Totem KAPEX, winner of the 20th auction on Polkadot, has opened its long-awaited Pledge contribution today at 10:00 UTC and it’s planned to last up to the 7th of August (21 days) this year at 23:59. What does the community need to know regarding this?
Brief Project description
Totem is a real-time peer-to-peer accounting ledger solution for enterprises and individuals looking to take accounting off their to-do lists. The network is built using substrate, allowing integration with the Polkadot relay chain. Totem Live Accounting is the customized protocol that enables verifiable, fraud-resistant communication of accurate verifiable data. The Totem live app serves as the user interface providing a template for entry.
What Totem brought to the table:
Zero need for Accounting Personnel: Bye-bye to the frustration associated with manually checking up with the accounting department. Totem does all the hard work in the background.
No need for accounting/blockchain expertise: using Totem is seamless, what’s only required is a two-step sign up and you are good to go
Data privacy: unlike accounting software vendors, you own your data with Totem.
Ubiquitous: Connection to (and do business) with anyone, anywhere, anytime.
The Pledge Contribution deal:
Note: participation is only open to those that contributed to the crowdloan of the project through the crowdloan module on Polkadot only. Hence it does not apply to crowdloan contributors from Centralised exchanges.
Totem devises a means to further bond with its community through the introduction of a second funds contribution campaign, the pledge participation. It is a non-binding signal of intent to further support the project in return for a reward of KAPEX tokens. This means that no funds are transferred at the moment and one can choose to change their mind at any time.
What’s in it for the participants?
All crowdloan contributors will be guaranteed a share of the Hard Cap (568,000 KAPEX). If they win the auction without reaching the Hard Cap, this will be paid pro-rata to their Crowdloan Contribution and fulfilled Pledge. This is in addition to their KAPEX allocations (based on actual contributions) and bonuses.
For every 1 DOT contributed to the Pledge, you will receive a minimum of 0.32 KAPEX. There are no limits to the amount one can commit.
In addition to the above rewards, further benefits include bonuses depending on whether the soft cap, hard cap, or target cap is reached. Check here for details.
Who manages the pledged funds?
Now that Totem has won a parachain slot, there will be an on-chain treasury module managed by the project’s team. Below is the plan on how those funds are allocated:
| Pledge Use of Funds | % Distribution |
| Development & Engineering Grant Program | 39% |
| Staff Network & Operations | 35% |
| Marketing | 15% |
| Contingency | 10% |
| Travel | 1% |