Cult Bears DAO | PINK allocation request [REJECTED]

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Company Name: Cult Bears DAO

Lead Applicant: Tom - tommarx14@gmail.com

Introduction:

Cult Bears is a cross-chain NFT ecosystem on Moonbeam and Astar. Our collection consists of 2,000 unique NFTs across both chains.

Every Cult Bear NFT holder has voting rights and can vote on how our treasury funds are used. 70% of all funds raised during the NFT mint on Moonbeam and Astar are held in our treasury.

We intend to bring a lot of excitement and activity to Moonbeam and have multiple upcoming developments.

In February we will release “The tastiest community coin across all chains :honey_pot::chains:”

Token name: X Honey

Token symbol: $XHNY

Our token will utilise the OFTV2 standard introduced by Layer Zero.

And we will add liquidity to multiple chains including Moonbeam and Astar. This is funded by funds raised from our previous NFT mint.

Together with our upcoming token launch we will also release an additional product called the X Honey Bridge. It’s already live on testnet and will go live on mainnet in February.

It enables our users to transfer X Honey across multiple blockchains. Users can optionally receive gas on the destination chain.

Metrics & Strategy to improve (users/TX/TVL):

Currently we have 150 unique holders on Moonbeam and 842 total transactions/interactions on our contract.

We expect to attract hundreds of new holders at our token launch on Moonbeam and 100+ monthly transactions with our OFTV2 contract.

We will use the PINK token allocation to incentivise users who make cross-chain transactions from and to Moonbeam using our X Honey Bridge. This will lead to an increase of TX and bring new users from multiple blockchains to Moonbeam.

Timeline:

The campaign will last 30 days, start and end date are dependent on the $PINK token distribution date and will be shared here when more specific dates are available.

Token allocation/distribution plan
100% of the $PINK allocation will be distributed among users who who interact with our X Honey Bridge(The eligibility criteria will be announced at the end of the campaign, this may include metrics like total contract interactions during the campaign, active days & volume).

Community & Links

X: https://twitter.com/cultbearsdao

Website: https://www.cultbearsdao.com/

Discord: Cult Bears DAO

Telegram: Telegram: Contact @cultbearsdao

X Honey Bridge (Testnet): https://x-honey-bridge.vercel.app/

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hey @resortinsider, first of all, thank you for your proposal!

I have a few questions, simply to ensure more transparency:

could you elaborate on your strategies for attracting new users?

could you please share more info about what users can do in Cult Bears besides trading and bridging? what kinds of fun or interesting things are there for users to get involved in?

what security measures are in place for the X Honey Bridge?

how will the process of calculating and distributing rewards be transparent and verifiable? what mechanisms are in place to ensure the integrity of this process?

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Hi @turrizt, thanks for your reply!

Here’s some additional information about our project:

Our artwork was crafted over many months and each Cult Bear NFT was hand drawn 1 by 1. Our artwork includes 5 different rarities. We have conducted our mint on Moonbeam and Astar.

Each Cult Bear NFT also serves as voting rights (1 NFT = 1 vote), our community can vote on proposals from both chains.

After our token launch we’ll transition to a new governance system, NFT holders can submit proposals while $XHNY token holders can vote from any supported chain.

We also plan to launch a staking program for all our NFT holders. Our holders will be able to stake their NFTs from multiple chains and earn rewards. A portion of our supply will be used to provide staking rewards. Additionally revenue from future products will be used for $XHNY buybacks and to provide sustainable staking rewards.

The first revenue generating product will be our X Honey Bridge. The contract is based on the OFTWithFee contract. This is the same as OFTV2 but additionally makes it possible to set a fee for each cross-chain transfer. Both of these contracts have been created by the official Layer Zero team and were audited.

V2 enables cross-chain transfers between non-EVM and EVM chains while V1 was limited to EVM chains only.

Our contract will be fully open source.

More long-term developments include Cult Markets our omnichain NFT marketplace and Cultverse our upcoming NFT card game which will be accessible from multiple blockchains.

$XHNY will serve as a utility token on our marketplace and within the game.

How do we want to attract new users?

We have good relationships with leading communities on Moonbeam and Astar such as Astar Degens, Neurolaunche & GLMRA/ GLMRJ.

Our NFT collection has also been integrated in Neuroverse and users can access their game.

We will continue to collaborate with strong communities across multiple chains.

12% of our supply will distributed among top NFT & meme communities on Moonbeam, Astar and multiple other chains.

5% of our supply will be used to conduct an airdrop to users who have interacted with the Layer Zero Protocol.

This way we can attract many new users from various chains and will have a large community, who can then interact with our marketplace and access our multiplayer NFT Card game.

Transparency is very important for the distribution of our $PINK allocation. The exact eligibility criteria will be based on the total number of participants.

At the end of our campaign we will announce the eligibility criteria and share the full distribution of $PINK tokens with the community.

I could also attach it here at the end of our campaign for more transparency.

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thank you for your answer! after digging into the contracts, it appears that the activity is quite low. there has been some minor activity this month, but overall, it seems as though there has been little to no activity for several months. could you comment on this?

https://moonscan.io/token/0x2a314f5611ba26d947b346537aeb685f911fc26a

https://moonscan.io/address/0x2a314f5611ba26d947b346537aeb685f911fc26a

something similar is happening in Astar

also, it seems that your activity on X is relatively limited, suggesting a greater focus on Astar rather than Moonbeam. could you provide some insights into this as well?

when is the launch of the XHNY token, X Honey Bridge, and marketplace planned?

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You’re welcome! The activity is currently low because of three main reasons:

Our community is quite small and very few NFTs are currently listed on Moonbeans and ToFuNFT.

For reference we have 30 active listings on ToFuNFT Moonbeam, 13 active listings on Moonbeans and 8 active listings on ToFuNFT Astar.

On ToFuNFT Moonbeam we are the 3rd most traded collection in the past 7 and 30 days.

Third due to the bad market sentiment our community treasury had decreased significantly and it wasn’t favourable to spend a lot of capital on development.

Over the past months, the market sentiment has improved and our treasury funds have increased in value, this enables us to spend more funds towards development and initial liquidity for $XHNY.

Our audience on Moonbeam is currently larger than on Astar for reference we have:

170 unique NFT holders on Moonbeam and 104 unique NFT holders on Astar.

In February Astar is launching Astar zkEVM in collaboration with Polygon and we will deploy to Astar zkEVM as well. That’s why there may be more activity related to Astar recently.

Cohesive with the launch of Astar zkEVM we will launch $XHNY and deploy it to Moonbeam, Astar, Astar zkEVM and a few other networks on the same date.

The X Honey Bridge will be live on mainnet shortly after our token launch (Our trusted remotes can be configured within a few days after token launch).

Our token launch will increase the TX count significantly in February, because all our NFT holders will receive an airdrop in $XHNY.

And there will be a lot of DEX trading activity, as well as bridge activity.

This will also increase the demand for our NFT collection as you can verify by the recent activity on our contracts.

Shortly after our token and bridge launch our NFT contracts will be upgraded to Proxy contracts to make them compatible with the ONFT721 standard of Layer Zero and a new minting phase will be enabled giving new members the opportunity to mint our NFTs, because as mentioned before the there are only a very NFTs listed atm. This makes our collections a bit inaccessible for new buyers.

After the contract migration is complete we will launch Cult Markets our omnichain NFT marketplace, this expected to happen in Q2 this year.

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yeah, but all this activity is exclusively coming from two addresses

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https://tofunft.com/collection/cultbears-moonbeam/activities

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hey @resortinsider, thank you for your proposal submission for the PINK allocation. however, based on our evaluation criteria focusing on active user engagement and transaction volume, your current activity levels do not meet the threshold for a PINK allocation at this time. we encourage you to continue building your presence and user base within the Moonbeam ecosystem

we look forward to potentially seeing more growth and increased activity from Cult Bears in future opportunities. your upcoming initiatives like the XHNY token and X Honey Bridge show promise, and we hope they will drive the needed engagement

we appreciate your interest in the PINK allocation and wish you success in your ongoing efforts

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Hey @turrizt! Our community is still pretty small, and the trading volume is rather coming from a few passionate individuals than from many unique wallets.

There are also more incentives to participate in our second minting phase compared to buying on the open market.

With the upcoming product launches we will continue to grow our community size and hope to gain more activity.

Thank you for reviewing my request!

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thank you for your response, @resortinsider, please know that our decision regarding the PINK allocation is not a reflection of the value or promise of your project. It’s more about meeting specific criteria at this point in time. we genuinely believe that with your upcoming product launches and the second minting phase, Cult Bears has a strong chance of growing into a vibrant, active community that aligns well with future opportunities for support

I encourage you to view this as just a step in your journey, not the end of the road. your project has much to offer, and I am personally looking forward to the growth and increased activity that your team is striving towards. remember, the Moonbeam ecosystem is always evolving, and there will be more opportunities ahead

keep up the great work, and please do not hesitate to reach out for future collaborations or support. we are rooting for Cult Bears and your continued success!

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