$CULT $RVLT $TRG Market Making

As most of you know, in March of this year Dominic Ryder was bullied and harassed to the point that he decided to terminate the CULT/RVLT/TRG market making he had been doing. He had self-funded it, and had received the profits from it; and rightfully so, since it was his money. The DAO benefited as well, because it generated the volume needed to maintain our CEX listings. When this happened, 15 people from CULT DAO put in $238k of their own money to fund the market making. There was of course the hope that it would be profitable and equally important was keeping $CULT, $RVLT and $TRG on the CEXs. We’d hoped that the DAO would’ve been able to come up with a long-term solution that was self-funded, but that hasn’t yet occurred.

Initially the market making company was willing to give us a substantial discount on the fees, thanks, in part, to their relationship with Dom. But over time, this agreement hasn’t been profitable for them and they’ve had to start charging a $5k a month fee, on top of other trading fees. They also need 20 Billion more $CULT to be provided (worth roughly $36k). At this point in time, the initial investment is worth about half of what it was. With no profits, the need to come up with another $36k, plus the addition of monthly fees, it is no longer sustainable for us to individually continue the market making. We’ve looked into other options but everyone charges fees that we can’t afford.

Coming up with a DAO funded solution should still be worked on; as a community run project, it’s our responsibility. But we haven’t found that solution in the last 6 months, and it’s highly likely we won’t have a viable solution until the bull market comes back and our treasury is full again. Unfortunately we can’t stop the market making without pretty much guaranteeing we lose our CEX listings. Luckily, Dom has graciously offered to resume the market making for us. However, he has a caveat; y’all must vote on it.

Yes means you agree that he should do this, with the full understanding that he’s funding this himself and is the only person entitled to the profits. CULT DAO wins by keeping our CEXs.

No means you don’t want him to do it, knowing that there is no current solution, and all market making will be stopped. Everyone loses.

There’s no time to waste. As soon as the vote is over, the action will be taken.