ChainIDE#34 Will Cult.DAO be the next DAO revolution?
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Messari’s annual report states that 2022 will be the year of the DAO. As of April 15, the number of DAOs has grown to 4,833, and the AUM has grown from $920 million in May last year to $11.8 billion, an increase of 1182%. There are 169 DAOs over $100 million.
Recently, the surge of Cult.DAO's token in the secondary market has led more and more people to study the logic of its project from Cult.DAO's token.
Cult.DAO officially released its first tweet on Twitter on January 20, 2022, and just over 2 months after its birth, it ushered in an outbreak at the end of March, skyrocketing 365 times in 9 days. The huge wealth effect, mysterious project party, KOL as "guardian", ideological blessing and other factors are mixed together, making CultDAO quickly become a hot topic in major communities.
Features of Cult.DAO
From a business logic point of view, CultDAO is a decentralized venture capital fund: the community votes on proposals, community members participate in the investment in a decentralized way through crowdfunding as investors, and then return the investment returns to CultDAO tokens in the form of dividends the pledgee.
But it is not an ordinary venture capital DAO. It uses a very provocative manifesto, a decentralized proposal and voting model, destroys the private key and the contract can never be changed. It takes the ideology of decentralization to the extreme.
Cult.DAO's Economic Model
CULTDAO issues tokens CULT, pledge CULT to obtain pledge certificate dCULT, and the top 50 holding dCULTs become "The Guardians", they have the right to propose DAO, but the guardians only have the right to propose, but not to the proposal Voting rights.
"The Many", that is, dCULT holders (dCULT is the pledge certificate generated by staking CULT) have the right to vote on the proposal but not the right to propose.
Under normal circumstances, the guardian initiates a vote, and dCULT holders vote to determine whether the project can be invested, and if it is rejected, it will be terminated. If the proposal is passed, 13 ETH will be allocated from the DAO treasury for investment.
The DAO treasury is funded from the 0.4% tax charged per transaction by the token CULT. When the treasury collects 15.5 ETH and there is a proposal that has been voted on, then the 15.5 ETH will be divided into two parts, of which the CULT worth 2.5 ETH will be destroyed in the black hole wallet, and the other 13 ETH will be invested in Items approved by the proposal.
After the invested project needs to issue tokens, the invested project party needs to sell the pre-agreed project tokens and exchange them for CULT. 50% of the CULT will be put into the black hole wallet, and the other 50% of the CULT will be distributed to the stakers of the CULT as a reward.
Discussion：
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Talk about what attracts you most about Cult.DAO?
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What do you think of "Cult.DAO will bring about a DAO revolution"?
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What are the problems Cult.DAO exitting?
Further Reading：
1.详解DAO的代币经济模型：不同类型的DAO是如何设计激励机制的?
3.Understand the mysterious Cult.DAO
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