What is Cult DAO? 'The DAO' 2.0?

Transcript

Welcome Bankless Nation to a different episode of Bankless. This is going to be a little bit of an experiment. This is going to be a in a format that I think the more typical YouTuber might produce. I'm going to share a bunch of web pages, a bunch of screens, and talk about everything that I know about CultDAO. That's what we're talking about today, CultDAO. And which is apparently the first rule of CultDAO is that you talk about CultDAO. CultDAO came on my radar a number of months ago and I've been relatively quiet about it just because I haven't had the time to do my due diligence or do my vetting, but the token price has done something absolutely insane and now it is in the media sphere. And so I'm going from

somebody that was loosely paying attention to it to having gone down the rabbit hole. I fully went down the rabbit hole last night and Bankless we we make videos as our due diligence. And so now that I have done my due diligence I'm now well informed enough I think to actually produce a video about this. So that is what's going on here and there is a very interesting story behind CultDAO. There's a a lot of mythology, a lot of lore, a lot of vibes, very very intentfully crafted memes in CultDAO and it's gaining a ton of attention and so in order to satisfy the demand for information about CultDAO in this video I'm sharing everything that I know about

CultDAO. And it's a good story. It's a good story. It's going to be some some awesome content. So I'll talk about when I first heard about it, I'll talk about what I observed in the first two to three months of its existence, who else is involved in CultDAO because I've noticed a pattern of who across the crypto community is paying attention to CultDAO. There's a there's a through line there. And then after we kind of cover the details we'll it will get into the token, we'll get into the token economics, we'll get into how this thing started from scratch and how it got to be where it is today. Uh the bumps along the way, the successes along the way, uh but then we will end this uh show zooming out and putting CultDAO into the context of the greater crypto scene and trying to answer the question what

CultDAO actually is. Beyond what it says it is on the website, beyond what the community says it is in the Discord. I'm going to give my take as to what it actually is when you like zoom out and kind of view it holistically. Um so let's go ahead and get right into it. As we go through this, I'm going to share my screen, but the first part of the story has no visuals. Um uh I was pinged by my friend Evan McMullen, uh founder of a co-founder of Disco XYZ, had her on the show. Uh and she said that she just discovered this this thing called CultDAO, uh and it's a bunch of like internet anons with this weird cult thing going on, uh and that uh I should check my DMs because they're looking for me to become a guardian. And she just got pinged to become a guardian for

CultDAO. Uh I've definitely leaned into the whole fact that like crypto's basically one big cult uh composed by minor cults. Uh and Kevin Owocki put this idea in my head called a mimetic filter, uh that when you call something like a cult or a CultDAO, it really makes certain people say like no way, I'm never going to pay attention to that, and other people get really curious. Um and so the the whole cult branding definitely caught my eye, and Evan is somebody that I deeply respect and deeply trust. And so when I know that somebody is reaching out to Evan, uh and uh uh uh and Evan is telling me that they're in my DMs trying to get a hold of me, I'm like, "Okay, well, I trust myself. I also trust Evan, uh and so this is something interesting." And uh so I went

and checked my DMs, and this is where I'll start sharing my screen. This is the uh the DM that I was uh in in uh informed to go and check, and I'll read it out out loud here. This is from Mr. Mo Odules, which I'm assuming is a reference to something I'm not aware of, but there's a lot of like lore and like mythology in CultDAO, and so this is a kind of like the beginning of it. Hi David, this is an invitation to be a guardian of Cult DAO cultdao.io. You have been chosen amongst others due to your commitment to decentralization shown thus far. Cult DAO functions to invest in the revolution and seeks to bring our decentralized future forward in time. The token and smart contracts will automatically fund any approved proposals put forward by the guardians.

Cult DAO cannot be stopped and it has no human interference beyond what is coded to be accepted into proposals. There is no treasury to fund it individually. 0.4% of transactions will automatically fund the revolution. Your job as a trusted advocate of decentralization is to put forward the proposals you to be funded, but you cannot yourselves vote. So the the leaders the the guardians can't actually vote. They can only like sponsor proposals, right? They can only put proposals forth. 50 guardian spaces to fill. Our hope is for a diverse pool of genders and applicants if this can be achieved, but it is reliant if this can be achieved, but is reliant upon cooperation and how many responses come back from those we've reached out to. If you're interested, please respond interested to our email.

Find the Cult Manifesto, which we'll get into later. Uh this is the first message. A second will be sent to trace those who don't respond. All who uh respond will hear will hear back from us by the 20th of January at the very latest. Uh and so yeah, that that's that's mainly that. And so okay, like cool. Like Cult DAO up in my DMs. Uh I mean there I get a lot of DMs about people trying to get me to be a part of like their project, right? So this is kind of like par for the course um in terms of a request. This is not the typical way that I receive a request like this. There's this is much more information and um you know, sometimes things pass the gut test and sometimes a lot most things don't, but this was this one's definitely very unique. Um

I didn't see this because again my DMs are absolutely flooded all the time. So uh my my friend Evan again pointed me say, "Hey, there's like a Cult DAO in your Twitter DMs. You should go check it out." Uh so that's that's when I responded uh and I said, "Yeah, sure. Like send me the email." And then this is the email that I got just for you know, just for telling the story. An email from the abyss. Good evening and thank you for very much for your patience and intrigue. Allow me to give you more information. The launch is set here. You will you will see the that the flags are unlocked tokens etc.

etc. All guardians will are given 0.235% of the total supply of like what is that? 15 trillion cult tokens or billion or something. So I was told to respond to this email with my Ethereum address so that I could receive these cult tokens and become a guardian sponsor. 50 guardians all collectively own almost 12% of the supply. It is worth noting and this is kind of where where things start to get interesting about like the the culture of cult doubt. It's worth noting that this is not just a one-way street of trust. Yes, I am anonymous but I have had the contracts audited and KYC published. The liquidity is also locked.

I'm trusting you as the guardians to not dump on our community. Your tokens will be unlocked in Unicrypt but will vest immediately at the point of sale. This is because if they were locked, you would not be able to implement proposals as a smart contract would be counted as the guardian not yourselves in your own wallet. It's been highlighted that in an ideal world that that would vote on percentages and amount to be raised but unfortunately this is not an ideal world and people do not work for free. So this is why percentages cannot be changed as agreements have been made for those who have built and coded us to the highest of levels. Basically 12% with the guardians, 9% remains for the development team, 7.5 of which will be vested across 12 months leaving 79.4% remaining. 50% will be sold with the remaining 29.4% added to

the liquidity lock alongside alongside 60% of the ETH raised at launch. Because we wish for you to be the original guardians, we must cap the amount users can buy at 0.2% of the total supply. So, a minimum of 250 users will be needed to take part of the take part presuming that they all take 0.2% of the total supply. As mentioned, we do not seek to profit from this token sale. We will repay our developers cost half of the soft cap and any increased raise will go to marketing post launch. It will be useful to have you mention Cult Dao to your peers and on your socials to make sure that we do hit at least our soft cap others otherwise the whole launch will fail.

I'm going to skip a little bit but you can read it I read the rest. The email concludes with thank you for your service. Need needless to say we'll be monitoring to make sure nobody is treating this as a pump and dump. I'm confident with those who were offered Guardianship but it will would be remissed of me not to mention. Basically selling saying don't dump the token. Don't dump on the project which is you know obviously an interesting request when you know 50 Guardians are out there and they're giving out free tokens. This is a big um It's just a lot of trust coming from these anon developers to these Guardians. I had no idea who these people are still don't and so they're just like sending out Guardians of very healthy supply like 0.2% of the token supply per Guardian

and then just asking them hey don't dump. So, interesting. Again there's more to this story but we got to go through it linearly. So, I'm moderately intrigued but also just you know they're telling me I'm getting get sent tokens so sure. So, I respond exciting here's my very public NFT holding wallet. This is where I have my CryptoPunk and all my other MFs and all my other NFTs right? Like this is my public wallet doing the whole trust thing. So, if you're going to send me tokens do it on my public wallet so everyone can see what I get up to. They sent me the tokens. This is the new price of what it is and kind of why my brain has obviously been pointed towards Cult Dao. It's now a million dollars. So, 50 Guardians now have a million dollar free

airdrop from CultDAO. I got sent 52 days ago. At the time it was zero. At the time it was zero dollars. Uh So, this is this is this is a a little bit of an interesting story already. This is certainly a first for me. Uh this is a little bit astounding. Um I'm sure all the other Guardians are are feeling the same. Some of the Guardians I've talked to who I know other most of the Guardians I don't know. There are some Guardians that received the token and have defected and dumped the token and are receiving public shaming as a result. So, we'll talk about that, too. Uh this is overall an interesting project and again a rich story. So, we're going to get into all the other elements of the story, who the people are in CultDAO that I am a familiar with, uh what they will get into the

CultDAO website and all the information there. And again, we will uh pull up CoinGecko. We'll pull up uh historical analogies and we're going to try to figure out what the hell this thing actually is. But first, before we get there, we're going to have to for a moment talk about some of these fantastic sponsors that make this show possible. Arbitrum is an Ethereum layer-2 scaling solution that's going to completely change how we use DeFi and NFTs. Over 300 projects have already deployed to Arbitrum and the DeFi and NFT ecosystems are growing rapidly. Some of the coolest and newest NFT collections have chosen Arbitrum as their home. All the while DeFi protocols continue to see increased usage and liquidity. Using Arbitrum has never been easier, especially with the ability to deposit directly into Arbitrum through all the exchanges, including Binance, FTX, Huobi, and crypto.com. Once inside,

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Follow Maker on Twitter @makerdao and learn from the oldest and most resilient DAO in existence. All right, guys, and we're back. Okay, so call to action came out in my DMs, I responded, they sent me the tokens, their website was up and live, it was a well-formatted website, we'll get to that in a second. And so what happens next? What do I do next? Nothing really for me on my end. It's a little bit dubious for me to be like promoting this project that just sent me tokens as as one of as co-founder of Bankless, a media organization, so I don't say anything. Uh, you know, I you got to wait for things to get battle-tested by the by the by the the world, the universe, right? Like, I don't know who these people are. They're anons. I can't

promote this thing. Uh, and but uh, and and you you So, like, Mr. Mol Oldulus, the guy that connected me in the first place, uh, this is me going through the process of like getting on board as a guardian. Uh, and then I I heard that uh, William Peaster from Metaversal also had a ping out, and so I go and DM William say, "Hey, go check your DMs if you want to be a part of this." Um, I don't know if he did or not. I'm waiting to hear back from that. Uh, and then he the Mr. Mol Oldulus kind of took me through how this thing was going to get started. Uh, then the Cult sale on crypt on the Unix Unicrypt thing, the Unicrypt platform go goes live.

Uh, and this is the first time I'd ever use this. I'm not sure if the webpage is still up. So, this was the Unicrypt token sale for Cult. Uh, they had some some ETH gold ETH treasury goal, which they met, and so that officially launched off the project. Uh, and this is the first time I've used this. But uh, Mr. Mol Oldulus O Oldulus uh, is in my DMs, you know, like, "Hey, like, here's all the tweets. Can you promote? Can you promote?" Uh, and again, this is like relatively par for the course for my my Twitter DMs, except for the fact I've actually claimed these tokens.

Uh, and so I'm a little bit hesitant, cuz again, I it's hard to do due diligence on a project in its bootstrapping phase that are anon. The only confidence that I had is that you know, the website seemed to be uh, you know, well committed to, and the the vibes seemed seemed to be okay, but again, I didn't know, so I couldn't promote anything. Uh, and so kind of in my Twitter DMs uh, talking about promotion. I I engage a little bit. I try and connect them to Constitution DAO. Um, and you know, they they start doing these uh, mask sales, so I I retweeted some of the mask sales uh, to help like fund the treasury, but again, like generally ignoring the project.

Uh and then eventually this conversation moves to moves to Telegram. Uh the first thing I that the first tweet that I make uh is this one. If you're a decentralization maxi, because that's one of the big commitments that CultDAO has in his manifesto is committing towards decentralization, which is probably why they onboarded uh me and a few others as a a guardian because of the whole decentralization maximalism thing. Uh and so uh I love decentralization, and apparently CultDAO loves decentralization, so uh that's that's what happened here. Uh that this tweet got a little bit more traction than I expected it to for something that had never really been been live. Uh but it was that's really by by full extent as to the the promotion of these things in in that and the the whole uh masks thing, these 10

guardian masks, which are like meant to bootstrap the treasury with some ETH. Uh but that that was about it. But, here's what So, here's what starts to happen next. Uh the people that I come to discover are also paying attention to CultDAO are people that are around my periphery. Like people that I trust and as part of good organizations uh and have been around in crypto for a while. So, we're going to go through some of these things. I already I already listed one, Evan McMullin, who I deeply trust and respect and so many many other people deeply trust and respect. She's not part of the project, she was reached out to as a guardian, but it's an indication that like, okay, they're reaching out to people that I know and like. Uh same thing with William Peaster, great guy, like super honest.

And so, like two two marks as to, you know, thumbs up as to like they're selecting good guardians. Um Uh there's also uh this guy that got reached out to. I I don't know how to pronounce his name. I've never actually met him in person, Ary Iron, uh but I was connected to Iron via Trent Van Epps forever ago to do this whole BrightID thing. Uh so, like that was again, like Trent Van Epps is is very reputable character. Uh and so, kind of extending that legitimacy to this uh Iron individual. And Iron got compelled by by CultDAO, it looks like. Um there's also this guy who is in the uh the uh uh Cult DAO Discord, and I've seen Chris on Twitter. I have never met him in person, but he's been on Twitter for years now

uh engaging with some of my stuff and other things. And so, I I it's somebody is indication of somebody who's here for a long-term games rather than short-term games. So, we like long-term games. Also, Meta Dreamer is a guardian as well. And so, Meta Dreamer, I just had him on Layer Zero. Uh he is an embodiment of the right culture and values that make crypto work. So, again, like I'm just seeing a good selection process as to who and how Cult DAO chose its guardians, who it chose to give out tokens to. Uh and so, it's really helping establish uh legitimacy this way. There's also Crypto Bushi. Uh I don't know I don't know if uh yeah, I missed the uh Crypto Bushi um screenshot. Crypto Bushi out of the Bankless DAO, he's part of the the DAO Punks NFT project. Uh he is in uh in the

in the cult, if you will. Uh and so, like you know, he's a great guy. I have met him in person, and he is also a good guy. So, there's like a lot of people that I know and like that are all paying attention to Cult DAO. Uh and so, again, like adding to kind of the legitimacy of the project. There's also Sinjin. Sinjin is one of the DAO Punk guys. Uh he was one of the guys that has uh started doing apparel at Bankless, but then we But then he immediately went to Bankless DAO and started doing apparel for Bankless DAO. Like all of the sick Bankless DAO material, the the the the Ultrasound Summer, the the collegiate hoodie, all my fav Like I get swagged up cuz of Sinjin, and and I really like Sinjin. I I've hung out with him in real

life many times. And so, he's a he's a cult member. Uh and so, like these are all my friends. These are all my homies. Uh and so, uh at ETHDenver, here's the next part of the story. At ETHDenver, there is a lot of Cult DAO presence. Uh there's a lot of cult stickers. I don't know where they're coming from. Uh the people that are handing them out saying they also don't know where they're coming from. Uh they give me a cult sticker, so I put it on. I put it a little bit under my CryptoPunk uh sticker just again kind of leaving a breadcrumb because I'm also still not ready to promote this thing, but I forgot it was on my chest when I went on stage with Kevin O'Leary and Aaron Rodgers.

Uh so some people noticed that. Um Okay, so we're about to get into the CultDAO website, which is a website like none other in my opinion. Uh it explains the high-level mission of CultDAO. It also explains the token economics, but what's really cool about this CultDAO is the music and the speech that goes on while you uh peruse through the website. While you learn about CultDAO, there's a speech that that is spoken and I'll talk about where that speech comes from after you guys listen to it. Uh it's going to be like 3 minutes long to listen to the music and the and the speech. So if you just kind of want to fast forward cuz your attention span isn't that long, you can just fast forward through it where and I'll explain more things at the end.

But uh for entertainment value, it's really entertaining. It gives me shivers. So I'm going to let it ride. Here we go. I'm sorry. I don't want to be a an emperor. That's not my business. I don't want to rule or conquer anyone. I should like to help everyone if possible. Jew, Gentile, black man, white. We all want to help one another. Human beings are like that.

We want to live by each other's happiness, not by each other's misery. We don't want to hate and despise one another. In this world, there's room for everyone and the good earth is rich and can provide for everyone. The way of life can be free and beautiful, but we have lost the way. Greed has poisoned men's souls, has barricaded the world with hate, has goose-stepped us into misery and bloodshed. We have developed speed, but we have shut ourselves in. Machinery that gives abundance has left us in want. Our knowledge has made us cynical, our cleverness hard and unkind.

We think too much and feel too little. More than machinery, we need humanity. More than cleverness, we need kindness and gentleness. Without these qualities, life will be violent and all will be lost. The airplane and the radio have brought us closer together. The very nature of these inventions cries out for the goodness in men. Cries out for universal brotherhood, for the unity of us all. Even now my voice is reaching millions throughout the world. Millions of despairing men, women, and little children. Victims of a system that makes men torture and imprison innocent people.

To those who can hear me, I say, "Do not despair. The misery that is now upon us is but the passing of greed, the bitterness of men who fear the way of human progress. The hate of men will pass and dictators die, and the power they took from the people will return to the people. And so long as men die, liberty will never perish." Soldiers, don't give yourselves to brutes, men who despise you, enslave you, who regiment your lives, tell you what to do, what to think, or what to feel, who drill you, diet you, treat you like cattle, USE YOU AS CANNON FODDER.

DON'T GIVE YOURSELVES TO these unnatural men, machine men with machine minds and machine hearts. You are not machines. YOU ARE NOT CATTLE. YOU are men. You have the love of humanity in your hearts. You don't hate. Only the unloved hate, the unloved and the unnatural. Soldiers, don't fight for slavery. Fight for liberty. In the 17th chapter of St. Luke it is written, "The kingdom of God is within man, not one man, nor a group of men, but in all men, IN YOU." YOU, the people, have the power, the power to create machines, the power to create happiness. YOU, THE PEOPLE, HAVE THE POWER to make this life free and beautiful, to make this life a wonderful adventure. Then in the name of democracy, LET US USE THAT POWER. LET US

ALL UNITE. LET US FIGHT FOR A NEW WORLD, a decent world that will give men a chance to work, that will give you the future and old age of security. By the promise of these things, brutes have risen to power, but they lie. They do not fulfill that promise. They never will. DICTATORS FREE THEMSELVES, BUT THEY ENSLAVE THE PEOPLE. NOW, let us FIGHT TO FULFILL THAT PROMISE. LET US FIGHT TO FREE THE WORLD, to do away with national barriers, to do away with greed, with hate and intolerance. Let us fight for a world of reason, a world where science and progress will lead to all men's happiness.

Soldiers, IN THE NAME OF DEMOCRACY, LET US ALL UNITE. ALL RIGHT, SO THAT'S THE CULT DAO website. Uh and it's I went had to go through it twice cuz the speech was so long. Where is that speech? Where is that speech? That's the Charlie Chaplin final speech from The Great Dictator. Uh and and here it is. I'll put the link in the show notes. This is the actual speech. Uh but there there's some notes at the end that I thought were pretty interesting that I want to read out cuz it explains the lore and the choices that the people behind Cult DAO have

made as what the What are they referencing? What do they care about? Because this is establishing the culture of the DAO. Uh The Great Dictator was Charlie Chaplin's first film with dialogue. Chaplin play plays both a little Jewish barber living in the ghetto and Hynkel, the dictator ruler of Tomania. In his autobiography, Chaplin quotes himself as having once said, "One doesn't have to be a Jew to be anti-Nazi. All one has to do is be a decent a normal decent human being." Chaplin and Hitler were born within 1 week of another. There is something uncanny in the resemblance between the little and Adolf Hitler representing opposite poles of humanity, writes Chaplin biographer David Robinson, reproducing an unsaid article from the Spectator dated April

1st 1939. Okay, uncanny resemblance between Little and Adolf Hitler representing opposite poles of humanity. This is where I think this really gets interesting and this is an interesting like thing to tug on and only somebody that deeply cares about like history and references and values and making sure that humans don't repeat the past would really pay attention to this. And so this is kind of where I started to get clued into I who I think is behind Cult Dao. Apparently I'm wrong about that, but it's part of the story. Uh To me, Cult Dao at this point in my understanding, it's chaotic good. It's chaotic good where where Hitler was like lawful evil.

Uh Cult Dao is chaotic good. Uh and so they are taking like cult in again as a memetic filter and I'll explain what that is to really just vet who actually cares about Cult Dao. Uh and it's it's using this whole like chaotic good, we're going to be decentralization decentralization maximalists. We're going to wear these cult masks. We're going to have these We're going to do it and on. We're going to do it decentralized. We're going to do it from the bottom up. Uh and it's going to be It's going to really just It's going to fight fire with fire. We're going to whereas like there's there's bad anons, but we are good anons.

Where Hitler represents like top-down totalitarian control, control of thought, control of of control of a country, this is bottom-up. This is order through chaos. This is goodness through chaos. I don't know. I thought it I thought it was elegant. I really like the lower parts of these things. A lot of the vibes out of Cult Dao come from the Cult Dao manifesto, which is what we'll get into next. I have my suspicions as to who is behind Cult Dao. It very much feels like a logical progression out of with Dao. There are some control theory elements in this as well. The the self-perpetuating uh cycle of the poor 4% tax into funding will always exist as so long as the token is

traded. Uh the decentralization maxi uh elements is indication of of somebody that I know in this industry. Um Uh so is the writing in the manifesto. The manifesto and I thought left a lot of breadcrumbs as to who was behind this. My idea was that it was Ameen Soleimani, who was the founder of Moloch DAO, who uh you know talks about cults and mimetic filters and and stuff like this. I hit Ameen up and it was like, "Yo, uh the the Cult DAO manifesto has your fingerprints all over it, dude." And he was like, "What's Cult DAO?" Uh and I sent him the link and he was like, "Oh, this is cool. I like the memes." Uh and uh declined being of involved in it at all. So, I guess I got uh after that, I have no idea who's who Mr. Omo Odules

is. Um but the writing style I enjoy. I love the lore. Uh I love the vibes um about who's behind this and what this project is committed to. I thought it was Ameen Soleimani. I told Ameen like, "I want this to be you." And he said, "It's not me, bro." Uh so, I got no clue. But uh I mean it makes a lot but it shares a lot of values of people that came in to and were present in this crypto industry before the 2021 bull run, which gives me a little bit of trust in this project as well. So, here it is. You can access it on the website. Um first off, love the word manifesto.

Again, the word manifesto turns a lot of people off except it turns people who are on the frontier who are curious on uh and who are definitely like mission-driven. The word manifesto finds mission-driven people, I think. Uh and so, good evening. Allow me to first apologize for this interruption. I do, like many of you, appreciate the comforts of everyday routine. Some people might be familiar with this. This is something out of V for Vendetta. Again, establishing like the lore and the culture around Cult DAO. I'm not I need to read this out. You can go read it for yourself.

Before we get any further into this, um talking about memetic filter is something that uh Ameen uh gave out to the world. Moloch memetic filter strong. And CultDao has a lot of similarities to MolochDao, which was one of the first DAOs that made DAOs cool again. It was an It was an old grants-giving DAO that all you would do is you would put Ether into the DAO and then you would vote to where to send Ether. It was in the depths of the bear market, the community, me Ameen Soleimani particularly, realized that we need to fund our core devs. We need to vend uh fund our client teams. We need to uh fund Ethereum research cuz if we don't, then Ethereum won't be worth anything at all. So, MolochDao was formed in like 20 early late late 2018 early 2019. It was just a grants-giving

DAO. There was no upside here. It was about you put money in and then you vote on like which of these public goods uh do you want to vote for? And like Ameen is a very controversial character. He turns a lot of people off, but uh he uses this thing as like what he calls a memetic filter as in like, "Can you get past the culture? Can you get past the memes to see what's actually true behind it?" So, if MolochDao if like this whole satanic ritual thing like turns you off, maybe this isn't for you. Um And but this was this was again one of the first things that first DAOs that made DAOs cool again. It was the first DAO that people really like rallied behind and supported. And then and somebody called it the Model T of DAOs.

Uh and again, this is not an upside DAO. This was put your money in and then we're going to donate it to public goods because we need to fund public goods in order to support the rest of us. Mol- uh what I'm getting the vibe is that I'm getting out of CultDao are very similar. And it's it's about sending out funding, but where Moloch is a grant-giving style, CultDao is about like an investment DAO. It's trying to make number go up, and that's why it's captured way more attention than than MolochDao ever did. And it's also coming around in 2022. By the time page four of the manifesto rolls around, you can start to see the author of the manifesto manifesto start to reveal some of their own personality, some of their own nature.

Uh and so that it explains their thinking, talks about how beautiful Bitcoin is because of its pure true decentralization, and how they've designed Cult to be equally decentralized, equally autonomous, and with this whole feedback mechanism coming from the 4.4% of fee on every single transaction with Cult Token. Again, we'll get into that. I'm saving the tokenomics for later cuz I know that's always the the candy, so I'm putting it at the end. And so you can you the V for Vendetta vibe where like there's this kind of this crazy guy who's very just like mission driven and a little bit militant and and rogue and behind the scenes and just wants to operate outside of the state.

That same kind of like V for Vendetta vibe is like indoctrinated into this manifesto. So you got to read read it for yourself, but like you know, it gets a little crazy. And crypto people love crazy. At least I thought it was pretty interesting. And then there is the FAQ section, which is also available on their website, and we will get into that now. You can access the manifesto at cultdao.io/faqs. It's actually pretty robust. Before I go into this one, I'll kind of just show how robust it is. There's just a lot of addressed questions, and some some of the answers are really short, but some of them are really long. But basically actually does a pretty good job answering every single question that you might have about the project. This is the most important one.

Where does the money invested come from and how does Cult staking work? All right, we're going to dive into the tokenomics because we need to understand the tokenomics to understand how this flywheel works, how the the Cult DAO gets energy, and how it like sustains itself into the future. The unique and compelling thing about the Cult Token that I don't see I haven't seen anywhere else is that when you transfer Cult Tokens, there is a 0.4% tax on every Cult Token transaction. So if you do anything with the Cult Token, if you transfer it from wallet A to wallet B, if you engage with its smart contract, if you do anything that transfers Cult Token from wallet A to wallet B, 0.4% is taken on every single transaction and the that so 0.4 of your cult tokens is sent to

the the cult DAO treasury. So, just generalize economic activity puts money into the treasury. Any token transfer, any exchange on a DEX, anything just like the every time there's an ERC-20 token on cult, it goes into the treasury. So, this 0.4 tax on every token is like the engine for the DAO. That's how money goes into the treasury and then the the DAO uses that treasury to invest in things. So, the DAO treasury collects the fees and then this is where the guardians come in. The top 50 dCOLT owners like delegated cult may I estate cult may when you stake your cult you can get dCOLT back. The top 50 dCOLT token holders, whoever has the top 50 amount, can submit proposals for

investment with you know investee wallet addresses included in the submission, right? And so, this proposal goes to the community coming out of the the guardians basically. Of which I'm one. And then proposals are put forward and then approved and then but they are not paid out until the treasury comes back up to 15.5 ETH. And so, for every 15.5 ETH that's raised, a proposal can be approved. If a proposal is approved, 13 ETH of the treasury goes to send goes to the proposal to fund the proposal. 2.5 of the 15.5 ETH gets bought to purchase cult and that cult is burnt. So, like for every single proposal that is

funded, at least a minimum 2.5 ETH is bought of cult and then burnt. So, I I think this is like a mechanism to always ensure that there is some value capture even if the proposal falls flat and like they don't make their money back, at least 2.5 ETH of cult gets burnt. It's like the tax for every single proposal. Some cult must get burnt. Then, the uh the people receiving that 13 ETH of like financing of funding is a is like an investment firm. Uh that they go out and build their project and then we'll go into the ex- example that that Cult DAO lists in the FAQ.

I'm a a little bit skeptical as to this model. Um the mainly it's just because uh forcing the DAO that the Cult DAO has invested in to sell their token to buy Cult token kind of removes number go up exposure from Cult DAO, right? So, like what if ABC token goes up a lot over the year and Cult DAO was selling it before it went up in price, right? So, like it's a little bit like an investment firm, but it's forcing the other DAO to sell their token in order to buy Cult token uh perhaps too early, perhaps without like too early. It's getting rid of the exposure before there was number go up potential. So, you you know, you get a little bit of number go up because, you know, ABC DAO basically is dollar cost averaging into Cult over the vesting

period. By the way, there's a maximum of 18 months vesting period according to the rules of the DAO. It's a little bit misaligned between the DAO that the Cult uh that Cult DAO finances because getting men- money from Cult, if you're a DAO that's getting money from Cult, um you're committing to Cult DAO dumping your token over like 12 to 18 months, right? So, like you know, the you don't want to get receive receive investment from some organization that's always going to dump your token even if it's just like a little bit of your token. But still, uh that's just my my critique. Uh there there's plenty of rational cases for this. And also just the nature of Cult DAO is that uh gives you a lot more options than what by the nature of what Cult DAO is, it can fund a lot more things than

VCs can. Like a lot of things could be funded out of Cult DAO that would never get funded out of VCs, and that's an opportunity for Cult DAO. Uh the bull case for Cult DAO is that you can go to the Cult Cult DAO for funding and you don't have to worry about the overhead of VCs or legal complexity or lawyers. You can just immediately get money from the Cult, and the Cult could fund more things that VCs really couldn't. And also like you could in theory just say submit a proposal saying hey I think we should hold these tokens rather than buy the cult token. Maybe maybe we'll sell these tokens later than rather than right now. Anyway, these are just my thoughts.

Question, why can the guardians vote? What? Question, why can't the guardians vote and they can only propose proposals? And this is kind of where the ethos of cult Dow is getting is is showing through. So the guardians submit proposals but can't vote on investment proposals because according to the values of cult Dow the power is in the people. The people at the cult Dow is stronger when the people are enabled. So all the guardians can do is say hey people of cult Dow consider funding this. But because all the guardians have an outsized token supply they can't actually influence the vote.

So it gives the power of financing and funding investments to the to the many rather than rather than this the people that have a lot of the tokens. And so this is true to the nature of the ethos of cryptocurrency where you push power into the margins which in my mind is a plus one to the legitimacy of cult Dow. Anyone can submit a proposal for cult Dow. This is what the proposal page looks like. Got a name in the project, short description of the project, investment deck, white paper, etc. Social media channels. And so this is available for you. If you want funding, if you have an idea, put in a work into a proposal, find a guardian to like sponsor you basically to like represent you to the Dow.

And and then that's how you can get 13 ETH for your proposal. And so this is my role. Since I am a guardian if you have something that you would like to propose to cult Dow, make a proposal and if you need me to sponsor it, that is what I'm here to do. I'll take a look at it. I'll decide if it's legit or not. You can hit me up in DMs. Lead lead with something that's obvious about here's my proposal for cult Dow because otherwise I'm going to ignore it because I am flooded with DMs all the time, but I'm a guardian for CultDAO so it's my job to sponsor good proposals and bring them to the community. So that is what I will be doing.

Here is the CultDAO treasury uh and you can see this is all the transactions of cult tokens, right? This is the 0.4% of all token transfers in Uniswap or SushiSwap or whatever exchange or just normal transfers, you can see it coming in and so there's already 60 uh 6 million uh in treasury from cult the cult token. I can't imagine that all came from token transfers. I think a much smaller supply actually came from token transfers. I think that's this treasury was funded was bootstrapped initially. I'll put some links in the show notes to to verify that.

Yeah, there's so much inflows into the treasury just because of this 4% mechanism, right? So like let's look at the most recent recent transaction. 48 seconds ago uh $10 just from this 0.4% $10 went into the treasury just from this normal transaction. Somebody uh what did they do? They bought 0.748 ether worth of cult and in so that's a $2,600. Somebody bought $2,600 worth of cult and as a result of that $10 went into the CultDAO treasury. This is kind of a genius funding model just because it it's a small like almost invisible tax to the CultDAO treasury. So all economic activity ends up funding the CultDAO.

Let's pick another one. Let's see how much let's see how much this one uh put into the treasury. Like uh yeah, Uniswap transfer $8 into the treasury. Uh let's find another one. $4,000 Uniswap trade $16 into the treasury. Here's a big one. Somebody bought $25,000 worth of cult and that put $104 into the treasury. Let's try and find a super big one. Somebody uh sold 15 ether for 824,000 cult tokens and that put $220 into the treasury, right? Just like hey, do you want to trade and buy or sell cult? Well, you got to put port 4% of your trade into the treasury. So uh you you you pay the tax that you pay an entry tax, you pay an exit tax, uh and it puts money into the treasury. So, and it again, 4.4% is like a little bit

invisible. 4.4 % is a lot, but it's generally less than what people think about when they buy or sell tokens. Okay, guys. So, coming up next in the show, I I want to talk about if you zoom out and really view CultDAO holistically, what really is it? Uh in my mind, it is a reincarnation of the 2016 DAO, but is using 2022 technology. Uh and so, we'll talk about what that means. Uh and then we'll talk about the price. The price is doing some insane stuff. Uh why am I doing a video on this? Am I suggesting to buy it? Absolutely not. Uh I'll talk about details around that as to like where What does it mean to have a good DAO, but a token that's slightly unrelated to it? We'll talk all about that. We'll also talk about like

how CultDAO uh what what its values are and what what it's interested in, which I find myself very resonant with. Uh and then we will talk about how the fundamentals of how DAOs succeed and fail uh outside of the uh the true nature of their their token economics. Uh why would a a DAO Why would a DAO succeed? Why would it fail? And how does CultDAO fit into this? That's coming up next, right after we get to some of these fantastic sponsors that make the show possible. If you're trying to grow and preserve your crypto wealth, optimizing your taxes is just as lucrative as trying to find the next hidden gem. Alto IRA can help you invest in crypto in tax-advantaged ways to help you preserve your hard-earned money. Alto Crypto IRA lets you invest in more than 150 coins

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loan, get started at aave.com. That's aave.com. And also check out the Aave Protocol Governance Forum to see what more than 100,000 DAO members are all raving about at governance.aave.com. Arbitrum is an All right, guys. So, we're going to get into talking about the actual Cult token at the moment. And this is, of course, is why we're talking about it in the first place. It's because the price is insane. It's absolutely insane. In the last 30 days, it is up 26,000%. This is why it's it's in it's it's why it's going around on Twitter. This is why so many people are talking about it.

When token prices goes up, people love to cover it. This is why I'm making a video because people are looking for information about Cult Dao. I have a story to tell about Cult Dao. So, here I am telling about it. But, as a content producer, I'm obviously incentivized to produce content about something that has gone absolutely gangbusters in price. And, of course, I have a what is now a million dollars worth of these tokens, which is also insane. Uh receiving million-dollar airdrops is not normal. Uh I highly encourage everyone who's watching this video to proceed with the absolute maximum amount of caution. If you are buying into Cult Dao Dao right now, if you're buying the Cult token right now, you're buying into other people's 10x, other people's 100x, other people's 1,000x gains. The Guardians, of

which I'm one, paid zero cents for these things. And like now all the Guardians have a million dollars worth of these Cult tokens. You have to proceed with caution. It's very dubious to be buying into a 26,000% 30-day gain. The market cap on this thing is $137 million, which like is pretty low. That puts the Cult Dao token at rank 394 in CoinGecko. The fully fully diluted though is almost half a billion dollars. And remember, this thing got started in January. So, from January to now in like 3 months, almost half a billion dollars of value just got generated out of thin air. And a lot of people are sitting on a lot of gains. So, you cannot just like ape into this coin. That is ridiculous.

It's up 26,000%. That being said, uh if you do choose to buy Cult token, you have to know what you're getting yourself into. And I would proceed as if you were buying NFT. Do you actually like the NFT? Do you actually like the vibe in CultDAO? Do you actually plan on being a a contributing community member? Cuz if you're not and you're just buying into a pump, then you're going to be a fool. Like this is this is a dangerous pump to buy into. So, if you buy Cult token, you have to ask your question you have to ask yourself the question, do you actually like it? If it went to zero, would you be able to go back to the moment that you bought it and be like, yes, I still agree with that choice.

And I I want to be a part of the CultDAO CultDAO. I want to contribute. You have to actually like it. Um if it goes to zero, you must feel like you still made the right choice, the convicted choice in that moment. That being said, CultDAO aligns with my values. The whole decentralization maximalist thing, I love. I love deep tokenomics. This is very novel tokenomic system to put money into a treasury that allows for the CultDAO to spend and invest that is unique and compelling. CultDAO is on the frontier. They understand lore, they understand values, and they are doing something unique and compelling, and that's why we're making this story here today. That being said, do not go apely into Cult token. That

that is ridiculous. But here is the bull case for Cult token nonetheless. In my mind, the CultDAO is a reincarnation of the same spirit of the 2016 DAO. It is a venture capital DAO of funding things that the DAO wants. In 2016, there was no infrastructure around Ethereum, so the DAO was formed. Everyone put a ton of money into it because the promise of the DAO was it was going to fund and finance all of the infrastructure that Ethereum would need to be successful. Sadly, that DAO blew up and it tainted the name of DAO for years to come before Me Sulimani really spun up Moloch DAO. And also, I kind of

think the 2016 DAO was never really going to work in the first place because you can't just like enter supply wheel yourself into funding, right? At the time of the 2016 DAO, like ETH price was like $6, $30, and there was no external investment going into Ethereum. So, the plan was the DAO was just going to self-fund itself. But, like the market cap of Ethereum was super, super low. Uh and so, instead, that DAO broke. We had the rollback for unrelated reasons. Uh but then, over the next 3 years, external investment came into Ethereum. Like, Kevin Owocki made Gitcoin to help fund a lot of things, which was kind of like what the DAO was supposed to do.

But, instead of being like a VC DAO, Gitcoin was just a grants-giving organization, a grants-giving DAO. And that allowed for a lot of external investment. We had actual VC investment. And so, from 2016 to 2022, we have 6 years of external money coming in. We instead of ETH price being $30, it's over $3,500. The market cap of all tokens on Ethereum are way higher. And so, that makes the viability of CultDAO a lot more cuz there's a lot of money around CultDAO versus if it had been just like in 2016 like the original DAO. Uh so, the the CultDAO is probably much more viable than the 2016 DAO just because of the market cap this associated market cap of all of crypto.

It's just around a lot of money. I was once again talking to my friend Evan about this thing. And she said to me, "We need more lore with a happy ending." And I think what she meant by that is like we we need more like crypto-economic experiments to end with a good story. Like, the DAO ended in disaster. Moloch DAO was a grants-giving DAO, so there was never any number go up potential, so it didn't excite anyone. So, CultDAO is like Moloch DAO in the sense that we are funding infrastructure. We are funding decentralization maximalist things. We are funding things that the ecosystem needs. It's like the 2016 DAO in that there is a number go up potential. It is like a VC funded DAO or it is like a venture capital DAO where it finances

things and then gets more value back in return and it grows from there. And so, like my the idealism that I have for the future where I hope the future is always better is there is room for a venture capital decentralization maxi DAO to have this perpetual flywheel effect in that 4% burn rate that captures a ton of attention and since the token price of got has gone from effectively zero to almost a half a billion dollar in market cap, that seems to be working. That ideal is is there. The this is the maximally bullish the maximally successful case of Cult DAO we are watching happen unfold in front of our eyes.

That being said, 97% of the time projects can be super good in crypto, but what ultimately comes to define the project is the price of the token. The Cult DAO, if you go into the Discord, is currently infested with moon boys. Not as bad as other projects, but you know, for better or for worse, there's a bunch of moon boys in there who are, you know, doing the whole token pump thing. This this happens to every single token where like as soon as it goes up in price, you know, the the moon boys come and start chasing chasing the gains and kind of erodes the culture of the DAO. For better or for worse, this is a sign of success of Cult DAO. Like price activity, volume, hype is rapidly filling the Cult DAO treasury and it's probably exactly what Cult DAO wanted.

Like having the moon boy trader profit maxi types is a a KPI, a key performance indicator for Cult DAO. It's rapidly filling the Cult DAO treasury. We saw that we saw the Cult DAO treasury just getting funded with like $10, $15, $100 every time there's a trade. And so, that is going to lead into the first proposal going into Cult DAO to finance something which is going to again start to have the flywheel effect. The next obstacle for Cult DAO is can it fund something that actually does return value to the Cult DAO later. It can it as a community, can we actually be a VC DAO and fund things that ultimately come back into the value of the Cult

token via the proposal? We don't know about that, but we do know about that this memetic filter, this memetic game of just like the Cult is going to the Cult DAO is going to be this new venture capital DAO that's going to sell for perpetuity something in the future. So far has taken the first step of a successful first step of doing that, which is increasing awareness is increasing token price and generating a lot of hype. And now that there's a ton of hype, there's a ton of transaction volume, more Cult is going into the treasury and also Cult is going up in price. They have like what is their treasury right now? It is currently at It's currently at $5.8 million.

to get 13.5 ETH proposals out the door. So I'd expect the next phase of Cult DAO is to vet finances, vet proposals as to which proposal is good and which one's actually going to result in number go up for the Cult token. Well, we will see about that. This has never been tried before, but the the steps being taken are successful so far. The aspect of Cult DAO that I really love is the same reason why I would have been super excited about the 2016 DAO if I was in in Ethereum in 2016 where it's funding from the inside out. It's a middle finger to the establishment saying, "Hey, we don't need your external money. We don't need your bank money. We don't need your boomer money.

We don't need your VCs. We have a self-perpetuating ecosystem that can fund itself." And that was a harder thing to say in 2016 when we didn't have a market cap of $400 billion in Ethereum and we didn't have all these other tokens which had a lot of value and we didn't have a lot of very wealthy community members. This definitely is the time to shine. Again, it's a collection of It's a collection of knowledge that came out of the Moloch DAO experiment. It's a collection of knowledge that came out of the 2016 DAO experiment. The tokenomics that we know and have innovated on and researched on is built into Cult Dao and so that's unique and it's really the pulling in a lot of very viable money Legos into producing this new ecosystem that might be able to

achieve some of the same original visions as the 2016 Dow. So, I want this to work. It aligns with my values. Decentralization maximalism is tight uh and it's really hard to finance and fund decentralized maxi things because they things those things tend to be public goods. Um we will see where this goes. The last thing I'll say about this is that there are universal truths. No matter how strong or weak or or bullish the fundamentals are for a Dow, there's something external to the fundamentals that will always determine as to whether a Dow succeeds or not and I illustrate this in an older article on coordination versus defection. Uh I'm actually really proud of this article.

More people should read this. Um and it's really about can you get a community to overcome forking incentives uh or defection incentives where defection incentives is selling, right? And Bitcoiners are really good about this uh Bitcoin is really just like in indoctrinated a culture in Bitcoiners as to never sell, right? You'll never you can never sell your Bitcoin. Cult is trying to spin up these coordination incentives and fight against defection incentives and all Dows have this fight. So, aside from like Bankless Dao has this fight, Gitcoin Dao has this fight, ENS Dao has this fight is how do we incentivize coordination and disincentivize defection from the Dao.

Cult Dao, this is currently what Cult Dao has to go through right now. Uh the token price is up a lot. How many people will defect versus how many people will choose to coordinate. Um if you want to learn about the meta level about how Dows work, you got to read this and you read this to understand whether you think Cult Dao can win the war against defection and incentivize coordination. One of the ways that Cult Dao has uh fought against defection is with public shaming. And this is a this is a very effective way to prevent defection is you shame people who defect. This is what Bitcoiners do when some Bitcoiner buys a shitcoin, they call him like a oh you're a shitcoiner.

One of the guardians sold all I'm not sure how much of his cult tokens, I think $200,000 worth of his cult tokens that he was given for free and then some of the the cult community members began publicly shaming him because all the guardians aren't known. And so if you dump your token as if it was a pump and dump which they warned about. They said we will we will identify you and shame you in public more or less. And so this one guardian dumped $200,000 which he was given for free and then apparently refused to donate his money to Ukraine which he said he was a supporter of. And then and then apparently tried to sell it back to the to the protocol. I don't I don't know the details behind this so do your own research.

But this is like this is trial by trial by fire and this is what it means to be part of a decentralized maxi thing. All the guardians are free to sell all of their tokens. Here, I'll and so I'll show you guys what it looks like to put a guardians worth of tokens into SushiSwap because it's actually really compelling. Like it's a lot of money. Okay, this is my NFT wallet that I've got loaded up with my like 15 bajillion cult tokens in it. Like 250 ETH. That's insane. They sent that to me for free. And and so like it's it's kind of ridiculous that a 50 guardians got 250 ETH. The the people that selected the guardians probably had no idea that this

amount was coming. But like this is a a huge test of coordination versus defection. Like who of the guardians are going to defect and take the money and who of the guardians are going to stay coordinated. Now there's a big difference between just hitting like market dump and like dumping this thing. I think I think if this if I did this it would um nuke the price by like 11%. 11% isn't really all that high for for what it is. So it's kind of insane. Um again, the social contract of the thing is that you kind of you don't sell, you don't dump, right? You just got these things for free. I absolutely do not deserve it all to hit the sell button. I haven't done anything for the DAO.

Um, but like it's a test of decentralization. It's a test of values. It's a do you care about experiments? Do you care about being on the forefront? Will you support this community bottom-up DAO? Uh, and so this is why I had them send my tokens to my NFT wallet. This is This is also where I get my bank token vesting out of Bankless DAO, right? Uh, and so, you know, I I keep this in a public place because that is the appropriate role for a guardian. Uh, you can see all the transactions I've done with my CULT tokens. I claimed them. Uh, and then yesterday I take I staked them. So now they're delegated CULT tokens. Um, and so in order to sell these things, I would have to unstake them and then sell them. But I have no plans on doing that just because I don't

need the money um, necessarily. While I While I 250 I love ETH and 250 ETH is really compelling, but like, you know, I'm I'm also a fan of experiments and I've been entrusted with these things to be a community leader. I say that I am a decentralization maxi and I will follow through with that. Um, I will probably re- whether I'm going to sell these things or not will probably be determined as to whether I feel like I deserve it. Uh, but it will also probably be a long-term capital gains thing, which means that I I'm going to suggest to myself that I probably don't sell these things until uh, 1 year from after I've claimed them, which will be January of 2023. I will revisit the subject then. Uh, feel I will feel like if I deserve it. Uh, if I do sell these

things and and the community disagrees with whether I whether I deserved it or not, I would expect them to come and shame me as they did the other guardian. And I'm uh, I don't I like people liking me and so that's a pretty good uh, check on my on my decision uh, on my decision-making about this. I I one thing I really don't like is to be disliked. Uh, and I really like this experiment. So I hope the best for CULT DAO. Um, do not ape into this token Uh, unless you plan on being an active community member and actually want to contribute towards CultDAO.

Do not buy into somebody else's 26,000% gain. That will not work out for well for you. Probably not. Do your own due diligence, do your own research, check out the actual DAO. There's link in the show notes and we will see where this story goes. I think I'm going to try and get Mr. Omodulus on for an AMA. He's going to have to come on with a voice modifier and he'll be camera off of course, which kind of adds to the lore, adds to the mystery and I really like that. And so if there if this video gets a ton of hype, if this video gets a ton of attention, we will get Mr. Omodulus on for an AMA in order to answer more questions about CultDAO.

We will see when that gets done, but it's basically only going to it's only going to happen if people actually want it. So, you got to leave a comment, you got to like the video, you got to subscribe to Bankless and if you want that AMA with Mr. Omodulus about CultDAO, you got to ask for it. So, hit us up on Twitter, leave a comment in the YouTube DMs. Leave a comment in the YouTube Leave a comment in the comment section and and let us know that you actually do want that video. Maybe this is the peak of CultDAO. Maybe this is the top because now I'm doing a video Now I'm doing a video about it. If you like this video format, let me know. I'm happy to do more.

This is was a little bit difficult to spin this up and make an agenda for this so early on Saturday morning, but got me excited. I went down the rabbit hole last night and now I'm here making a video about it. So, if there other rabbit holes that you want me to go down, I can definitely do that. Show me your token, I guess. Oh boy. I have my suspicions as to who is behind CultDAO. It very much feels like a logical progression out of Moloch DAO. There are some control theory elements in this as well. The the self-perpetuating cycle of the poor 4% tax into funding will always exist as so long as the token is traded.

The decentralization maxi elements is indication of of somebody that I know in this industry. Um So is the writing in the manifesto. The manifesto and I thought left a lot of breadcrumbs as to who was behind this. My idea was that it was a mean Solomonie who was the founder of Moloch Dow who talks about cults and mimetic filters and and stuff like this. I hit him mean up and it was like yo the the cult Dow manifesto has your fingerprints all over it dude and he was like what's cult Dow? And I sent him the link and he was like oh this is cool. I like the memes and declined being of involved in it at all. So I guess I got after that I have no idea who's who Mr. Omodu is is but the writing style I enjoy. I love

the lore. I love the vibes about who's behind this and what this project is committed to. I thought it was a mean Solomonie. I told him I mean it's like I want this to be you and he says it's not me bro. So I got no clue but I mean it it makes a lot but it shares a lot of values of people that came in to and were present in this crypto industry before the 2021 bull run which gives me a little bit of trust in this project as well.