Authored by: @hetty-rowan

Will Bitcoin (BTC) hit the $100,000 mark in 2021?

At the moment, the last quarter of 2021, Bitcoin seems to be really on the rise again. With this, the predictions in which Bitcoin will exceed 100,000 by the end of 2021 certainly seem more plausible.

Are you now someone who is often right with your prediction in what Bitcoin will do? Then you may be able to profit from it.

TotemFi may be able to help you with that. With the collective knowledge of everyone, we are trying to find the answer to the question of what the future will bring for the price of Bitcoin. With a good prediction on TotemFi, you will make profits in TOTM tokens and BTC. Not entirely unimportant is that the platform also pretends that you cannot lose money with a wrong prediction.

Since this almost sounds TOO good to be true, it's time to take a look at how TotemFi works. It's a forecasting protocol, based on staking. But how does it really work? What is it and what does it do?

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Recap 2021 so far

It has been a turbulent year for crypto in general and for Bitcoin in particular. The first 2 quarters were met ATH on ATH. The DeFi and NFT market exploded with exciting projects that brought in a lot of money and also yielded nice profits. Altseason or not, Bitcoin steadily grew in value. Institutional investors also began to see the value of crypto. Tesla initially wanted to accept bitcoin payments and El Salvador wants to implement Bitcoin as a legal currency. At the beginning of the third quarter there was a nice correction (a buy the fucking dip moment, if you are someone who always sees the glass half full). For the people who see the glass half empty, it was a huge crash. Bitcoin and the rest of the cryptocurrency fell sharply. The low was in July 2021 when BTC plunged below USD 30,000.

Furthermore, the mother of cryptocurrency was under fire. China banned bitcoin, and also they banned crypto trading. This has happened before, but this time the mining industry was also tackled. Bad for the environment, too slow; even Elon Musk, the great ambassador of BTC, didn't think Bitcoin was chic anymore because of this.

But Bitcoin came back at the end of the third quarter and won. An all-time high of just over USD 67,000 was a fact on October 20, 2021.

Now the big question arises: will Bitcoin reach 100,000 by the end of 2021? This is a prediction made by several analysts. An example is PlanB, a Dutch analyst, who has devoted his entire life to analyzing Bitcoin. He is one of the people who says that Bitcoin will pass 100,000 USD before the end of 2021. The forecasts made on the basis of his stock-to-flow model are correct so far.

Now that the tension and expectations are mounting, wild predictions are being made, it is interesting to take a closer look at a platform like TotemFi. The platform tries to arrive at accurate predictions from the wisdom of the crypto community. With this DeFi application you can also make a profit with a correct prediction.

What is TotemFi?

TotemFi is a platform that enables a new Defi application, namely making a profit by predicting the value of Bitcoin. The profit in case of a good result is also paid out in Bitcoin and the native token of the TOTM platform. The developers behind the prediction protocol want to create a user-friendly platform that everyone can work with. Therefore, it is a non-punitive protocol. This means that everyone who participates in a prediction keeps their stake, even in case of incorrect predictions. Losing is therefore not possible according to the authors of the protocol. But how exactly does this work?

How does TotemFi work?

A well-known phenomenon in the workplace around a World Cup or European Championship: everyone puts in some money and can make his or her prediction about who will be the winner of a match or a tournament. Whoever is closest to the final result wins.

TotemFi works a bit on the same principle. But the joint prize pool is combined here with a staking pool. How this works exactly and why this makes the protocol unique, I explain further below.

In October 2021, Totemfi will have three pools or prize pools that you can participate in: Fox, Wolf and Owl. Each pool has its own size. With a certain number of participants, a pool is full. This is a fixed number and therefore different for each pool.

The duration also differs per pool. This is the time from when the pool is closed to make a bet and prediction until the date the prediction is made. The duration of the various pools ranges from 15 to 60 days. The Fox, the Owl and the Wolf have as their pool a fixed calculation for the prize money in Bitcoin. This amount is determined in USD, of which the corresponding amount of Bitcoin is then n the price of that moment is paid out. The more you bet, the bigger your winnings.

There are three stages to the pools:

Open - Anyone with 250 or more TOTM tokens can join. At a fixed time, or when the pool is full, the pool will be closed.
Locked - The time to make your prediction is over. All tokens are locked and cannot be removed from the pool.
Matured - The period of locking is over, Bitcoin's price on the specified date is known and winners can claim their winnings.

The stake for a pool has a minimum of 250 TOTM and no maximum. In October 2021, 250 TOTM is approximately USD 50. Below are the differences between the 3 pools in a row.

Owl

Smallest pool
Duration 15 days
Price at a deposit of 1000 TOTM varies around USD 380 on top of the deposit in October 2021

Wolf

Middle pile in size
Duration 30 days
Price at 1000 TOTM deposit varies around USD 1010 on top of the deposit in October 2021

Fox

Largest pool
Duration 60 days
Price at stake of 1000 TOTM varies and is around 1900 USD on top of the deposit in October 2021

How do you use TotemFi?

For this you first need TOTM, the native token of the platform. You enter this as an investment. TOTM is available through Uniswap, Binance and Gate.io. By linking your wallet, you create an account on the platform. For this you need a web3 wallet that is interoperable with the site. Metamask is suitable for this.

From your account and your wallet via the Launch dApp on the site, you can add tokens to the pools. With the contribution of the credits you can record your prediction about the price that Bitcoin will reach after the term.

What distinguishes TotemFi from other forecasting protocols is that instead of a specific price that you have to predict well, it also looks at a range between which the price may deviate. Suppose (this is just an example, for the exact ranges you can look on the site): you make the prediction that Bitcoin is at 80,000 USD on December 1, 2021. If the price is ultimately 79,500 or 80,500 USD, your prediction is still calculated correctly. So you don't have to get your prediction right 10 decimal places, but within a certain margin. The more TOTM you put in, the bigger this margin or range can be.

With a blockchain oracle protocol, the current price of Bitcoin is always accurately linked in TotemFi. An oracle protocol is a system that can link the values of assets to the data within a blockchain platform and also pass on fluctuations in this. For example, the value of gold can be linked to a token. In the case of TotemFi, of course, what matters is the value of Bitcoin.

If you have now predicted the correct result, you will receive the BTC and TOTM tokens. In the event of multiple winners, everything will be distributed pro rata. Whoever stakes first from the winners also wins the most.

The platform was launched in August 2021, so there are several additional possibilities in the planning. Collaborative rewards will also be added. This should be an implementation of the idea that the profits made by the wisdom of the crowd are also shared with all participants. For example, if more than half of the predictions are within USD 50 of the final price, everyone will get a reward.

In addition to prices in BTC, NFTs will also be awarded if the prediction is correct. You will also be able to make predictions for other cryptocurrency in the future.

The prediction pools work on a stake-based basis. The base of the pool is thus a staking mechanism. If you provide liquidity by staking tokens, you will be rewarded with some kind of merit in tokens at a normal pool. This principle also works with TotemFi's prediction pools. You stake the tokens you put in and get the normal winnings for this. If you have made a good prediction, you will receive the calculated reward in BTC and TotemFi tokens. If you make a wrong prediction, you keep your investment. However, a transaction fee is charged. But otherwise you can't lose your investment if you make a wrong prediction.

Are there any risks associated with TotemFi's pools?

Of course! As with any other DeFi applications, there are also risks associated with using these pools. Although you will not lose your stake with a wrong prediction, the value of the tokens can, for example, collapse. You will not lose your tokens, but you will lose value.

So always stay aware of the risks.

Who are the founders of TotemFi?

The goal of TotemFi is to mobilize the Wisdom of the Crowd in the crypto community, and thus make predictions about the price evolution of cryptocurrency more accurate. The Wisdom of the Crowd, the knowledge and wisdom of the group or community, is an idea of the philosopher Aristotle. Together, if we use all our knowledge and ideas When we put them together, we arrive at answers. According to the founders of TotemFi, this also contains the possibilities for making predictions in the field of crypto.

The average crypto enthusiast has their own idea about the development of the IPO. However, some forecasts are more valuable than others. But could we also arrive at an accurate prediction with all the knowledge and opinions together? The founders of TotemFi believe that this is possible.

That's why they developed the stake-based prediction protocol, which is also easy for everyone to understand. Several other prediction protocols for cryptocurrency or blockchain technology have already been developed. These have the disadvantage that they are complicated and often not combined with a staking pool. As a result, it works the same as the football pool with the European Championship: if your prediction is wrong, you lose your stake.

The founders of TotemFi are Jolyon and Harry, surnames are not posted on the team's site. They only have the name of their totem animal which probably symbolizes their character. Jolyon comes from the traditional tech and financial world. His resume shows that he is a champion of knowledge sharing and talent development. Besides CEO of TotemFi, he is CFO (financial director) of an organization that is committed to the mental well-being of students and ambassador of the organization that creates opportunities for talented and enterprising students.

Co-founder Harry, in terms of work experience, really comes from the crypto world. He has been an analyst and trader since the early days of crypto and was a marketing analyst at crypto exchange Luno.

The team also consists of CBO Henry, the Arctic fox. He is a brand manager and comes from the gaming industry. Finally, Dan is part of the team, he is responsible for PR and Communication.

A number of advisors

Also mentioned on the site. One example, Michael Gu, who runs one of the most popular crypto YouTube channels, box mining. Furthermore, Paul Gordon, founder of Coinscrum, is also one of the advisors.

Other strategic partners are:

Alphabit
altvest
Moonwhale
LD Capital
Bluenode Capital
Nabais Capital

TotemFi is built on Binance Smart Chain and Ethereum. The platform is supported by Certik, among others. This platform takes care of the security and audits of blockchain projects.

When was the TOTM token launched?

The TOTM token was launched on April 6, 2021 with a token sale. A whitelist was open for this from March 31 to April 4, 2021. Those on a whitelist have the right to buy during an exclusive presale. In total, the token sale raised USD 260,000.

There are a total of 10,000,000 TOTM tokens and over 5,300,000 of these are now in circulation. The launch of TOTM was facilitated via incubator platform DuckDao. This is a community driven platform that facilitates launches and ICOs (Initial Coin Offering).

In October 2021, TOTM's market cap is USD 2,282,579. TOTM's price entered the market at USD 5 in April 2021 and actually collapsed immediately after that. In July 2021, when Bitcoin was also at its lowest point, TOTM hit USD 0.09. With the launch on the mainnet in August, the price rose to almost 0.7 USD. The price will fluctuate around USD 0.2 in October 2021. The great profits are yet to come for TOTM. The trading volume has also been very low in the first half year after the launch of the protocol.

TotemFi is a platform that especially needs a large community. A large and involved community ensures liquidity and reliability of the protocol. TotemFi uses Telegram and Twitter on social media. TotemFi has just over 12,000 followers on Twitter and over 9,000 members on Telegram. The team also tries to raise awareness of the project through sponsoring and participation in trade fairs, for example. The community is indeed growing and the attention for the project is also growing. But TotemFi is certainly not a hype yet and does not seem to really stand out in the crypto world of 2021. This relative obscurity therefore seems to stand in the way of success at the moment.

Tokenomics

Then here are the tokenomics, the distribution of the tokens, of the TOTM. The distribution of the tokens is as follows:

Community Development 10%
Staking rewards 16.5%
Advisor 8.5%
Seed 4.5%
Liquidity Pool 6.0%
Private Sale 20%
Team 15%
Strategic 15%

Roadmap

The TotemFi site has a roadmap that runs from 2021 to the first quarter of 2022. The team is reasonably on track with the development of the platform.

The platform will be operational in the last quarter of 2021. In the next quarter, the focus will be on further developing the platform and bringing the first steps towards governance or governance to the community and. For the time being, the team is directing the rollout and development of TotemFi. But the plan is to put the governance with the holders of TOTM tokens.

The plans for the last quarter of 2021 are:

Chain interoperable
On-chain governance
On chain asset expansion
Launch TOTM rewards pools
dApp Expansion
Implementing community initiatives

In quarter 1 of 2022, the possibilities will be further expanded with:

Milestone prediction pools
Directional prediction pools
Pool analytics features
Soft stake

Conclusion

Will Bitcoin reach USD 100,000 before the end of 2021? You may still be able to make a profit with your prediction if you put it into one of TotemFi's prediction pools. But while Bitcoin at least seems to be rising before the end of the year, it remains to be seen whether TotemFi itself will also rise in value.

Although a transparent team with a clear vision and roadmap is working on the project, the project still has to prove itself. The protocols seem to work, but will only really pay off if enough people participate. It seems to be coming down from there now. Not only the wisdom of the crowd is needed to make the platform a success, but also the value of the crowd. At the moment it is still small trading volumes that run on the platform.

But if TotemFi gets a community behind it, this too can become a success story. Do you like a gamble (and cryptocurrency is actually a gamble in itself in many cases) then this might be an interesting project to keep an eye on.

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