gm Good Contributors! 👋🏼
Last week, I recommended a DAO to Check.
Why? Well, because… a DAO inspired by Anonymous? We need to see that!
It's time to delve deeper into CultDAO.
DAOs Market Brief
💊 WTF is CultDAO?
CultDAO is a community-focused organization that supports decentralized projects.
In a world where people often follow the crowd, CultDAO is like a breath of fresh air.
Their mission is straightforward: they want to empower innovators who are breaking free from traditional norms and promoting decentralization.
They use the token CULT to facilitate transactions and encourage active participation on their platform.
CultDAO is run by its founders and developers, including:
Inside CultDAO's System
CultDAO's tokenomics are built on a decentralized and community-driven system.
Let's break down how CultDAO operates:
Fund Generation: Users engage with the CULT token, and each transaction incurs a 0.4% fee in CULT, which is collected in CultDAO's treasury.
Treasury: These accumulated fees in the treasury grow to reach 15.5 ETH.
Governance: "The Guardians," the top 50 dCULT holders, can propose projects but cannot vote on them. Other CULT holders, known as "The Many," hold voting rights in these proposals.
Proposals and Funding: Anyone, including investors, public figures, and community members, can submit proposals meeting specific criteria such as promoting decentralization and serving a noble cause.
Burn and Redistribution: Out of every 15.5 ETH raised, 2.5 ETH is burned, and the remainder is redistributed to dCULT holders.
Staking and Rewards: CULT holders can stake their tokens to earn dCULT. Rewards are distributed proportionally to dCULT holders.
Read full Manifesto here.
Is this model sustainable?
First, whenever you read about The Good Contributor, remember, NFA-DYOR!
Now, let's look at some key data:
CULT Price: $0.00000176
Marketcap: $7,443,134
Total Value Locked: $3,558,259.26
Treasury Balance: 49,651 ETH
Total Funds Sent: 1482 ETH
The treasury of CultDAO is currently facing some big challenges. This is mainly because they have the 100% of the funds tied up in CULT tokens.
The treasury used to be worth over $2 million, but it's now down to about $70,000 due to a drop in the price of CULT.
But there's still a chance for a comeback if the price of CULT makes x2 or x3. In the best-case scenario, if CULT reaches its ATH market capitalization of $300 million, the treasury could potentially go back up to $3 million.
One positive aspect is that they are transparent about their operations. Get more updates from the following sources:
Check the TokenomicsDAO study about CultDAO here.
DAOers Buidl, no matter what!
During the bear market, CultDAO community have been building 2 exciting projects:
Modulus - the first zkEVM powered by a DAO.
The Rug Game - an engaging gaming project.
Plus, they've added a new token called RVLT to their ecosystem.
Do Elon Musk and Vitalik Buterin Hold CULT?
Well, Vitalik's like the cool kid who gets all the airdrops, and yes, he's in.
Okay, he did sell some of his CULT tokens at one point, which had an impact on the treasury. However, it's knowledge that he still holds onto a portion of CULT tokens.
Maybe he's onto some “secret crypto sauce” that we're all missing out on? 🤔
As for Elon, all we really know is that one day he posted this tweet, and the CULT token's value shot up by over 70%.
And if you dig deeper, you'll find other big players in the mix, including the co-creator of Dogecoin and, surprise surprise, even Anonymous seems to be lurking around.
💡Conclusion: "Ideas are bulletproof"
CultDAO's way of doing things is pretty remarkable.
They've got an active community and a decision-making process that's a game-changer.
Sure, they've faced some bumps in the road during the bear market(who hasn't?), but this DAO has thrown over $3 million behind innovative projects, proving their commitment.
To keep the ball rolling, they need to boost their financial resources, get more folks on board, and keep backing groundbreaking ideas.
The whole notion of using DeFi to take on the “big shots” of the world is what hooked me into the Web3 realm.
CultDAO is not just a cool idea; it's a pretty darn epic! 🌟
“Beneath this mask there is more than flesh, beneath this mask there is an idea, and ideas are bulletproof.”
✅ DAOs to Check
What's SquiggleDAO all about?
It's a DAO built around a super successful NFT collection, Chromie Squiggle by Snowfro. Plus, they've been collaborating with some of the coolest DAOs, FlamingoDAO.
Stay tuned for more in-depth info, just like I've done with other DAOs. (SuperRare DAO, Decentraland DAO, Ape Coin DAO)
🗞️ DAOs News
👀 Visualize
-Listen to Kevin Owocki's interview with Artorias, co-founder of CultDAO