Withdrawing Plutus rewards [PLU] directly to an exchange.

Update February 2024: Thanks to all the ambassadors and Discord community members who advised one of these steps were incorrect. I have adjusted and updated. Please note to all readers that I am not a member of the Plutus team. Whilst I will try to keep this updated, changes to the Plutus website may lead to this article being outdated. That said, it is correct as of February 2024.

This guide will explain how to use an alternative app to Metamask (Rabby) to withdraw your PLU straight to an exchange. It was written in June 2023 whilst the PlutusSwaps DEX was temporarily closed and may become outdated as Plutus develop their product further. This guide may also be outdated once Plutus is deployed on an L2 (Polygon).

The benefits of this guide is to save the extra step of having to buy ETH and pay additional gas fees to move your PLU from Plutus -> Ethereum wallet -> exchange.

This saves money, time and extra hassle for those who do not use the Ethereum blockchain. In short, this guide will save you the middle step.

For the record, I personally would advise that we all do as much as possible ON chain as exchanges are like banks. We all saw what happened to FTX. Do not leave your funds sitting on exchanges. This is more for people who want to sell their rewards as simply as possible. Shout out to @madkex for raising this strategy and to @andyodd on Discord (https://www.discord.gg/plutus) for getting on it and trying it out!

Step 1 — Go to https://rabby.io/ and download either the extension or the desktop application. For this guide, I use the desktop app as I feel these are safer than browser extensions but they are exactly the same.

Rabby — The game-changing wallet for Ethereum and all EVM chains

Already looks better than Metamask… >_>

Step 2 — Once installed and downloaded, we are going to use this application differently to Metamask. You CAN use it like a normal hot wallet, import your private keys or connect your hardware wallet, but for this, we are going to use it only for exchange deposit addresses and only for the purpose of withdrawing PLU.

This is an alternative to Metamask. Whereas Metamask is only a browser extension, alternatives can be downloaded to your desktop for an extra layer of safety such as 0xFrame or Rabby.

Step 3 — Click Add Contacts. This is a method to add any wallet address as a ‘watch account’. This means that Web 3 can connect and look at any wallet (all public information) but we will not be able to sign any transactions as these wallets do not belong to us.

‘Contacts’ is a slightly confusing name — think of it more like a watch address or a view-only wallet.

Step 4 — Go to the exchange you use (Coinbase, Kucoin or Bitfinex are the most popular) and click Deposit or Send/Receive. Click the cryptocurrency PLU (Plutus) and make sure it says ‘Ethereum Blockchain’. PLU is an ERC-20 token and currently only available on the Ethereum network. Copy the wallet address you are given and paste it into Rabby. (Example: 0xd8dA6BF26964aF9D7eEd9e03E53415D37aA96045 ←DO NOT USE THIS ADDRESS. THIS IS THE CREATOR OF ETHEREUM’S WALLET AS AN EXAMPLE ONLY. USE THE WALLET ADDRESS THAT CAN BE FOUND ON YOUR EXCHANGE ACCOUNT.)

This example is screenshot from Coinbase — all exchanges will look slightly different when looking for your deposit address. Just make sure it is Ethereum /ERC-20.

Step 5 — Once you have added the wallet as a ‘contact’ (watch only), you should see it listed with a cup symbol.

I have renamed these after adding them but remember, deposit addresses DO change! These are not permanent! Review them regularly.

Step 6 — Now click the add button in the bottom left and add a dapp by domain. You can do this for any Web 3 domain. For Plutus, this is dex.plutus.it Note: If you are using the browser extension, I doubt this step is needed. You will likely just connect to Plutus in exactly the same way you use metamask.

Rabby has a built-in browser which is how it connects to Web3 websites/dapps.

Step 7 — Rabby will now recognise the dapp. Select connect and it will add it on the left side. (Note: some users are reporting this box on the right does not appear. If this happens, log in to Plutus, go to the trading tab, and click ‘connect to Metamask’ first. This should then trigger the second pop up to connect on Rabby. You will know you are connected when the dapp symbol on the left has an Ethereum logo placed over the Plutus logo. Now log into Plutus as usual. Think of it just like a browser within the app, no different to Firefox, Brave or Chrome but built within the Rabby wallet app. Again, this is likely not needed with the browser extension.)

Update February 2024: Plutus is no longer using the Trading tab to connect wallets. If this is the first time you are using Rabby, you may have some connection issues. If you see a “Metamask Logged Out” written instead, you will need to force a reconnect by visiting the Perks tab. First, connect a wallet on the Perks tab (use the Connect wallet button). Once done, you should see the Metamask logo appear in the top right corner with your chosen wallet. You can now change this to the exchange deposit address of your choice. Going forward, it should do this automatically when you visit the Pluton > Withdraw page as shown in the image below.

You want to see this in the top right corner on the withdraw page. Then you are good to go :)

This screenshot is for if you are having issues and you see ‘Metamask Logged out’. Note the Metamask pop up in the background. This will show as connected once you connect to the dapp. If you are having issues, you need to force this connection by visiting the Perks tab.

Step 8 — Just like you would in any browser, go to Pluton at the top of the Plutus website, and click the blue Withdraw button. You should now see the exchange deposit address. CHECK THIS. Check it is the same one as in your exchange. Check it again. Once you press the withdraw button, your PLU rewards will go to this wallet so you need to make SURE this is the correct one. Exchanges also sometimes change their deposit addresses. You should double check this on the exchange every time you withdraw.

Don’t forget you’ll need £3/€3 in your account to complete the withdrawal.

Step 9 — Plutus will contact you if needed and you should receive the funds from the Plutus withdrawal wallet. This is currently taking 1–3 days at the time of writing this. Check ‘Account — PLU Withdrawal Delays/Issues’ in the Support Forum within the Plutus Discord for any updates.

Step 10 — Congratulations! The PLU is now in your exchange! Sell it using the trading pair (or by swapping it on Coinbase) — these are often PLU/USDT or PLU/USD. There are some tips and different strategies people use in the ‘Buying & Selling PLU outside of the Plutus DEX’ Support Forum within the Plutus Discord.

Your final step will now be to swap that USDT to Euros or Pounds and withdraw that to your bank account. Enjoy!

Additional BONUS note: If this guide was your introduction to the world of using blockchains, or even if you are a Metamask user trying something new, please consider using a browser extension such as https://www.joinfire.xyz/ or https://www.walletguard.app/ to monitor your blockchain transactions and show you what you are signing and approving. Stay safe out there!