Plutons,
Over the past few months we’ve been focusing fervently on becoming the premier Layer 2 governance blackhole and thus far our governance-related products have seen impressive growth and success. In addition to constantly pushing forward with our governance products, we’re excited to be announcing an entirely new product line to supplement our current offering!
Today we have the privilege of bringing you Plutus Vaults — products built on top of existing, successful protocols with the sole purpose of enhancing yield and simplifying the process for end users. True to our original ethos of “maximum yield”, we’re now adding convenience to the mix. We want Plutus to be the easiest and most profitable place to earn on your favorite assets.
On that note, we’re beyond hyped to share that our first Plutus Vault will be built on GLP in collaboration with GMX. We’re naming it plvGLP (Plutus Vault GLP), and in comparison to traditional GLP, it’s going to have several immediate advantages both in terms of convenience and profitability.
Let’s take a look at the product in more detail. 👇
- GLP can be deposited to mint plvGLP at any time.
- Exiting plvGLP is subject to a 2% fee (there’s no liquidity pool).
- esGMX rewards are locked under Plutus and automatically compounded. This results in constantly increased yields for all pool participants.
- Plutus will take a 10% fee on GLP yield.
- Stake plvGLP to earn PLS emissions, ensuring that yields are always higher than the native GLP pool.
The gist of it is simple — by pooling users’ GLP into one large pool, automatically compounding frequently becomes a viable option from a cost and especially convenience perspective. Users no longer have to worry about manually managing their GLP position, but rather can rest easy knowing that they’re getting maximum yield with maximum convenience. In addition, users are getting additional rewards in PLS and boosted yield from esGMX rewards.
This is merely the beginning of a fruitful collaboration with GMX. The decision to start with a GLP integration was clear, however we may have more in store for you very soon… 👀
Stay tuned for plvGLP headed your way soon!
