With the high launching of ALT coins, a lot of new coins are tripping into the crypto space with or without good intentions.
Some of these coins are threaded with hype from social media and then get rug pulled, leaving innocent investors behind.
It is therefore necessary to trade at your own risk and do your research on whatever coin you which to invest in.
What is Cult coin?
Cult DAO(CULT) is a recent cryptocurrency built on the Ethereum blockchain to offer a high level of decentralization in the crypto space.
CULT is a native token of CULT DAO which means that trading CULT will contribute to the decentralized protocol by creating revenue for many decentralized projects. The money gotten from transactions is 0.4% and will be summed up for decentralized projects. Having a part of CULT can be staked into Cult DAO. The staked CULT becomes a dCULT, which means a proof of stake token.
In this process, your dCULT can be swapped back into the CULT token anytime, with no locking mechanism, including the staking rewards.
As long as people continue trading CULT, the decentralized nature will keep it running and sustainable.
Trading CULT is not limited to transactions alone but also, Guardians giving decentralized project proposals, and CULT members voting.
When it comes to proposals, it is not done by all members, but only CULT guardians.
And for a proposal to be passed, it needs to pass the following criteria;
- It must be against centralization: Able to be undergone without a central authority/force.
- Increase the adoption of decentralization: As said earlier, CULT is a decentralized project, therefore any proposal must conform to decentralization.
- Must be profitable: The proposal should satisfy the needs of the decentralized nature. It should be feasible and be able to be implemented.
Every member can bring a proposal, but it must be passed by the guardian. If the project passes the above criteria, and it’s submitted by a guardian, the project will be accepted.
The proposal also to be submitted must be submitted with some data, which are;
- The total supply of the project, if it’s a decentralized token to be launched.
- Projects percentage supply to be offered in return for 13ETH investment: As an investment, there should be a reward, so it will be broken down to understand the profits in the project.
- Tokenomics of the project: This will have the burning mechanism and the distribution plan of the token to be launched.
- Project white paper or audit
The goal of CULT DAO is to fund and support the people building and contributing to CULT’s decentralized future.
The coin just launched and has been launched on coinmarketCap, which has made few investors zoom into the coin.
Although no one knows how serious their project is, users are risking owning big positions of the coins after what other projects have done to them.
Meanwhile, some people see it as the next Shiba to change lives, till then we still watch the coin as no advice towards it can be given on this platform.
About CULT coin
The cult coin has a current
- market capitalisation of $229,865,615.
- Current price:$0.0000566.
- Circulating supply:4,044.89B CULT
- Volume:0.3983
How to Buy Cult Coin
From the coin’s website, you can buy on Uniswap through a dapp browser from your trusted wallet or any other wallet with dapp features.
- First of all, add the address of CULT DAO to your trust wallet. The official address is shown below.
0xf0f9D895aCa5c8678f706FB8216fa22957685A13
Check here on how to add token addresses on trustwallet.
- Get some Ethereum depending on how much CULT DAO you want to purchase.
- Now go to your dapp browser and open the link below;
- Your Uniswap interface will open below like this. Click on connect wallet and authorize the transaction.
- Select ETH as the first token and choose CULT DAO as the second token you want to swap to.
- Choose the amount of ETH you want to swap to CULT DAO
- Click on swap and authorize the transaction. Your CULT DAO tokens will be in your wallet successfully.
Disclaimer
This article is for informational purposes and doesn’t advise investments. Cryptocurrencies are volatile and unpredictable so you are to trade at your own risk.