Cult Dao Review: Legit or Scam Coin?

I have been meaning to run a cult dao review for a long time, having known about the token for while. Today is the day I compel myself to do that. Cult dao is gradually becoming one of the most popular coin on the crypto space. At the time of writing this review, Cult dao is currently one of the most viewed coins on coin market cap. This means that the token is enjoying the attention of many investors.

If you are curious about Cult Dao like I am, or you are a potential investor just getting to know about the token, or maybe you are holding the token, already  (this demography is usually very sensitive. Try to read the review with an open mind). I desire to make new investors (even old investors) understand what they are getting into, so I try to explain crypto in a clear manner by breaking down crypto terms or whatever the developers are trying to say in basic English. Before we get into the main review, however, we first need to establish an understanding.

we get into the main review, however, You need to know that “I’m not a banker or a financial expert, I don’t even consider myself a crypto ‘expert’ (whatever that means). I will not be held responsible for your financial decision. Crypto investments are high-risk, high-reward ventures. This article is just a guide, consider it alternative entertainment.”

What is Cult Dao

Cult DAO is a crypto arrangement that seeks to bring  the of the global economic institutions. They do this by funding the revolutionaries seeking the same goal.
BTransacting CULT will contribute to the protocol by filling the DAO treasury slowly, to fund investments into decentralised technologies. This is achieved due to a 0.4% collection on all CULT transactions. The token is listed on tier 2 exchanges for like-MEXC, Bitget, BKEX, Gate.io, and BitMart. You can find others listed on our crypto exchanges page.

Token’s being listed on exchanges like MEXC, Bitget is a strong sign the project is a serious one.  This is a green flag. Let’s go on to reviewing the website.

Also Read: Twoge Inu Token Review: Legit or Scam?

Cult Dao’s Website

Cult dao’s website is unlike many other  websites in the crypto space. By this I mean that it the website doesn’t look meme-ish. It has it’s own unique feel and audio that plays in the background makes it more unique. The  description begins by telling its visitors about it purpose.  According to the website,  “the purpose of Cult is to empower those contributing to our decentralized…”

The structure of Cult Dao

The 50 highest staking members (investors) in CULT are what is termed ‘The Guardians’. The Guardians are tasked to submit proposals to the DAO. However, they do not influence vote. These proposal must be requests for investment from protocols that need it, which match all or most of the below criteria: Fight Against Centralisation, further the Cause of Decentralisation and directly Benefit a Noble Cause. Votes are made by all CULT stakers who are not Guardians. Cult has a burn mechanism in place that works as an incentive. For every 15.5 ETH of CULT raised, 2.5 ETH is burned, and 13 ETH goes to the investee protocol or cause.

What makes Cult DAO Unique?

Cult is completely independent of any human control. It cannot be changed. No one can access liquidity, upgrade or edit cult’s smart contracts. Cult is different because it cannot be blocked, not by guardians, developers, governments, regulators, or anyone. They can destroy servers, but the code is still there, the investment in decentralized technology is still there. Decentralized technology still exists.

CULT STAKING

CULT staking is the point of the whole cult protocol. The users receive dCULT tokens as security for their deposit once staked. The user can then redeem at any moment at the initial amount placed. When a project proposal is accepted, the agreed-upon amount granted to the DAO is split 50/50. Half of it is burned, while the other half is transmitted to the DAO and allocated among CULT stakeholders. To vote or get rewards, the user must have staked tokens. However, to use the CULT network, there is no need to deposit funds for staking. Each transaction advances the project, and each token burn reduces circulation.

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Developers  behind Cult Dao

The developers of Cult Dao token are unknown. This is a red flag. Yeah, we know the protocol runs by itself. It is always nice to have a face to a project. There are rumours that the developers of Shib are people behind the token, which is for some a good thing and for other a bad thing. 

What investors are saying about this token

Like a cult, many investors into this project  are stubborn fans. This is what one
Jimmy Who said in a YouTube video’s comment section,

I follow you and watch your vids. You usually have great content and I learn things to be a better investor and trader. In this case however after careful thought, I think I’ll disagree with you. The crypto space shouldn’t be a pissing match and that’s what it’s becoming. I think we can both agree that at the end of it all, good projects will come out ahead and be profitable for investors and poorly run projects won’t. Let’s see which project is better for the space and investors in a year or even six months and see if you’re right. I’m Jimmy Who knows.

Conclusion

ByCult Dao has a very good following. I do not think the owners will run away with your money. However, the token’s ‘utility’ seem very weak and different compared to real projects with real use case.  So, there would always be doubt around it. I do not think it is scam.