TotemFi
Crypto Overview
Overview
TotemFi is a decentralized prediction market protocol launched in 2021. The TOTM token is used for governance, staking, and accessing prediction markets within the TotemFi ecosystem.
Purpose and Utility
The stated purpose of TOTM is to enable users to participate in prediction markets and earn rewards through staking. The platform allows users to make price predictions on various assets while staking TOTM tokens.
Business Model Analysis
The core functionality revolves around prediction markets where users stake tokens to make price forecasts. While prediction markets can be concerning from a Shariah perspective, TotemFi's implementation appears to be structured more like a staking reward system rather than a zero-sum gambling mechanism. Users maintain ownership of their staked assets throughout the prediction process.
Development and Adoption
The project appears to have limited recent development activity based on public GitHub repositories. The token has seen decreased trading volume and market activity since its launch.
Token Distribution
Initial token distribution included allocations for team (15%), advisors (5%), and private/public sales (40%). Vesting schedules were implemented for team and advisor tokens.
Crypto Impact
To assign a comfort level investing in TotemFi from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to TotemFi.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.