🔮 TotemFi; Building a Staking Based High Yield Prediction Platform
Stake your BTC and native TOTM on the DeFi dApp
TotemFi is building a prediction platform where Bitcoin and native TOTM token hodlers can stake their coins, make predictions and earn staking rewards. TotemFi is a Decentralized Finance (DeFi) dApp built on the Ethereum blockchain.
The project’s prediction market strategy is based on Greek philosopher Aristotle’s ‘Wisdom of the crowd’ theory. This philosophy is based on the assumption that the average of a group of people’s predictions is better than any particular prediction from one member of the group.
🔓 How does it work
One of the main benefits for users interacting with the dApp is that it does not penalize users for being on the wrong side of a prediction. This way, users do not lose their tokens based on bad predictions. The prediction market on TotemFi is initially focused on Bitcoin. Later on other predication markets and related products will follow. The community will be involved in suggesting those products and prediction markets. The scope will rise after the initial launch phase.
According to their website the launch of the dApp I scheduled for Q3 of 2021, which is just around the corner.
By providing rewards in BTC as well as TOTM tokens, TotemFi aims to solve the high inflation rate on it’s native tokens.
Dual IDO on DuckSTARTER and launch at Gate.io
On April 6th at 2PM UTC, TotemFi will launch a dual IDO on DuckSTARTER launchpad as well as global cryptocurrency exchange Gate.io.
DuckSTARTER: There will be a total amount of 375,000 TOTM tokens for sale at DuckSTARTER at a sale price of $0.225 per token. There are 280 seats available for DuckSTARTER token holders to participate in the TotemFi TGE.
Gate.io: There will be a total amount of 88,888.89 TOTM tokens for sale at Gate.io at a sale price of $0.225 per token.
📒 TOTM utility token
The fuel to the network is TotemFi’s utility token TOTM. By staking TOTM on the platform, the network becomes more secure and robust. Staking TOTM adds value to the platform and you will get rewarded with additional TOTM tokens.
TOTM tokens are Ethereum based ERC-20 tokens. Ethereum smart contracts are a distinguished part of the TotemFi ecosystem. As the prediction pools are operated and executed through smart contract technology.
Initially there is a 3% burn requirement on staking and selling TOTM tokens. These tokens will be used to further expand the project, pay for operational gas fees and fund the prize pool with BTC rewards for distribution to stakers.
TOTM token supply is fixed at 10 million. The initial supply will be:
· Public sale 0.45m (4.5%)
· Liquidity pool 0.6m (6%)
· 20% of Strategic Round 0.3m (3%)
· 22.5% of Team Alocatiion 0.45m (4.5%)
· 8.3% of Advisor Tokens 0.071m (0.71%)
· 2.78% of Community Development 0.028m (0.28%)
· Total initial circulating supply = 1.9m (19%)
TotemFi is already off to a dashing start with a 120x oversubscribed strategic sale, in which $30 million was pledged. The strategic sale closed with a $ 255,000 raise, according to this TotemFi Medium post.
TotemFi is incubated by DuckDAO and it is collaborating with company’s like Certik, Ferrum Network, Blockpass, Trustology, Launchpool and Lepton. Strategic partners include; Alphabit, Altvest, Moonwhale, Bluenode Capital and Nabais Capital.
🔊 Concluding remarks
While there are several blockchain based prediction markets out there (like Augur, Gnosis and Polymarket), TotemFi adds more flavor, with the additional staking option and the fact that they are not penalizing users for making a bad prediction. This makes it more interesting for users to stay on the platform and interact with it more. With the countless amount of DeFi projects flooding the market, adding more flavor is necessary to stay relevant.
It’s low marketcap, in comparison to Augur and Gnosis, leaves a lot of room to grow and with recent DeFi project launches, TotemFi could really surprise in terms of ROI.
Disclaimer: I would like to state that I am not being incentivized for writing this article. This article is not intended as investment advice. You should always do your own research. All the information provided in this article is based on my own personal opinion. If you do decide you want to invest, only invest money you can afford to lose.
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