Recap of the TotemFi AMA with Blockchain Space
On Thursday, April 1st, we had the pleasure to welcome to our Telegram chat:
Jolyon, The Co-founder of TotemFi .
We asked him questions about the development of TotemFi.
Q~ Introduce yourselves and your roles in TotemFi to Blockchain Space community?
A~ Normally take the AMA’s alongside my brother Harry who is one of the other co-founders but he an urgent meeting today so unfortunatley cant be with us.
Him and I got into crypto in 2013 when he was running tech conferences and in particular a btc stage where he booked Paul Gordon as the main speaker.
Paul is subsequently one of our strategic advisors on TotemFi so been a long ride through some crypto winters.
I have a background in corporate and international tax alongside a role as a CFO of a UK registered charity, but been focusing on TotemFi for the last 7 months and really exicted to contribute to the space.
Q~ What is TotemFi all about, what does it entail?
A~ Ok cool — so in a nutshell Totemfi is predicition market protocol.
Two of our main aim are:
- Driving real value creation
- and also accessibility to the space.
We will be creating a platform for users to predict items of particular interest (initially BTC price) whilst also enjoying the functionality and reward of staking.
We are focused on improving the real value of rewards by giving away BTC and also accessibility by having no penalties for incorrect predictions.
Q~ What are the usecases of $TOTM token and how does it capture the value of the ecosystem you’re building?
A~ So $totm will be the utility token for the ecosystem and will be required to enter into the prediciton pools, which in essence give you access to win BTC rewards.
Additionally, the token will soon have the onchain governance features to allow the community to vote for what prediction pools they would like to see, for example our intial pools will be focused on BTC, but further down the line there will be ETH, ADA, DOT etc as per the communities request.
Addtionally it will help vote on the mechanics of the pools (burn rate, duration, pool size in TOTM etc.)
We have some exciting promotional pools and ensuring the community decides what we develop will be key to this journey.
Cassiterite: It’s a nice thing these pools are not limited only to BTC, we’ll like to see other coins on the list.
Jolyon: Yeah and of course we’ll see non-price related events coming soon as well, i.e. political events such as stake and vote for trump vs vote for Biden. and there will be payouts for correct predicitions.
The key is that we want to bring interesting, engaging content to the community and make something that people want to interact with.
And of course with the non-punative predicition model that allows people to enter into predicitons without the fear of losing 20–100% of their stake.
So that means that people gain a staking return for being in the pool (60% APY) and in addition to this they get a BTC and TOTM reward for how accuate their predicition is comapred to other enterees.
Q~ How do BTC earnings and payout works through the TotemFi prediction protocol?
A~ Also let me add in a WIP of the UX, as that might help.
BTC rewards were introduced to try and help protect users real rate of return, this is becuase we’ve seen a number of high yielding protocols have high inflation rates.
This means that the high returns are negated — however if a majority of the rewards are in BTC (or other on-chain assets) this helps protect the user.
You can see from the ‘My Accounts’ page where you can track all the predicition pools you have entered into with all the relevant information (what you predicted, when it ends, what you’ve won etc) and subsequently claim your returns.
Q~ Explain how the Owl, Wolf and Fox staking pools work, and what are the differences between these pools?
A~ So in terms of the Fox, Wolf, Owl these are in line with our banding and the ecosystem we are trying to create. They will intially be different length pools.
The Fox being the most agile and therefore the shortest in time, with the Owl being percieved to have a longer foresight and therefore a longer length of pool.
The themes will run throughout all updates and releases, i.e. when liquidity mining is released, it will be a water-based animal, additionally different tokens will also be themed.
We’ve got an amazing design and branding team working behind the scenes to ensure all the dots are connected on this front!
QUESTIONS FROM TELEGRAM
Q~ I see you’ll be launching fully on Uniswap 2hours after the DuckSTARTER IDO has been completed, will you consider listing on Centralized exchanges in the future?
A~ Hi Amber — thanks for your question! You’ll have seen we just announced a partnership with Gate.io!
Q~ You guys are doing Ama’s in all group & almost answering same types of questions again and again? How do You feel about it?
A~ Good point — its important to try and explain the project to everyone willing to listen!
Q~ I liked one of your features that are Non-punitive Predictions. Can you explain how TotemFi works for staking and predicting without risking our stake? Why does the initial stake remain intact and without penalties for inaccurate predictions? How does TotemFi achieve this?
A~ Hi Al Bianco, thanks for your Q — there is a 3% recall feature on the token which means that the effective loss is transfered from the indivudal user to people who are just speculating on the token.
This means that people who interact with the protocol get the positive externality of this and the resultant BTC rewards.
This is becuase we wanted to build something that the community uses and is sufficiently rewarding to them — rather than people looking to just speculate on the price.
Q~ Does Totemfi support any form of “ staking, Farming “ at the moment ?
A~ We are issuing our token on April 6 and then have plans to bring out our staking and liquidity mining — stay tuned for updates.
Q~ Totem token will be used to enter into the predicition pools and staked for the fixed periods. How much token that need for each pools and how about the rewards?
A~ Hi Derry, thanks for your question — the minimum will be about $2–10 to enter into our staking pools hoping to be as inclusive as possible.
Whitelist closes on 4 April, we’ve also just announced this afternoon that we will be having a Dual IDO with Gate.io, hopefully this will drive loads of interest in various Asian juridictions.
It’s really nice having the TotemFi project in here!!!
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