Invest in the revolution! That is what Cult DAO is about. The anon team behind Cult is serious about this as well. They want to see the old financial system collapse. Furthermore, they believe in decentralization and a community. Hence, the DAO.
Does this sound interesting? That’s good because we are going to do a review of Cult DAO. So, without further ado, let’s see what is going on with Cult DAO.
What Is Cult DAO?
Cult DAO is fighting for a decentralized future. In the meantime, they want to undermine and fight centralization as much as possible. We already wrote an article about what a DAO is. Now, Cult DAO got as close to a DAO as a DAO possibly can be. They also have written a manifesto for their cause.
Source: Cult DAO
So, this DAO has a governance system in place, just as you would expect from a DAO. In this case, it means that the top 50 stakers of the CULT token are the Guardians. They are the only holders that can put a proposal forward to the DAO.
However, they cannot take part in the actual voting. In other words, everybody else who is not a Guardian, and stakes CULT, can vote. These are ‘the Many’.
The proposals they put forward should be investment requests and follow these guidelines:
- Fight Against Centralization
- Further the Cause of Decentralization
- Directly Benefit a Noble Cause
Now it’s up to the DAO to vote on these proposals and grant the requests.
Cult DAO did put a burning mechanism in place. This works as an incentive. Once the DAO raises 15.5 ETH in CULT, they burn 2.5 ETH. The remaining 13 ETH goes to the protocol of the investee or cause. Now the DAO redistributes the investees token the way the proposal commands.
What is arguably the most interesting part about Cult DAO? That nobody can stop Cult DAO. The whole protocol runs on smart contracts, no users, no DAO, or no government can stop this. Even if they destroy their servers, the code lives on.
What Are the CULT and dCULT Tokens?
Cult DAO has a two-token setup:
- The CULT token: It is a tradable token. Every transaction made with CULT will slowly fill the treasury. So, this is the money that the DAO uses for funding grants to proposals.
Each CULT transaction has a 0.4% transaction fee. The smart contracts automatically add this fee to the treasury. You can buy the Cult DAO crypto on Uniswap. However, also a handful of major CEXs like Gate.io and MEXC list CULT.
- The dCULT token: It is the token you receive once you stake CULT. This token is non-transferrable. The only way you can get it is by staking CULT. You can claim back your CULT tokens at any time when you unstake your CULT. You get your original stake back, plus any rewards.
“The tokenomics are designed to withstand, and even profit from, any crypto winter, while any price and volume surge to the upside allows the growth of all of the extra $CULT extracted at a cheaper cost.” 🔥#CultArmy #CULTDAO
24.5.22 👇https://t.co/L6GPjsHPu9
— I_M_CULT (@DudeShib) May 26, 2022
But how are the rewards paid? Remember, once the DAO approves a proposal, the DAO makes an investment. The project in question will now also redistribute the amount they agreed upon. Moreover, they do this by selling this specific allocation into CULT.
To clarify, they burn 50% by sending it to a dead wallet. The other 50% goes to the DAO. Now the stakers receive their share based on the amount of staked tokens.
How to Stake CULT Tokens?
Staking the CULT token is a straightforward process. On the app, navigate to ‘Stake CULT’.
- Click on ‘Stake CULT’.
- Fill out the amount CULT you want to stake.
- Approve the transaction.
- Complete the deposit.
Well done, you staked your CULT tokens.
Source: Cult DAO app
Therefore, if you want to unstake, click the ‘Withdraw’ button and confirm the transaction. The dCULT is automatically converted back to CULT. This will also include any rewards you received.
The CULT Price
According to CoinGecko, the CULT token price is currently $0.00001240. That is 8.9% down during the last 24-hours. However, during the last 7 days, CULT is up by 13.1%. The market cap is $50.8 million with 4 trillion CULT in circulation. The max supply is 6.66 trillion. What’s in a number, right! The total supply is 4.9 trillion. Cult reached its ATH just two months ago with $0.00007459.
Conclusion
Cult DAO is looking into fast-forwarding the collapse of the global economic order. In the process, they fund revolutionaries with the same idea. How that works, with the DAO governance, we explained in this article. Furthermore, we also showed how the CULT and dCULT tokens work in the Cult DAO platform. They believe in a strong community.
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