Cult DAO, the basis for a financial revolution?
There is no doubt that our world is plagued by many problems. Not only are there various viruses that have their sights set on the health of us humans, what about climate problems as well as, for example, the war between Ukraine in Russia? We all see this happening, but there’s not much we can argue against it.
Cult DAO, however, takes a different view. For her, she also sees these problems, but with her project she hopes to be able to do something about them. Curious to learn more about Cult DAO? Then be sure to keep reading!
What is Cult DAO and what exactly does it do?
Let’s first examine what Cult DAO is. This DAO has its treasury and token, and it is a decentralized autonomous organization. Honestly, it can be challenging to define this project’s specific nature. We can infer that Cult DAO gives equal attention to social and economic advancements. The treasury at the disposal of Cult DAO also has a particular function. As a result, it is especially meant to participate in investments in projects that satisfy several requirements. The three items listed below can be taken into account for these crucial criteria:
- The project must fight against centralisation;
- The project should promote decentralisation;
- A direct benefit for a good cause must be realized;
Voor de doelen geldt dat ze voorgedragen worden door de 50 grootste en dus belangrijkste stakers. Voor deze stakers geldt dat ze luisteren naar de naam “The Guardians”. Buiten deze 50 partijen wordt aan andere stakers de mogelijkheid aangeboden om te stemmen over het voorstel.
Om het stemmen evenals het doen van voorstellen te stimuleren wordt er gebruik gemaakt van een zogenaamde token burn. Voor elke 15,5 ETH van CULT welke wordt opgehaald geldt dat er 2,5 ETH wordt verbrand. De resterende 13 ETH gaat vervolgens naar het geïnvesteerde protocol of doel waarvoor werd gestemd.
What should you know about Cult DAO’s CULT token?
When we look closely at it, two coins are discovered to be a component of Cult DAO’s ecosystem. The more significant of the two coins is the so-called CULT token. She hears the term dCULT for the second token. The creation of this token itself was done for administrative purposes.
It is evident from the preceding that the CULT token is in charge of funding the treasury. Additionally, it can be used by investors as a speculative instrument. Since the project began, trading CULT has undoubtedly ensured that Cult DAO’s DOA treasury has gotten fairly full. The project will then have the resources needed to invest in decentralized projects. As of this writing, cultural transactions are used to do this. They have a 0.40 per cent transaction fee.
Discontinue CULT? Here’s what you need to know!
For the majority of crypto enthusiasts, they find it important that their holdings can deliver the best possible return. This certainly also applies to parties that hold CULT. For these people, in practice, they can very easily choose to discontinue their CULT. On the website of Cult DAO, there is a button which states ‘Launch App’. By clicking on this, you will end up in the application where you can simply click on ‘Stake CULT’. You can then indicate how much you wish to stake, after which you can complete the transaction.
It’s not just staking your CULT tokens. That is a simple process. Do you want to choose to unstake a certain part of your holdings at some point? In that case, you can click the ‘Withdraw’ button. After you have confirmed the transaction, you will immediately receive your tokens. In any case, there are a lot of interesting advantages to be attributed to the Cult DAO project. Not only is the motivation behind the creation of the project very noble, but by discontinuing the CULT token, it is also possible to realize a certain passive income for yourself. If you are interested in a world-improving project (on the blockchain), Cult DAO can be worth a look.