Cult DAO Breaks Down Recent Increase in CULT Treasury Volume

[PRESS RELEASE-London, UK, 12 April 2022]

Cult DAO is a community-driven, decentralized autonomous organisation. It published data about its hyper-deflationary token CULT, and gained the necessary momentum and volume to overcome an initial stage in anonymity. These math-backed revelations dispel any doubts about CULT being a meme currency. It is actually a sign of the token’s desire to challenge the top cryptocurrencies on the market.

According to Etherscan data the Cult DAO protocol has burned more than 1.725 billion tokens of CULT in the last two weeks. More specifically, the Cult DAO protocol burned 1,725,774,482CULT tokens between March 24 and April 8, 2022. This is roughly 25ETH.

Cult DAO Treasury accumulated 81.496 million CULT tokens over the same period. This is equivalent to nearly 130 ETH. Notable is the 0.4% transaction tax that the protocol collects, which it automatically sends to the Treasury. These funds will eventually be used to finance investments in decentralized technology.

Here is an average number of tokens that the Treasury has collected:

Additionally, April 11 saw more CULT being taken out of circulation than the previous two days with twice as many volumes. This is a perfect example of the power and influence of $CULT DAO.

Where do these additional tokens come?

The protocol currently has 1.9 trillion staked tokens, and 1.567 trillion that have been burned. Due to the project’s growing popularity, there has been a steady increase in treasury volumes. Simply put, an increase in activity means more tokens are transferred from the general circulation to the treasury.

You can see below the impact this had on the balance of the Treasury. The protocol accounts for the reduction in % as the tokens go from general circulation to treasury. The treasury fills faster than proposals send CULT out, which means that the supply is constantly being squeezed. The supply is always being squeezed.

The recent token movements did not slow down the increase in CULT balances within the Treasury. Cult DAO members The Many with voting rights, have actually helped increase the treasury volumes.

About Cult DAO

Cult DAO, a blockchain-based DAO, aims to accelerate decentralized finance revolution. It aims to empower people with the tools they need to “break away” from social, economic, and other norms. Users can vote for funding projects that focus on decentralized applications.

To support the development a fully decentralized economy, the protocol uses CULT (a hyper-deflationary token). Developers claim that CULT does not serve as a charity token, nor is it a speculative currency, unlike other deflationary tokens on the market.

Cult DAO uses 10,000 tokens for every 60,000 it raises. Cult DAO also employs a half-and half redistribution system, where 50% of tokens are burned and the rest go to dCULT holders. This happens when an investor project sells its tokens to CULT. If it continues on its current trajectory, CULT may be a contender to take on the most powerful projects in five years. It is possible that CULT could flip large crypto projects, as evidenced by its progress.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner