Introduction to CULT Token
CULT is the tradable and liquid token of Cult DAO, a decentralized autonomous organization focused on funding projects that promote decentralization and fight against centralization. Each CULT transaction contributes 0.4% of its value to the DAO treasury, which is then used to invest in various decentralized technologies.
Staking CULT and dCULT
When CULT is staked in the Cult DAO, it becomes dCULT, which serves as a "proof of stake token." By staking CULT, users receive dCULT, which can be swapped back to CULT (plus any rewards earned) at any time. The funding process within Cult DAO is completely decentralized and relies on the continuous engagement of users and guardians.
Proposal Submission and Criteria
Proposals for funding can only be submitted by the top 50 holders, known as Guardians. Guardians cannot vote, ensuring that their decisions remain unbiased. Proposals must conform to one or more of the following criteria:
- Fight against centralization.
- Further the cause of decentralization.
- Directly benefit a noble cause.
- Proposal Requirements
Proposals can originate from various sources, including venture capitalists, community members, politicians, or activists, as long as they meet the criteria and are submitted by a Guardian. Proposals must include:
The total supply of the investee protocol token.
The percentage of the total supply being offered in return for a 13 ETH investment.
An audit of the token and any contracts if built.
The burn and distribution plan.
Burn and Distribution Plan
The burn and distribution plan outlines the vesting schedule for the investee protocol's token. It can be daily, weekly, fortnightly, or monthly but cannot extend beyond 18 months. For example, if ABC DAO promises 1.2% of its $ABC token, vesting once a month for 12 months, the investee company would swap 0.1% of its supply (1.2% over 12 months) of $ABC for $CULT. Half of the acquired CULT would be sent to a burn wallet, while the other half would be sent to the DAO and distributed to dCULT holders.
Cult DAO's Mission
Cult DAO aims to accelerate the collapse of the old financial system and challenge the authority of sovereign nations and central banks. By fostering decentralization, Cult DAO seeks to dismantle a system that perpetuates poverty and benefits the ruling class through inflation and debt.