May 19, 2021
Recap of the TotemFi AMA with Blockchain Space
On Monday, May 17th, we had the pleasure to welcome to our Telegram chat:
Jolyon Horsfall, The CEO at TotemFi, and
Harry Horsfall, The Marketing Lead at TotemFi.
We asked them questions about the development of TotemFi.
INTRODUCTION
Q~ Please start off by introducing yourselves to our community and your roles in the team?
A~
Harry Horsfall : My name is Harry, LND based crypto fantic.
Been working in Crypto for the last 3 years, with an exchange called Luno which has been great base for learning the ropes. Now full time Defi, with Totem, i have been working on the marketing at Totem. I run the totem community known as Totem Warriors 🙂
Jolyon : Awesome, I’m Harry’s brother and CEO over at TotemFi.
We’ve been following the space very closely for a number of years and now excited to be contributing the the ever expanding ecosystem with TotemFi.
I worked in a more traditional finance role previously, but now fully focused on delivering in the crypto sphere.
Q~ What is TotemFi all about in detail, what problems inspired you to create TotemFi?
A~ TotemFi is a decentralized, staking-based 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.
We want to drive accessibility to prediction markets in a engaging, rewarding and innovative way.
Two specific probelms TotemFi is looking to solve are:
1. Real value creation, BTC & TOTM yields through our prediction protocol in combination with TOTM staking rewards. This is because so many DeFi protocols with high inflation rates have a very low real rate of return. Having BTC will help protect the absolute ROI for our users.
2. Accessibility, which has two parts:
- User-friendly design, simple prediction model with dynamic rewards calculator means we are building DeFi prediction markets for everyone.
- Non-punitive predictions, Stake and predict with no penalties for inaccurate predictions (no one wants to risk their prediction on when Elon’s tweets change mood!)
For the warriors by the warriors, being community led is pretty key to our mission.
Q~ Can you share with us the $TOTM token utility and discuss its tokenomics?
A~ We are not another dog meme coin ✅
Our goal is to make it interesting, rewarding, and easy to use prediction markets. The value of the TOTM token will be the access it provides to this functionality and earning BTC rewards. In addition the tokens will shortly have governance features which will allow creation of in demand prediction topics. Hopefully we can therefore combine making innovative tech whilst driving the value of the token. Additionally, with only 10 million total tokens with no further minting functionality, this should help drive the value of the tokens in the long run.
Additionally, we are creating a Mooncaster offering. This is where we secure a pre-sale allocation in upcoming projects which we will distribute directly to our community based on their ability to predict the first 24h performance.
This is an innovative and engaging way to distribute allocations rather than 400k people apply for a whitelist! We had our first Mooncaster complete, which was Legends of Crypto. That had a really amazing launch and provided awesome returns for our community.
Our next is the highly anticipated Ethermon, they have been working on NFTs since 2017 (very much ahead of the trend!). They have an extremely strong team and have been working hard to ensure their launch is going to be successful. Grab yourself some TOTM and head over to our main telegram group for more details about how to secure an allocation.
Their launch is tomorrow and if you missed their POLS whitelist - its your last chance to get an allocation.
We have a private sale allocation which is already 2.5x to public sale price - so dont miss out!
more info here:
Q~ Can you give us a rundown of your most exciting initiative to date; the launch of the pre-IDO prediction series “Mooncaster”?
A~ Yea to expand on the above point — Our Mooncaster event series is a way for members of our community to get into otherwise inaccessible pre-IDO token sales. We’ll be entering into strategic partnerships with soon-to-launch projects, and we’ll be offering allocations in their presale fundraising rounds to members of our community who are holding over 500 TOTM tokens, and are part of our exclusive Totem Oracles Telegram group.
We partnered with Poolz to amplify the exposure, uptake and accessibility of their exciting pipeline of highly anticipated upcoming IDO projects, and will extend the opportunity of entering into their pre-launch token sales to a wider network of investors. We’re very proud to be working with a project like Poolz who are as aligned with our vision as possible, and who will help facilitate the growth and expansion of our Mooncaster series.
It’s a really great MVP, and we are getting loads of feedback from the warriors.
Q~ Could you share with us, the recent progress and your future plans for TotemFi?
A~ Yea lots of exciting stuff, i’ve recently joined the board of GoodFi, which is looking to get 100million people into defi by 2025
We have also joined the Gitcoin accelerator Kernel, meeting with lots of other cool projects to help accelerate the TotemFi ecosystem.
Right now, a majority of our efforts are focused on bringing MVP to launch in the next month or so.
We’re looking to start beta testing with the community very soon and working to get an auditors slot booked in. This is in addition to building out the Mooncaster offering and the items mentioned above by Harry. So plenty going on!
Cant wait to roll out the product.
QUESTIONS FROM TELEGRAM
Q~ Concerning the TotemFi’s Mooncaster Pre-IDO allocation of $EMON tokens. What motivated Totemfi to partner with Ethermon on the launch of their $EMON tokens and how would the Totemfi community benefit from this partnership?
A~ Hi IYKE, thanks for your question — EMON was one of the first pioneers of NFTs creating them back in 2017. Additionally, they have an expert team behind them who have been building out their tech for a long time, they have an innovative revenue model in which is very unique and rewarding for their community.
I have high hopes for EMON !
Q~ How can we be part of the Totemfi team ambassadors? Any benefit associated with this?
A~ Hey great question festy, soon we will have Warriors reward pool. This is when 1000 totem, will be split bewteen the community memebers that do the most for the warriors in a month. We are always expanding the team with talented people from the community!
Q~ About three days ago TotemFi’s Ethermon Moncaster Event went live with allocations in $EMON, but for this a new tier of Totem Oracles have been added called “Elite”, could you tell me why this decision was made? How is it profitable?
A~ Hi Marie, thanks for your question. Yeah as with many other projects want want to provide a tier system to cater for all levels of TOTM Hodlers and therefore to incentivize the larger holders we wanted to bring in a new tier to thank them for their support!
Q~ In April 15th, Totemfi announced that it was migrating to BSC network. Apart from the reduced gas fee in BSC, what other factors inspired the decision to migrate and do you have plans of expanding further to other smart chains?
A~ Hey thanks for the question. As we all know ETH gas fee’s have been a major pain. Moving to BSC has allowed for people to do cheaper trsancation and great for us giving out community bountys such a 50 dollar refferal scheme. Also when our Dapp launches soon, will help with the lower fee’s. We are also looking at other chains to be cross chain. #LFG
Q~ 1. You stated that there are no losses for incorrect predictions or penalties. How is this financially possible? How are losses actually covered/paid for and by who?
2. How does the general process work? Once predictions are made and tokens are staked, are you then going into a secondary market and placing options on futures contracts? How are winnings generated?
A~ Hey JB, glad to see you in the AMA and thanks for your question
1) This is funded by the staking reserve and also the recall feature on the background trading/transfer of the token.
2) They are prediction pools so essentially combine staking and prediction to give you two types of rewards, staking interest and also the reward for how accurate your prediction is.
CONCLUSION
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It’s really nice having the TotemFi project in here!!!
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