May 8, 2021
TotemFi — AMA Summary
On Monday the 26th of April, the DuckDAO community had an AMA with TotemFi founders Jolyon and Harry Horsfall to learn more about their upcoming Mooncaster initiative.
TotemFi is an innovative DeFi prediction protocol that empowers individuals and groups to earn native $TOTM and BTC rewards.
Their vision is to create an accessible, minimal-risk platform that tokenises the ability to predict future asset prices and events. The protocol will harmonize incentives for individuals and the collective, as both sets are rewarded for their ability to forecast the future price of a given cryptocurrency (initially bitcoin). In addition, users are not penalised for inaccurate predictions. The aim is to broaden participation with the protocol as incumbent markets are typically complex with high financial risk for accuracy therefore acting as a barrier to entry.
Mooncaster is a new initiative from the TotemFi team, which will involve them partnering with the hottest upcoming crypto projects to secure pre-IDO token allocations which they’ll then distribute to the members of their community who make the most accurate predictions on what ATH price the token will reach after launch.
Helpful Links:
Participants:
TotemFi — Harry — CMO
TotemFi — Jolyon — CEO
DuckDAO — Pep — DuckDAO community representative
Please note that the following summary has been edited for clarity.
Pep
Welcome everyone to another DuckDAO AMA.
Today, we are once again joined by TotemFi founders Jolyon and Harry Horsfall.
On behalf of the DuckDAO community, I’d like to welcome you back to our channel :)
Harry
Thanks Pep
Pep
Hey guys!
Harry
Great to be back, it’s only been a few months, but I can tell you it feels like a lifetime!
Pep
Right? So much has happened…now you guys are crypto vets!
So this is like deja vu again :)
Jolyon
Thanks Pep — hope you’ve been keeping well
Looking forward to chatting again
Pep
You can now say “remember when we first started out?” lol
Harry
Haha not sure about VET’s but we have def aged :)
Pep
Oh you and me both!
Ok so let’s get started
Harry
Exciting times though
Pep
So our community is well aware of who you are and what TotemFi is… so lets talk about some more exciting stuff
Can you please give us a quick summary on how Mooncaster Events will work? Minimum TOTM required for staking, how rewards are earned and distributed etc.
Harry
Ofc, we’re extremely excited to be bringing an innovative idea to the space where we will be partnering with projects in their run up to launch. For the partnership we will secure a private sale allocation of the project which we will distribute to our community! We’ve seen the difficulty with these allocations being incredibly oversubscribed so wanted to bring an exciting and engaging way to give this.
For the moment whilst our devs are busy working to deliver the btc predictions MVP and now also the Mooncaster events (we’ve got seriously high espresso bills for the dev team..!) we’ll initially be running them in our VIP Totem Oracles group which requires people to have 500 Totem in their wallet.
Pep
Lol
Harry
This will eventually of course translate into a staking dApp as soon as possible!
We’ll be creating a bespoke TotemFi Moon Sheet for each project which will be shared for entry.
Pep
oh that will be fun
Harry
We are also on the hunt to add a new lead developer to the team. So if anyone here is keen to join, DM me.
Pep
Ok i’m sure there’s always someone talented listening in this crowd
Harry
Yea, the initial response from the likes of BoxMining and other people in the space has been really encouraging
Pep
oh that’s great exposure
BoxMining has an amazing community and really focuses on great innovative projects
Harry
yea 🙂
This is what it looks like in practice:
🚨 TotemFi’s debut Mooncaster event is now open! 🚨
🤝 Our first pre-IDO prediction event partner is groundbreaking NFT project Legends of Crypto
🥳🎉 We have 10 x $300 allocations in $LOCG, made available at their private sale price of $0.03
📈 Members of the Totem Oracles Telegram group are invited to predict what ATH price $LOCG will achieve in its first 24 hours after launch. The 10 Oracles who enter the closest predictions will be eligible for an allocation!
The participation process is broken down into the following steps:
1️⃣ Join the Totem Warriors — Oracles’ Den group: bit.ly/39XK4cm
2️⃣ Complete Collab.land verification, to show you’re hodling 500 TOTM
3️⃣ Fill in the form which is pinned in the Oracles group, and enter your price prediction for April 28!
✅ Following the event, everyone’s predictions will be sorted, and we’ll distribute allocations to the selected community members in line with the Legends of Crypto vesting schedule:
➡️ 15% unlocked at TGE
➡️ Remaining 85% vested over 10 months
🚀 We wish all of our Totem Oracles the best of luck, and we’re looking forward to seeing what everyone’s predictions are for $LOCG!
For full event details, see here: bit.ly/3nj8dzz
LFG ⚡️
Thanks for reading,
Team Totem
Pep
Ok so this is open now?
Jolyon
Yeah!
Pep
Cool!
Harry
#LFG
Jolyon
Your last chance to grab some LoC before it hits the markets
They’ve got some awesome stuff to come — so certainly a project to keep an eye on!
Pep
lol heck yeah!
What kind of prize sizes can we expect for successful participants? Is it a winner takes all type of event or can there be multiple winners/allocations awarded?
Jolyon
We’re very keen to ensure that as many of our community can benefit from the top tier allocations we secure. There is a delicate balance between increasing the number of successful candidates against the allocation sizes.
No one wants to be left with an allocation of $0.50 with infinite winners, but equally we want to ensure that one or two individuals are not left with the whole allocation at the top. We’ll take each Mooncaster on a case by case basis
Pep
Interesting!
Jolyon
Of course, taking on feedback from the community themselves on what is the most appropriate
Harry
For the Totem warriors by the warriors
Pep
Yeah… that’s one of the cool things about crypto projects that they’re very inclusive! 💪
What criteria will you use to assess projects that launch through Mooncaster events?
Can anyone participate with the IDO or there is a whitelisting process also to be taken?
Harry
That’s a great question — thanks Pep!
We will have an internal due diligence process where we assess the project’s fundamentals and meet with their team to discuss the potential partnership.
We want to ensure we are only bringing the very best projects to our community and know that our reputation relies on this!
Hopefully, as we expand our network we can get some extra special partnerships with other projects working in the pre-IDO space….
Pep
That sounds fantastic. It will really add more value and awareness to TotemFi
Harry
In terms of if anyone can join, you need to make sure you have 500 TOTM and join the Totem warrior — Oracle channel which is a telegram group a bit like the Duck ecosystem. If you hold 500 TOTM, you’re allowed in otherwise you’re kicked. This is just the MVP format, and we will be building this out on our Dapp soon.
The good news all this helps decrease the sell pressure for holders!
Pep
This is great as IMO it does help projects retain value on their coins while they’re still building out their ecosystem and making it stronger
As part of the NFT boom, do you plan to integrate any NFT functionality into the TotemFi platform? For example an NFT reward card for a number of successful predictions or something similar?
Jolyon
Haha, the magic acronym!
Exactly, NFT’s certainly are a seriously hot space and something Totem extremely interested in exploring
Pep
Totally hot!
Jolyon
We’ve been talking to a number of NFT projects and working hard to secure a partnership for the release with our dApp.
Our plan is to have accolades and similar collectible trophies for participation in our ecosystem. Ideally, these would be high utility NFTs where they give extra voting rights and other governance add ons, access to specific pools, etc. — this is still a WIP and we will announce any details as soon as we can.
So stay tuned on that one!
Pep
sounds exciting!
Harry
Yea we ran a recent prediction and someone in the community called the BTC price pretty much bang on!
Pep
Nice! I need to start participating in those — sounds like fun.
Currently, developers looking to launch a new project face the daunting task of building a fair pre-sale offering, attracting investors who support their vision, and then providing liquidity for their token.
Investors acting alone must sort through a crowded project landscape and create their own metrics to assess presales.
What is the process for developers to submit their IDOs to the Totemfi community for Mooncaster events? What requirements must they meet to be able to be included?
Harry
This is a great question and something we’re planning to discuss further as the Mooncaster series grows. At the moment we’re partnering with projects we’re familiar with and have relationships with the teams, but further down the line, we might look to incorporate an application form for slightly less well-known projects to apply for a Mooncaster partnership.
The requirements would likely be the same things we look for now — a great project, with a passionate team, and a token with a lot of compelling use cases and with promising tokenomics.
From that perspective, we’re always looking to build things that make sense and work for the community, and we are so proud of the initial community that has been constantly pinging us feedback and ideas to make it better, for example, atm we are calling the ATH in first 24 hours, but we may vote to update to the 24-hour close. The same few selection and decision-making criteria items are applied across the whole of our project.
Pep
Thanks for that detailed response.
With so many launchpads now live in the market, what role will the Mooncaster events play in the space? Is the goal for projects to have their primary launches through Mooncaster events or will they serve as secondary launches alongside DuckStarter, Ignition, Poolz, etc.?
Jolyon
At the moment we’re looking to provide an alternative, engaging and egalitarian way for our community to get involved in the best projects coming to the market.
Clearly, we’ve got some great links with the likes of DuckSTARTER and Poolz. Of course, we’re open-minded to some strategic partnerships that make sense — ones that add value for both parties and their communities.
Let’s see where that takes us!
Pep
Yeah, we’ll definitely stay tuned!
We have seen a few projects pivot to focus on Launchpad services given the popularity of IDOs in recent months.
What assurances can you give to early investors that the primary focus of TotemFi is still to build upon its prediction market service? What’s the next item on the roadmap/What’s next in the pipeline? :)
Harry
Yea that’s a great point.
We started this project to offer the crypto community access to decentralised, staking-based prediction markets, and we’re still 100% committed to that — without a doubt! The Mooncaster series is an extension to that, and a way for us to offer utility to the token and value to our community as we continue through our roadmap as initially set out and en route to the launch of our MVP which we’re seriously excited about.
Next up in the development roadmap is finalising the smart contracts and some finishing front end work, shortly followed by some beta testing. We’re working hard to get to market ahead of schedule and really deliver high quality. Keep your eyes peeled as we’ll be asking the community to volunteer for the beta testing round sooner rather than later!
Pep
This is great for the initial investors to know
Harry
Yea exactly
We still got their backs.
And we always set out with BTC predictions as the first step
We would move with the Warriors based on their feedback of what makes sense for their community
Pep
Perfect! You just won my respect. I had an issue with some other projects who totally and completely derailed from their initial vision.
Harry
It’s crypto and it moves fast, who knew the ducks would be running a bridge from ETH to BSC even a few weeks ago.
Pep
This is just an added layer, but the initial vision is still intact.
Harry
It’s very helpful, and a huge shout to the team for letting us use it
I have enjoyed using BSC and actually being able to send a small amount of TOTM and not pay more in fees than the tokens I was sending. 😅
What’s your take on Solana — hearing a lot of noise and hype around it.
Pep
I’m honestly not too familiar with it but I too have been hearing great things — It is on my list to research more.
Harry
Cult of Sam
Jolyon
The list continues to grow Pep 😂
Pep
Yeah… not sure if that’s a good thing? 🤷🏻♀️
Harry
Haha we digress, I love TOTM but am a massive crypto fan!
Pep
Lol all good..you guys are like old friends
Does the TotemFi team plan to run this initiative for a very long period of time or will the initiative come to an end as Totem staking goes live? What does the pipeline for Mooncaster projects look like?
Jolyon
That’s a great question!
And as our platform and community continue to expand we want to keep building relevant, rewarding and exciting features. This may well be an evolution of the Mooncaster idea alongside other innovative ways to use the tech we’re building. Importantly we’re in conversation with a lot of exciting projects and want to ensure we deliver high value add partnerships to the community.
We all know in crypto that the space moves at a million miles an hour — it’s important to have our strategy and vision clear and what we want to deliver on but also allow some flexibility to integrate specific features to our offering.
We’ve got an incredibly exciting pipeline, with some fantastic projects lined up for Mooncaster. We’ll be announcing our second partnership this week, so I can’t reveal too much now, but i’m pretty sure the community will like it
Pep
Well if you’re excited then I’m excited! And who doesn’t love announcements in crypto?
Harry
🤟
Pep
This was all really good stuff guys… let's see if there are any questions remaining from the community
Harry
Yea for sure
Pep
Can you guys stick around for a few minutes to answer a few more questions?
Ok you know the drill… I’ll unmute then mute
Jolyon
Haha ofc !
Duck (user @Idee01)
I read that members of Totemfi Oracles will predict what ATH price the project will achieve in their first 24hrs after launch. Which oracle services will Totemfi use to get accurate price data?
Harry
The initial plan is to use Devtools for the first one. There is no silver bullet, but as it’s the same for everyone this seemed like the best option. In the future, we will partner with Band/Chainlink to get an oracle to be a single point of truth.
Duck (user @xperia3)
People like to invest in the projects which they believe in and more importantly where they feel like in a family. Community connections have a key role nowadays for a successful project. My question is, what are your plans to create a core community?
Jolyon
Hey Xperia — thanks for joining the AMA and your question. The community has always been at the core of what we’re building, we’re keen to have people involved as much as possible as can be seen from our initial community competition. We’ve got another version in the making that will provide some roles and guidance on how the community can get involved!
Duck (user @iByrm)
Can you explain what a Pop-Up Pool is? How does it work, and what benefits does this LaunchPool partnership bring?
Harry
The launch pool guys are really great!! And we have known them for a while through our community. They had supported TOTM, and the concept is that people stake through the amount staked will get allo. Def check out the platform!!
Duck (user @radmaxco)
When will the world stop being afraid to use DeFi? What is TotemFi doing for the mass adoption of its technology?
Jolyon
Good question Max — one to take up with the no-coiners! TotemFi believes there’s an easy bridge in prediction markets to the traditional world given the fantastic solutions blockchain offers to traditional market problems. Long term hopefully we can deliver a dApp that can bring such individuals into engaging in the DeFi space
Duck (user @ngarokkauni)
I am a crypto investor and I only care about the prospect of crypto that I chose. Tell me the reason why I should choose the totem token over another existing one? What is your token advantage that can convince me to change from my favorite token?
Most investors focus only on the token price in the short term, not on the real value of the project. Can you talk about the benefits for long-term investors?
Harry
Hey Cantika, that’s really great to hear!! Sometimes people are very short-term and just want to flip a coin. We are building for the long term! Once our platform is live you will be able to stake your TOTM and win lots of prizes, we hope to give away over 1 million dollars of BTC to the totem warriors. One of the reasons for joining the community is we are having a lot of staking and predicting events, really adding some gamification to staking.
Also with the mooncaster you can get allo’s and with our market cap at the moment there is lots of room for growth. Our strategic partners are here for the long term!! It’s going to be an exciting ride and we hope to make the Totem warriors very happy! #LFG
Duck (user @Andiadtya10)
Why did you choose the BSC platform to create $TOTM?
Harry
The plan has always been to be multichain. We had a great opportunity to move onto BSC and it made sense for the project. Our community has enjoyed trading on pancake swap as it has reduced the number of fees that are needed to be paid on a specific trade. Hope this helps :)
Pep
Awesome… you guys were always great in answering the community questions. Things haven’t changed!
Harry
Thanks for all the questions!!! As always, ping me anytime if you have questions!
Pep
I can’t answer for all but I found great clarity with where you are and where you’re going.
Can you share your telegram channel again?
Harry
Pep
Perfect! Thanks for that
Jolyon
Thanks, Pep!
Harry
Have a great evening all!
Pep
Well, this was a great time again guys. I’m glad you came back to help the community where you first started out
Jolyon
Was good fun — can’t wait for the trilogy!
Pep
Super happy you haven’t forgotten us 🤗
Once a Duck…always a Duck!
Jolyon
Peace out!
Harry
#duckArmy
Pep
#duckArmy! 💪🐣
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