Frax ecosystem. We hope to continue to add value for the benefit of both Temple and Balancer as we diversify into Balancer technology and our liquidity. Our inaugural Balancer pool is a weighted LP pool TEMPLE/DAI 80/20 chosen for its high farming efficiency and low risk of impermanent loss.
This proposal aims to add a veBAL gauge for the TEMPLE/DAI 80/20 weighted pool. Platform BAL incentives would help deepen TEMPLE liquidity as weekly trading transaction volume on the Temple custom Uni v2 AMM has ranged between $4M to $5M for the past 30 days. The TEMPLE-FRAX gauge on Frax Finance currently has over $37M in total value locked (TVL) and we have provided close to $1mm USD value in FRAX and FXS in bribe incentives to drive liquidity into our FRAX gauge. If approved, we expect to do the same for our veBAL gauge and are in coordination with Hidden Hand to facilitate the incentivization and drive the Balancer bribe market narrative.
A Balancer LP would bring sizable TEMPLE trading volume to the Balancer platform and we plan to add more liquidity over time to maintain our share of the Balancer gauge rewards. We also plan to be active participants in Balancer governance as not only are we big fans of the technology, but also share a common vision of reducing price volatility, deep liquidity, and customizable asset exposure.
TempleDAO current team has been almost completely sourced from the community contributors. We started with a top-down nomination system for promotion and are currently in the early stages of implementing a Discord-integrated election system for promoting and demoting team members which will eventually lead to more decentralization.
TempleDAO does not rely on any external oracles. The intrinsic value per token used for price floor defense is coded into the contract: 0x22c2fE05f55F81Bf32310acD9a7C51c4d7b4e443. Our custom Uni v2 AMM has handled close to $300M in transaction volume since launch without any issues.
TempleDAO contracts have been fully audited by Peckshield. We also have a generous and on-going bug bounty system at hats.finance funded with over $300K USD in $TEMPLE rewards.
- The token is not upgradeable nor pausable;
- The owner has limited minting capabilities and cannot blacklist the contract;
- The team behind the token have shown that they have never abused nor committed any actions that would affect the integrity of the builders behind TempleDAO.
TEMPLE initiated its token presale in October of 2021 and public trading began on its own custom AMM on December 19, 2021. The $TEMPLE token price has exhibited extreme price stability for the past 5 months staying within a very narrow range above its intrinsic value price even with significant transaction volume. TempleDAO plans to use the veBAL/vlAURA voting system to boost BAL rewards for its TEMPLE LP along with TEMPLE subsidiary STAX Finance which will further drive more TVL into our LP through $STAX incentives.
The TempleDAO Team aims to be a major adopter of Balancer technology and bribe incentivizer for BAL emissions utilizing Redacted Cartel’s Hidden Hand (“HH”) platform to help accelerate and deepen our liquidity pool. Once the 80/20 TEMPLE/DAI pool is whitelisted for BAL rewards, our bribe incentives program would begin to promote trading, bribing, LP farming activity on Balancer.
Gauge Address: 0x7dfadb8c3230890a81dc9593110b63bc088740d4