LONDON, UK / ACCESSWIRE / August 23, 2021 / TotemFi, the staking-based, decentralised finance (DeFi) prediction markets platform this week launched its Mainnet Open Beta, achieving over $425,000 in total value locked (TVL) within the first 24 hours of launch. This amounts to c.700,000 TOTM tokens, around 15% of the total circulating supply. The platform's first staking pool - or Genesis Pool - was filled within 2.5 minutes of launch, with a capacity of 200,000 TOTM tokens, equivalent to roughly $125,000 at the time of writing.
Commenting on the highly successful launch, TotemFi CEO and Co Founder Jolyon Layard Horsfall stated: "The strong uptake our platform has received so soon after launch is testament both to the increasing awareness and popularity of DeFi prediction markets, and also the unique and innovative value propositions of the TotemFi platform. We set out, over a year ago, to deliver non-punitive, staking based predictions to the crypto community, and the launch of our Mainnet Open Beta represents the culmination and realisation of that vision. We're very excited for what the future has in store for TotemFi, the TOTM token, and the whole community."
TotemFi is the first prediction markets platform on the market to offer non-punitive predictions, meaning users don't incur any losses should their predictions prove to be inaccurate. TotemFi is also the first platform to offer rewards in both BTC as well as its native TOTM token, offering users opportunities for real value creation.
TotemFi's Open Beta platform features a BTC price prediction market, inviting users to speculate on the closing price of BTC on maturity of the pool. The platform's market offerings will later be expanded into further asset prices and real world event predictions. Users of the platform benefit from 100% APY earned on the TOTM they deposit into the staking pools.
Commenting on the launch and the platform's features, TotemFi Co Founder and CMO Harry Horsfall stated: "We want to thank our community for their continued and ongoing support of the project; the levels of engagement and enthusiasm we've seen around our platform launch have been phenomenal, and the high uptake and platform participation reflects this. From the inception of the project we've believed in rewarding the crypto community for their ability to accurately predict future asset class prices and real world events, and the substantial rewards we've made available on the platform reinforces this, and fosters an ethos of collaboration."
TotemFi's future plans for expansion include broadening their range of prediction markets, to include additional crypto prices, as well as additional asset classes and real-world events. In the longer term, the platform will allow for its participants to determine which markets are offered, via on chain governance. TotemFi also plans to introduce collaborative and enhanced reward features; the former of these will distribute rewards based on how close the weighted average of the prediction pool comes within a specified range of the price of BTC on maturity. The latter will distribute rewards based on how early participants enter into the staking pools. TotemFi will be releasing further information around their roadmap and upcoming initiatives shortly
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About TotemFi
TotemFi is a Decentralized Finance (DeFi) prediction platform which offers Bitcoin and native token rewards. The Decentralized Application (dApp) will utilize blockchain technology to solve issues with traditional markets. 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 penalized for inaccurate predictions. The aim is to broaden participation with our protocol as incumbent markets are typically complex with high financial risk for inaccuracy, which acts as a barrier to entry.
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SOURCE: TotemFi