Totem Finance redefines the concept of yield generation in Decentralized Finance (DeFi). One of the main problems in DeFi protocols is the ridiculously high cost of Gas at Ethereum network. Totem technologies reducing the friction of smart-contracts interaction using Non-fungible tokens (NFT).
Now users don’t need to spend Gas for Stake, Unstake, or Claim rewards. And don’t need to hold ERC20 tokens in the wallet to earn rewards.
“All you need to get rewards is to be the owner of one of the TOTEM. That’s it.” Saito, dev.
There are two kinds of tokens in Totem Finance: TEM (fungible ERC20 tokens, Max supply: 4,316,539 TEM) and TOTEM (Non-fungible tokens, Max supply 100 TOTEM).
The system works by applying a 1% fee for each TEM transaction and splitting this commission among all current TOTEM NFT owners instantly.
TOTEM smart rules
- 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 5000 TEM. Min. price for each next TOTEM will be on 244 TEM 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;
- After the 50th TOTEM will be distributed through auction, Smart pool for Lending and Borrowing will be launched.
Lend and Borrow
When 50th TOTEM will be distributed, 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:)” Saito, dev.
Linking the parts together to get Smart Tokenomic
TEM tokens distribution:
- Max supply: 4,316,539 TEM
- Presale allocation **BURNED, no presale**: 1,305,012 TEM
- Uniswap liquidity: 1,305,012 TEM
- Smart pool (liquidity for lending to TOTEM owners): 1,305,012 TEM
- Marketing, team: 401,503 TEM
When all TOTEM will be distributed through auctions 1,706,515 TEM will be taken out of circulation via “burning”. At smart pool locked 1,305,012 TEM until circulation tokens exist (any lent TEM will get back using TOTEM). The smart pool will burn TEM from circulation via burning a 5% lending fee and will burn itself after circulation becomes insignificant.
Is it Reality or someone else’s Dream? Only the TOTEM owner can answer.
“TOTEM is an elegant solution for keeping track of reality”
