Plutons,
It’s been nearly five months since we released the first iteration of our tokenomics. We’ve come a long way since then and a lot has changed — namely more partners and explosive growth. Today we’re excited to be announcing the new and improved version of our tokenomics!
As our product matures and evolves, we feel like our tokenomics must follow suit. We’ve spent quite a bit of time at the drawing board so rest assured — all design decisions have been made with $PLS holders at heart.
Phase One
We’ll be rolling out our tokenomics upgrade in two distinct phases. At the core of phase one is reducing emissions while still keeping all of our plsAssets extremely attractive and competitive. We’re going to be strategically rebalancing emissions between our plsAssets and LP pairs to best reflect changes in the market and to achieve our desired $PLS emission rate.
The goal for phase one is simple — we want to reduce the dilution of $PLS while simultaneously adding TVL and value to Plutus. Rebalancing $PLS emissions also gives us the flexibility of incentivizing new plsAssets (stay tuned for some news very soon), while retaining emissions at a healthy level. All of the details for phase one are listed below.
- Emissions to PLS-ETH LP, plsJONES Single Stake, and plsJONES LP will be cut by 50%
- On the 5th of August PLS emissions to the PLS-ETH LP and plsJones single stake pools will be cut by 12.5% and cut again every following 1 weeks by another 12.5% for a total of 4 emission cuts totaling 50%
- plsJones LP rewards will go live at 50% of the originally planned rewards
For further details and figures, please see the breakdown below.
PLS-ETH LP
- Cut 50%, from 40% of Liquidity Mining Rewards to 20%
- Emissions reduced from ~300,000 PLS/month to ~150,000 PLS/month
- Emissions will be cut in portions of ~37,500 PLS
plsJONES Single Stake
- Cut 50%, from 7.5% of Liquidity Mining Rewards to 3.75%
- Emissions reduced from ~58,000 PLS/month to ~29,000 PLS/month
- Emissions will be cut in portions of ~7,250 PLS
plsJONES LP
- Cut 50%, from 10% of Liquidity Mining Rewards to 5%
- Emissions reduced from ~80,000 PLS/month to ~40,000 PLS/month
Total Liquidity Mining Rewards Reduction: 28.75%
Phase one will be rolled out starting from the 5th of August.
Phase Two
We’re extremely excited for phase two, as this will bring forth the implementation of our long-awaited governance module. With this, we’ll also be also introducing vlPLS (vote-locked PLS), which will replace all forms of $PLS locking.
We’re looking to implement best-in-class tokenomics into vlPLS by combining the best of other projects’ tokenomics designs with our own model. Development work on our governance module and vlPLS is ongoing, and we’re looking to go live with phase two in the coming months. The advent of vlPLS also means that lockers will be one step closer to receiving yield through bribes. This means we’ll be simultaneously sunsetting our productive treasury, which will be utilized to secure project runway.
Conclusion
We’re extremely excited to be revamping our tokenomics — for us the release of vlPLS is synonymous with the Plutus vision fully materializing into reality. Our aim has always been to become the de facto layer 2 governance blackhole, and soon $PLS lockers will be enjoying the fruits of all that governance power through bribes.
This entire tokenomics upgrade is designed to further boost the already attractive value proposition of $PLS. We won’t be settling for a simple locking model, but will rather look to go above and beyond by supercharging our tokenomics through a unique blend of best-in-class tokenomics designs. 📈
Stay tuned for more details! 🙏🏻
