A. The market
CULT price against liquidity
What CULT is marked at, against the XRP that could actually be paid for it.
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- Ledger index
107030551
Contents
- Marked value against the XRP in the pool
- What selling would actually pay
- Who holds the pools' LP tokens, and so the CULT inside
- The largest holders, marked and realisable
Accounts marked “flow-connected to” an activation tree are those the CULT and OBEY token flow reaches from it at its widest flow threshold, 10 CULT paid in total one way; the token-flow article sets out how it is followed, and the groups at every other threshold. Accounts flow-connected to both activation trees: 17 at 10 CULT, 0 at 30 CULT, 0 at 50 CULT. Being flow-connected does not make an account the activation tree's.
A price quoted for CULT is the price of the next small trade. It is not what the CULT in existence could be sold for: selling pushes the price down as it goes, and the XRP that can be paid out is the XRP in the pool. This article sets the two side by side.
Marked value against the XRP in the pool
Table 1. The marked value of all CULT against the XRP in the pool, on the last day of each month. Prices here are the pool's own.
| month | price (XRP per CULT) | every CULT at that price (XRP) | XRP actually in the pool | times more |
|---|---|---|---|---|
| 2024-11 | 3.039665 | 21,183.39 | 6,649.39 | 3.2× |
| 2024-12 | 14.448112 | 100,688.68 | 21,877.00 | 4.6× |
| 2025-01 | 26.814942 | 186,872.93 | 48,344.26 | 3.9× |
| 2025-02 | 19.561447 | 136,323.42 | 36,813.47 | 3.7× |
| 2025-03 | 18.351837 | 127,893.65 | 34,241.14 | 3.7× |
| 2025-04 | 27.307803 | 190,307.63 | 37,098.09 | 5.1× |
| 2025-05 | 26.026631 | 181,379.17 | 29,931.81 | 6.1× |
| 2025-06 | 74.810585 | 521,353.51 | 60,077.38 | 8.7× |
| 2025-07 | 59.934637 | 417,683.31 | 50,492.63 | 8.3× |
| 2025-08 | 60.775102 | 423,540.49 | 54,352.13 | 7.8× |
| 2025-09 | 85.767373 | 597,711.11 | 62,673.80 | 9.5× |
| 2025-10 | 150.776374 | 1,050,757.52 | 69,962.96 | 15.0× |
| 2025-11 | 90.997099 | 634,156.52 | 52,262.87 | 12.1× |
| 2025-12 | 91.112760 | 634,962.08 | 51,419.74 | 12.3× |
| 2026-01 | 88.298450 | 615,348.55 | 49,438.38 | 12.4× |
| 2026-02 | 139.281437 | 970,645.21 | 60,825.93 | 16.0× |
| 2026-03 | 153.911433 | 1,072,599.43 | 61,734.28 | 17.4× |
| 2026-04 | 243.702463 | 1,698,335.41 | 78,861.49 | 21.5× |
| 2026-05 | 234.153833 | 1,631,791.85 | 79,793.88 | 20.5× |
| 2026-06 | 251.622283 | 1,753,522.49 | 85,225.03 | 20.6× |
| 2026-07 | 163.128946 | 1,136,823.89 | 75,992.12 | 15.0× |
| 2026-08 | 167.652701 | 1,168,348.22 | 74,095.98 | 15.8× |
| 2026-09 | 148.993147 | 1,038,312.23 | 63,783.00 | 16.3× |
every row: download value-and-depth.csv.
What selling would actually pay
Selling into the pool as it stands at ledger 107,030,551, by the network's own formula and the pool's 1.0% fee, with nobody else trading first. The last row is every CULT that is not inside this pool.
Table 2. What selling different amounts of CULT into the pool would pay now.
| CULT sold | worth at the current price (XRP) | the pool would pay (XRP) | average price received (XRP per CULT) | share of the current price |
|---|---|---|---|---|
| 0.696886 | 103.83 | 102.63 | 147.265881 | 98.84% |
| 6.968859 | 1,038.31 | 1,011.63 | 145.163751 | 97.43% |
| 34.844295 | 5,191.56 | 4,756.38 | 136.503721 | 91.62% |
| 69.688590 | 10,383.12 | 8,852.60 | 127.030875 | 85.26% |
| 174.221476 | 25,957.81 | 18,317.92 | 105.141580 | 70.57% |
| 348.442951 | 51,915.61 | 28,461.85 | 81.682951 | 54.82% |
| 696.885902 | 103,831.22 | 39,360.08 | 56.479943 | 37.91% |
| 1,742.214755 | 259,578.06 | 51,099.99 | 29.330475 | 19.69% |
| 3,484.429511 | 519,156.12 | 56,741.40 | 16.284271 | 10.93% |
| 6,540.765481 | 974,529.23 | 59,827.72 | 9.146899 | 6.14% |
every row: download selling-into-the-pool.csv.
Who holds the pools' LP tokens, and so the CULT inside
435.268996 CULT sit inside pools. Whoever holds a pool's LP tokens can take out its share of what the pool holds: handing LP tokens back takes out that fraction of both assets. The LP tokens are read at ledger 107,030,551.
Table 3. Every pool holding CULT, and what its LP tokens can take out altogether.
| pool | CULT inside | other asset inside | accounts holding its LP tokens |
|---|---|---|---|
rwyUJtAL1pAUhSnoNhuWm4edjTanGUyvFH (CULT/XRP pool) |
428.093541 | 63,783.003642 XRP | 140 |
r9cJxEBRHB4E2h3iLS7V66pV7rtBCr7Ww (666/CULT pool) |
6.076621 | 3,224.586164 666 | 2 |
rJLttJDHzEa1gZBvVFBAy5vaZcmTLK4FkM (CULT/OBEY pool) |
0.559789 | 0.028711 OBEY | 1 |
rhqXQf5mxs6G5XH1zd21EHCdYUrdELRbWZ (CULT/RLUSD pool) |
0.324075 | 61.714311 RLUSD | 1 |
rLEtbunWiHPBdiTmiMNTDJaoAifmtsBD79 (PLX/CULT pool) |
0.110711 | 190,328.109357 PLX | 3 |
rJrkGrEic7FVUgV2PoK7EsbBNSkqxPhg7m (CULT/POWDERKEG pool) |
0.044340 | 0.065079 POWDER KEG | 1 |
rpB7Y83Lme2xLNQxhqbRhXkfaH29qEyCcH (BITx/CULT pool) |
0.036150 | 0.087474 BITx | 1 |
rHWzMMzFwDNcbnt9T1RdaWzgNqN5GUostH (RED/CULT pool) |
0.014572 | 1.175864 RED | 1 |
rwGiTZx3pb3a9GMBrYZDnrY8LQUBGdBjEV (BOOT/CULT pool) |
0.003957 | 11,332,367,568.384180 BOOT | 1 |
rNnz7uoUGYZ1GjFAMyLKSRnk9E3UMyhETT (AMM/CULT pool) |
0.003113 | 853.697495 AMM | 1 |
rEuBPxi9quCRbsVZpftieudTgYuEdfCQX2 (CULT/xSPECTAR pool) |
0.002070 | 129.410098 xSPECTAR | 1 |
rwpYMhXeCdbzDdrGE7R5vZLJzqTcuAVgCe (UGA/CULT pool) |
0.000056 | 0.616598 UGA | 2 |
every row: download pools.csv.
Table 4. The CULT inside pools, by which group holds the LP tokens.
| group | accounts in the group | have ever held LP tokens of a CULT pool | hold LP tokens now | CULT their LP tokens can take out | share of the CULT in pools | value of their LP tokens (XRP) |
|---|---|---|---|---|---|---|
| Pheanor's activation tree | 35 | 15 | 14 | 34.237879 | 7.87% | 10,202.42 |
| Hodler's activation tree | 8 | 4 | 2 | 0.559813 | 0.13% | 165.60 |
| flow-connected to both activation trees | 17 | 16 | 4 | 52.086923 | 11.97% | 15,521.19 |
| flow-connected to Pheanor's activation tree | 53 | 31 | 17 | 107.632565 | 24.73% | 32,073.03 |
| flow-connected to Hodler's activation tree | 10 | 4 | 2 | 0.002634 | 0.00% | 0.78 |
| the account that received the whole CULT issue | 1 | 1 | 0 | 0 | 0.00% | 0 |
| everyone else | — | 387 | 115 | 240.749182 | 55.31% | 71,742.39 |
| all providers | — | — | 154 | 435.268996 | 100.00% | 129,705.42 |
every row: download lp-tokens-by-group.csv.
Every account holding LP tokens, one by one, is in the data.
The largest holders, marked and realisable
Table 5. The fifty largest CULT holders: what their holding is marked at, and what selling it alone into the pool would pay.
| rank | account | group | holds CULT | marked at (XRP) | the pool would pay (XRP) | share of the mark |
|---|---|---|---|---|---|---|
| 1 | rwXtqbb49G4eDyikLv77JEHCx25eH3pCsx (Pheanor, CULT Treasury) |
Pheanor's activation tree | 451.490890 | 67,269.05 | 32,579.66 | 48.43% |
| 2 | rJBQA7kvwWLTkLRNkAxz1eytCenf5g6q7Q (Pheanor) |
Pheanor's activation tree | 416.856988 | 62,108.83 | 31,307.17 | 50.41% |
| 3 | r3NaLaZMNBnRLrV41N7SVjAVdMpfCVy1AJ (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 347.729243 | 51,809.27 | 28,429.54 | 54.87% |
| 4 | rCk8EwUPhn28a2dz7ZTAb7ZjywkWhgD5S (Hodler) |
Hodler's activation tree | 346.245131 | 51,588.15 | 28,362.15 | 54.98% |
| 5 | rMt3jmRENVnzjTrDcqmQ9hBkX72W3vCREq (Pheanor) |
Pheanor's activation tree | 296.936207 | 44,241.46 | 25,967.48 | 58.69% |
| 6 | rBwAS3Kda2RddnAqa9cyEMJAicKRqjC2dJ |
everyone else | 249.846921 | 37,225.48 | 23,357.49 | 62.75% |
| 7 | rHgoB4epFVeu691DCD1uifF17Kfxk2uQST (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 248.050393 | 36,957.81 | 23,250.76 | 62.91% |
| 8 | rLvvo3sada5X1qakVQQfzMRD3hZHRtgUNz (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 215.046667 | 32,040.48 | 21,184.67 | 66.12% |
| 9 | rG2MsCwzgZHhCxh85w2NeVzbpP6ieZtSB9 |
everyone else | 202.087406 | 30,109.64 | 20,314.64 | 67.47% |
| 10 | r4pz5ncRPxVXGhNxn3XpVDJWEUkuaisoGd (Hodler activation tree, generation 1) |
Hodler's activation tree | 158.862088 | 23,669.36 | 17,136.90 | 72.40% |
| 11 | rKBTQpcoRg9SQ61qvygZTCoHnuXRxNy8yW (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 127.107679 | 18,938.17 | 14,489.62 | 76.51% |
| 12 | rafKJ9CkwcXbQVp5cYXgHw9J4ANPjd6TUX (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 119.116826 | 17,747.59 | 13,775.44 | 77.62% |
| 13 | rJ6UP65eus334fYhYJBppCksnMCbiUANR6 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 118.885245 | 17,713.09 | 13,754.43 | 77.65% |
| 14 | rsLFad8YFVeyycCSDZFhQjDkXynHM5Ct7o (flow-connected to both activation trees) |
flow-connected to both activation trees | 116.192364 | 17,311.87 | 13,508.86 | 78.03% |
| 15 | rGSDMwnBqbsmoxkjwz1jJkVNRCJs14tVaN (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 113.880475 | 16,967.41 | 13,296.11 | 78.36% |
| 16 | rnjTZ1MDMTunZtpJCH5vXvUamXz8Wtbe7u (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 109.348942 | 16,292.24 | 12,873.82 | 79.02% |
| 17 | rUjSyoiqHUcEkE1iPBJKRE3APygpo21CHT (flow-connected to both activation trees) |
flow-connected to both activation trees | 109.345372 | 16,291.71 | 12,873.48 | 79.02% |
| 18 | rhhbADpbVmUuG4sNWHkCpggLeXRcpN1VPG (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 109.095648 | 16,254.50 | 12,850.00 | 79.06% |
| 19 | rMTMZd5bXCBRYymJfNjsxGeKLFoyKLQGcT (flow-connected to both activation trees) |
flow-connected to both activation trees | 100.312896 | 14,945.93 | 12,010.31 | 80.36% |
| 20 | riamVDj9fSNsYs52eUCtUe3LbxMZWdGoi (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 88.917471 | 13,248.09 | 10,878.65 | 82.11% |
| 21 | rsX5cvn3QeoqyQkeMc4J72gxKBG47YH7Ju (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 88.602183 | 13,201.12 | 10,846.64 | 82.16% |
| 22 | rp8384VaUDSJVYH8qmLArmqKx7puGrbz1u |
everyone else | 85.048767 | 12,671.68 | 10,483.12 | 82.73% |
| 23 | rUoaTDmmePcuw79hirzAvGF9nka1XKG98W (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 82.966965 | 12,361.51 | 10,267.83 | 83.06% |
| 24 | rHT9nZphS75c3c3A2zEp9LT8agEUkLbNtH (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 80.183859 | 11,946.85 | 9,977.28 | 83.51% |
| 25 | rD8jPWx64sWA5eWsPt5W8ZcN42EjFgWgBP (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 79.896761 | 11,904.07 | 9,947.12 | 83.56% |
| 26 | rfyPh6DnCbBZUts9sbtQQRC8Pzb84UR8Yg (Pheanor activation tree, generation 3) |
Pheanor's activation tree | 79 | 11,770.46 | 9,852.72 | 83.71% |
| 27 | r9LXucbnVPniyunxWrbdyBuGbb6rLM9pJq (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 78.549033 | 11,703.27 | 9,805.13 | 83.78% |
| 28 | rEF878AyJT8rqNZyTXDAhydu1wD6nTQe7 (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 74.893259 | 11,158.58 | 9,416.15 | 84.38% |
| 29 | ragHnzSQQHxA1enkwBVZCz61WaKa93QEuo (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 73.439992 | 10,942.06 | 9,259.96 | 84.63% |
| 30 | rhqZKD9fQHRTU3PvMRhpPFxnkePqtSABEv (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 70.045272 | 10,436.27 | 8,891.60 | 85.20% |
| 31 | rsYLtTpSFFM4jndy7KGc2RYoDoqm5eVkM9 (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | 69.939709 | 10,420.54 | 8,880.06 | 85.22% |
| 32 | rP1Q3iqpn3jmaDybno6GUegPqn8TnDDeRz (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 69.122869 | 10,298.83 | 8,790.64 | 85.36% |
| 33 | rDBJA5gpY9SQGaEhApBTu1RDJEZE4KhRqM (Pheanor activation tree, generation 2) |
Pheanor's activation tree | 68.989010 | 10,278.89 | 8,775.96 | 85.38% |
| 34 | rp9oX2SAqaGLWcSKcHaE8Fq9dngEpRbGP6 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 62.310731 | 9,283.87 | 8,033.43 | 86.53% |
| 35 | raMid7cLqAasUcQV3bJy8tL5x3Qp9fRUTE (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 61.922575 | 9,226.04 | 7,989.65 | 86.60% |
| 36 | rBJmztNVkqCZ1gshzw8S2BXho2SeaQZCCH (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 61.047311 | 9,095.63 | 7,890.69 | 86.75% |
| 37 | rQDmCe8kMbVPH3JVwsggg3aU3foR4ughKM (Pheanor activation tree, generation 1) |
Pheanor's activation tree | 59.953761 | 8,932.70 | 7,766.56 | 86.95% |
| 38 | r9wsMJHGs7YUNt4xA6LrQJq4ZGZMd1YfhM (own domain: rBRAD8ntFu3yFhpoo7uLjj4EbVi2UQ1EMR) |
flow-connected to both activation trees | 57.712785 | 8,598.81 | 7,510.44 | 87.34% |
| 39 | rV4mttD3aMUTUpHo7UZGGuVt2v9un72X2 |
everyone else | 51.019694 | 7,601.58 | 6,731.36 | 88.55% |
| 40 | rNB266qn2L3WuuzVyfKjj54sSXxvCYNrFV (Hodler activation tree, generation 2) |
Hodler's activation tree | 47.081255 | 7,014.78 | 6,262.75 | 89.28% |
| 41 | rMEWpHQyNSGw8hN4ZRmypZi52gQtCCCsDi (Pheanor activation tree, generation 4) |
Pheanor's activation tree | 47 | 7,002.68 | 6,253.00 | 89.29% |
| 42 | rwqVi3qWX8Cffye3481wDNzZ49FzRBDaWn |
everyone else | 46.739929 | 6,963.93 | 6,221.78 | 89.34% |
| 43 | r9nD2XtrFKHM3Hnc5rt8uRukBwe2n7kpoe |
everyone else | 45.613880 | 6,796.16 | 6,086.19 | 89.55% |
| 44 | rBkX2Sw5Vo4Lbe2KdmM2gRniZ4q4F7uU4d |
everyone else | 45.056999 | 6,713.18 | 6,018.90 | 89.66% |
| 45 | r3SM1Q9Fkt5f5fNNVuD5gdXtox8aoc1aQb (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 38.093034 | 5,675.60 | 5,163.94 | 90.98% |
| 46 | rvKnfLp79mfvuR1Laq393CEr1yuyP8KKP |
everyone else | 34.803838 | 5,185.53 | 4,751.26 | 91.63% |
| 47 | rLmxSZq3ttFhWZKUkg5vQraYwqS7vE52wF |
everyone else | 33.131267 | 4,936.33 | 4,539.18 | 91.95% |
| 48 | rHwHW4rAur66CbVsp2QauoigWH2icwUB2U (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 33 | 4,916.77 | 4,522.47 | 91.98% |
| 49 | r473884sarKQdVa6hdSWxWa2783WVXemZ9 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 33 | 4,916.77 | 4,522.47 | 91.98% |
| 50 | rEmrhVu9bEFwkCZef92J9BjzCvPSQNVPY3 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | 30.007621 | 4,470.93 | 4,139.00 | 92.58% |
every row: download largest-holders-realisable.csv.
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