Yesterday, we participated in a great AMA in OverDose Gems group. We discussed our project. A summarized version of the AMA is below for your convenience.
Simply join our Telegram Channel with any further questions.
Before we even start talking about the project, can you tell us a little bit about yourself?
AndyToshi: My name is Andy. I studied computer science at university. I have several experiences in startups as a technical advisor. I’ve been in crypto for 5 years. Last year I’m in crypto 24/7, so know a lot of people and how most things work.
Can you tell us about the team? Are you kyc’d?
AndyToshi: The main person is dev Saito. Anon developer of the project. He is not very sociable but he is a great developer full of genius ideas. I’m an advisor in Totem NFT and helping to dev with project marketing.
Not KYC’d. It’s blockchain, not a bank) I believe that audited code and locked tokens for the team it’s better protection for investors, unlike KYC.
Did you have any previous projects?
AndyToshi: No, I work with Saito for the first time.
Did you have an audit?
AndyToshi: Yes. The source code is opensource, it’s fully verified on etherscan (including social links, logo, audit link) and audited by solidity.finance. It’s SAFU.
Tell us a little bit about Totem?
AndyToshi: I found this project on Medium after dev Saito posted the first article. I was surprised by the simple idea, — If you owner of the TOTEM Non-fungible token (ERC 721), you will get rewards automatically forever. You don't need to have ETH for Gas in your wallet, don’t need to keep ERC20 tokens. For example, I can send TOTEM to my friend to the new ETH account and he will get rewards instantly. It’s a viral type of new idea. Like was RFI, YFI, AMPL, or CORE from start. There will be hype around this project, I believe.
You said you redefine the concept of yield generation. let’s talk about it. please elaborate.
AndyToshi: Yield farming in DeFi is a way to make more crypto with your crypto. It’s done using ERC20 tokens on Ethereum (or analogs on other platforms). And there are few general steps you need:
Put your tokens in a smart contract (Stake, Lock)
Get back tokens from the smart contract (Unstake, Unlock)
In Totem NFT you can see a brand new concept of farming:
Not needed to have ERC20 tokens, no steps. You need just to be the owner of TOTEM NFT to get rewards. That's all.
How are you enabling users to earn rewards without holding tokens in the wallet?
AndyToshi: There is a cross-standards (ERC20 - ERC721) data link released in our smart contracts that allow getting rewards in ERC20 by holding ERC721 NFT. All TOTEM NFT owners receive an equal share of the total reward. If you have more than one TOTEM, you will receive the same part of the reward as the owner of one TOTEM. More TOTEMs do not mean more rewards
How are you using NFT in the project? You also said you will reduce the friction of smart contracts using NFT — how you do that?
AndyToshi: NFT is the core of the project. There are two kinds of tokens in Totem ecosystem: TEM (fungible ERC20 tokens, Max supply: 4,316,539 TEM) and TOTEM (Non-fungible tokens, Max supply 100 TOTEM)
I will copypasted here main Totem NFT rules for understanding our system:
- Only 100 TOTEM will be released ever;
- Each TOTEM will be offered for sale through decentralized auctions, one by one;
- Only TEM tokens accepted to buy TOTEM during the auction;
- All TEM tokens used in auctions will be burned;
- Each TOTEM auction lasts for two days. If there are no one bids during the auction, it will be extended until the first bid placed;
- Min. auction price for the first TOTEM is 500 TEM. Min. price for each next TOTEM will be 5% more expensive than the previous one;
- To get TEM rewards you must be an owner of one of the TOTEM. All TOTEM owners receive an equal share of the total reward. If you have more than one TOTEM, you will receive the same part of the reward as the owner of one TOTEM. More TOTEMs do not mean more rewards;
So, we designed the first real use case for NFT in DeFi. Using NFT we reduced the friction of smart contracts. NFT owners not needed to interact with the ERC20 smart contract. So, no Stake, Lock, Unstake, Unlock, Claim. This means if you Totem NFT owner, you don’t have to pay Gas.
What fees do you charge?
AndyToshi: The system works by applying a 1% fee for each TEM transaction and splitting this commission among all current TOTEM NFT owners instantly.
What is a smart pool, how it works?
AndyToshi: When 50th TOTEM will be distributed and min. 625,506 TEM will be burned, Users will be able to borrow TEM using TOTEM stored in their wallets as collateral from the smart pool. Max. available TEM amount for borrow for User will be an equivalent to the min. auction price when TOTEM was distributed. 5% Smart pool interest (in TEM tokens) will be burned after the pool will receive TEM back. There will be also an opportunity to lend any TEM amount p2p to other users and set your interest.
There is no need to return TEM what you borrowed, your TOTEM will do it for you.
Do you have examples of some NFTs?
AndyToshi: Shure, you can connect your wallet to Ropsten Test network to see NFT test auctions in the dashboard tab on our website. Here some pics:
Any marketing plans?
AndyToshi: Yep, at this moment we are negotiating with Elon Mask about a promo post on his Twitter about Totem NFT
Lol, if seriously, we prepare marketing companies in social networks involving influencers, promo at some information resources, articles, video reviews, etc
Anything you can share with respect to investor protections?
1. Mainnet launched, the system works perfectly
2. Smart contracts verified and audited from 3rd party, there are no issues
3. Fair distribution (from all total supply 4,316,539 TEM we have unlocked only 200k tokens for marketing and development)
How can the users stay updated with TOTEM NFT project? Are there any channels,or social medias where users can get the latest updates?