TempleDAO is a decentralized autonomous organization aiming to offer DeFi users steady-growing, low-volatility assets. By offering a gamified metaverse experience, it helps DAOs re-imagine their products. It was founded by a group of anonymous individuals spread across the globe. Today, its team consists of 70 contributors.
TempleDAO overview
Here are the main features of the platform:
- Cryptocurrencies supported
Most of the core mechanics of TEMPLE have been integrated into the custom DEX of TempleDAO. As of now, the only trading pair available on this platform is TEMPLE-FRAX.
- Native token
The native token of this DAO is TEMPLE. It is a fractionally-backed, low-volatility, yield-bearing token. It acts as a middle-ground between hyper-volatile tokens and inflationary stable coins. You can also stake this token in exchange for yield.
- Funding methods
To buy TEMPLE tokens on this DEX, you need to hold FRAX coins in your wallet. If you don’t have any, you need to buy them from exchanges that sell FRAX.
- Wallets supported
Before you can swap tokens, you must connect your wallet to the Ethereum network. At this moment, it only supports the Metamask wallet.
How does TempleDAO work?
TempleDAO lets you perform the following actions:
- Swap tokens
In the regular trading mode, purchases and sales are routed to a standard constant-product AMM. While absorbing excess buy pressure, a portion of the purchases are routed to the constant-product AMM, and the rest is sent to the treasury. For defending intrinsic value, the sales are routed through the treasury which buys TEMPLE directly from the sellers and then burns it.
- Stake TEMPLE
When you stake TEMPLE tokens, you have the chance to receive OGTEMPLE at a certain ratio. Over time, due to yield distribution to stakers, the ratio increases, so you can redeem more TEMPLE by unstaking OGTEMPLE. While OGTEMPLE balance remains constant, the amount of redeemable TEMPLE tokens goes up daily.
- Participate in the opening ceremony
This is a gamified ritual where you need to complete quests to receive Sandalwood. The Sandalwood Incense is bridged back to the mainnet. With Sandalwood, it is possible to sacrifice FRAX tokens for TEMPLE.
- Temple defend
When the price of TEMPLE sinks below the intrinsic value, the protocol buys tokens from sellers at intrinsic values, which are then burned to keep the price above the threshold. Traders can also buy from DEXs and sell their tokens to the protocol at the floor price. This is achieved by staking the tokens with the protocol when Temple defend is active.
What can you buy on TempleDAO?
This DEX platform is based on the Ethereum blockchain. Since it was launched, Ethereum has been using a proof-of-work consensus mechanism. There aren’t many options when it comes to buying tokens on this platform. Currently, you can only exchange FRAX for TEMPLE and vice versa.
Is TempleDAO safe?
We were unable to find any audit reports for this DEX. Hence, there is no way to make sure that the smart contracts of this platform are free of critical or severe issues.
User reviews
At this moment, there are no user reviews for this decentralized exchange on trusted third-party websites.
TempleDAO fees, compatible wallets, and transactions
This platform is only compatible with the Metamask wallet. The vendor has not specified the swap fees for this DEX.
What are the ways to trade on TempleDAO?
To swap tokens, you must connect your wallet to the network first. After that, you need to click on Launch DAPP on the official website. This will take you to the exchange page where you can select the amount of FRAX or TEMPLE to swap.
You will be able to see the APY, intrinsic value, ratio, and treasury value. It is also possible to select the transaction speed. You can also buy TEMPLE from the middle portal in the Foyer Room. In case the transaction doesn’t pop up, you need to adjust the slippage.
Customer support
There is no dedicated support team. However, there is a vast community of traders on Discord who help each other. The channel currently has 17,650 members.