Proposal: Onboard Tempus Finance (TEMP) with 100K BNT trading liquidity limit

Proposal to Whitelist Tempus Finance (TEMP) with 100,000 BNT trading liquidity limit

Hi everyone, Richard here from Tempus :wave:

For this proposal to pass, it requires a 35% quorum and 66.7% supermajority.

This proposal is expected to appear on Snapshot for voting on 2022-02-06T00:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.

TL;DR

  • Proposal to whitelist TEMP.

  • Trading Liquidity Limit of 100,000 BNT.

  • There are no security concerns that could prohibit whitelist status.

  • There is no reason to doubt the legitimacy of the Tempus Finance project. Tempus has integrated with DeFi blue chips such as Lido Finance, Compound, Aave, Yearn Finance and Rari Capital.

  • The benefit to Bancor is clear. Providing TEMP liquidity will attract token LPs from the Tempus Finance community to swap on Bancor, and increase protocol trade volume. Further integrations once TEMP is whitelisted can be pursued as well.

Token Address: 0xa36fdbbae3c9d55a1d67ee5821d53b50b63a1ab9

Project Website: Tempus Finance

Liquidity

The Deepest TEMP pools are:

The TEMP/USDC 0.3% Uniswap v3 pool with $5.93m liquidity, $37.64k daily volume, and an extrapolated APR from the 24hr fees of 2.32% [1].

The TEMP/WETH 80%/20% Balancer v2 pool with $4,666,180 liquidity, $53,872 daily volume, and an extrapolated APR from the 24hr fees of 1.13% [2].

A trading liquidity limit of 100,000BNT opens up space for at least $462k of liquidity in the pool, with BNT at $2.31. If the pool space is filled, a proposal to increase the trading liquidity limit can be proposed, as there are two much deeper TEMP pools on Ethereum.

Token Security

TEMP does not have an elastic supply, or rebase mechanism. The TEMP token has a current total supply of 1,000,000,000 TEMP. Contracts are standard ERC-20 OpenZeppelin contracts. The contracts don’t have admin privileges that grant unrestricted burning of tokens. Minting is allowed but is restricted to 2% of total supply per year.

The top 15 contract and addresses with the highest concentration of TEMP are Vesting and Proxy contracts, the Balancer TEMP/WETH 80%/20% vault contract, the Uniswap v3 USDC/TEMP pool contract, team wallets, Hats Finance Vault contract, and wallets with 1.2510%, 1.2500% and 0.1801% of supply.

Figure 1 - Top 15 contract and address with the highest concentration of TEMP [3]

Project

Tempus is a future yield tokenization and fixed rate protocol.

Most forms of yield farming return a variable rate of yield. This means that depositors can be subject to unpredictable fluctuations in their returns. Currently, there is no easy capital efficient way to obtain a fixed yield or otherwise speculate on the receivable rewards.

This is where Tempus steps in. Tempus has three different use cases, each of which offers a unique value proposition:

  1. Fix your future yield using any supported Yield Bearing Token (such as stETH, cDai).

  2. Speculate on the rate of future yield of any supported Yield Bearing Token.

  3. Provide liquidity to earn additional swap fees (on top of yield earned through yield farming protocols) by depositing any supported Yield Bearing Token.

Tokenomics

TEMP is the Tempus ERC-20 native token. It serves three roles: governance, staking to receive a share in network fees, and paying protocol fees. 1 billion TEMP tokens were minted at genesis and will become available over the course of three years.

Governance

TEMP holders can propose changes to the protocol via the Forum and Snapshot, including adjusting protocol-level fees, and treasury management.

TEMP holders will also be able to vote on how to spend funds that have accrued to the Tempus Treasury.

Staking

Tempus will earn fees from underlying trading activity in its pools. TEMP holders will be able to enable fees on deposits, withdrawals, and swaps on Tempus.

A portion of these fees will accrue to the Tempus Treasury, while some of them will accrue directly to those who stake their TEMP (Note; this is not yet released).

Protocol Fees

If TEMP holders vote to enable fees on deposits, withdrawals, and swaps on Tempus, TEMP holders will also be able to use their TEMP to pay for these fees (instead of paying in e.g. Ethereum).

Of the 1 billion TEMP minted at genesis, 70M TEMP were sold (and immediately unlocked) in a fair launch auction in November 2021. The remaining 930M TEMP will unlock gradually. The Tempus team has a 36-month vesting schedule and investors and advisors have a 30-month vesting schedule starting after Tempus’ mainnet launch on 15 December 2021.

The TEMP tokens allocated to the Tempus Treasury (for incentives for the benefit of the Tempus ecosystem) will also unlock over a similar timeframe. Token inflation of 2% per year can also be triggered by governance after 4 years. This is to ensure there is long-term development and community support available for Tempus.

Figure 2 - TEMP token unlock schedule.

Figure 3 - Initial three-year allocation of the 1 billion TEMP minted at genesis.

The Tempus Finance treasury is currently valued at $59,263,190.60.

Community and Communication

Tempus Finance is active on Telegram and Discord. The Tempus Finance team also operates official Twitter, and Medium accounts. The Tempus Github shows recent and active activity with the latest commit on the tempus-app repository on the 28th of January, at the time of writing.

Available Audits

Tempus has been audited by Coinspect and Code4rena. There is a $150,000 bug bounty on Immunefi and Hats Finance.

Market and Trading Data

  • TEMP’s price at the time of writing is $0.123673.

  • All-time high: $0.316441 (21st Nov 2021).

  • All-time low: $0.104535 (24th Jan 2022).

  • Price 90 days ago: $0.283315.

  • 66,839,439 TEMP in circulation, with a max and total supply of 1,000,000,000 TEMP.

  • The current market capitalization is $8,296,633.

  • The TEMP token is available on, among others, Uniswap v3, AEX and Balancer v2.

We appreciate Bancors community support on this proposal and a big thanks to @tfns and Steven for your help :handshake:

[1] Uniswap Info

[2] Balancer

3 Likes

Question - Will the TEMP team be interested in staking into the pool from the treasury?

2 Likes

GM Bancor community. I’m the BD Manager over at Tempus - it would be great to see us on Bancor!

3 Likes

Hi @eldude

It is for sure a consideration that we would be open to bringing to the Tempus community in the future.

2 Likes

Hello guys! This is David, co-founder of Tempus. We’re excited to be part of this!

2 Likes

Welcome to our forum @garai , looking forward to the voting!

2 Likes