Plethori: Quarterly Progress Update

Since Plethori’s inception, the team have worked tirelessly to shape and build the developing ETF ecosystem. This article discusses the many significant goals that have been achieved to date, as well as a couple of exciting updates that will help shape Plethori’s future.

The first quarter of 2021 bore witness to the genesis of Plethori’s ecosystem. CEO and founder, Ryan Matovu, first conceived the idea to build cryptocurrency’s premier ETF creation and trading platform in January 2021. After carefully handpicking his team, discussions and plans were initiated.

Once the whitepaper and pitch deck were finalized, the initial rounds of funding commenced. The subsequent response was overwhelming — within days the team was inundated with emails and texts from countless investment and venture capitalist firms from around the globe.

Q1 saw the successful completion of all roadmap goals. This included the development of the PLE token contract which sailed through the full security audit, carried out by cybersecurity industry leaders — Solidity Finance.

Q2 has also been a very productive and exciting period for Plethori, seeing the formation of 10 vitally important strategic partnerships. During this time Plethori has partnered with Dextools, Cardstarter, Cyberfi, Stater Finance, Blank Wallet, Polkafoundry, QuiverX, Kylin Network, Shield Finance and PARSIQ. Additionally, Plethori’s dual-IDO took place during this quarter (via Paid Network’s Ignition launchpad and Cyberfi’s Samurai launchpad), pre-empting the very successful launch of Plethori’s $PLE token on Uniswap V2 on the 4th of May.

Ten days following the token listing, Plethori launched the first of its platforms, the Staking Platform. Offering a lucrative yet sustainable 40% APY, the rewards pool is guaranteed to last a minimum of 10 months from the launch date if used at maximum capacity. At the time of writing over 2.8 million PLE tokens are being staked on the platform. The intention of the current staking platform is to reward early token holders. It is not designed to last indefinitely. At the point of expiry the platform will have served its purpose, which is to reduce the circulating supply and selling pressure whilst simultaneously rewarding those utilizing the platform. Before Staking ends, the Plethori ecosystem will be fully developed, offering plenty of alternative avenues for earning a passive income.

Due to changing market conditions over the past 4 weeks, as well as the revisions to the roadmap that are detailed below, Plethori has decided to hold fire on the planned CEX listings for this quarter.

Development of the V1 platform is now nearing completion. Plethori’s full stack developer Ding Tian is currently integrating the front and back ends of the platform, which was designed by another of the developers Bram Chen. The foundation for each of the V1 ETFs has been constructed and full-scale testing will commence in 2 weeks time. Once testing is complete, all contracts shall be sent to Solidity Finance for a full security audit. The Plethori team will then designate a firm release date, around which a robust marketing campaign will be deployed. It is expected that development will be finalized by the end of June, with the V1 platform being released now in Q3.

The first of the Plethori-designed ETFs has now been finalized. This is their Polkadot Ecosystem ETF, a separate article containing full details will be released shortly.

As development of the V1 platform continues, several of the original roadmap goals have been rescheduled, and others have been redesigned.

The Plethori team have revised their existing roadmap in the following ways:

• Plethori will no longer be building on Binance Smart Chain. Instead the team have chosen to create a token-bridge to the Polygon Blockchain. Polygon offers several distinct advantages over BSC. It will provide more robust performance and facilitate faster and less costly transactions than BSC. It is also the more decentralized of the two options, which is very important to Plethori’s ethos. Binance Smart Chain was planned originally due to its high popularity and inexpensive transaction fees, however The Plethori team have decided that Polygon will provide superior long term benefits.
• The second change to Plethori’s original plan is that rather than employing the eth layer 2 solution Optimism, Plethori will be utilizing the recently released Arbitrum rollup — an alternative eth layer 2 solution. Uniswap have also chosen Arbitrum instead of Optimism for use within their V3 platform. As with BSC, at the time of drawing up the roadmap goals, Optimism appeared to be the superior option regarding eth layer 2 solutions, however it is crucial to remain fluid, adapt to the landscape and utilize the latest technological advancements.

Please see our revised roadmap below:

In addition to providing quarterly progress updates, the Plethori team have decided to implement weekly voice-AMA sessions to keep the community completely up to date with all progress and project development. This will take place in the official Telegram group each Thursday at 2PM UTC, and each session will last for 30–60 minutes.

About Plethori

Plethori is a Cryptocurrency ETF Investment Platform that allows open trading and creation of trustless ETFs by utilizing blockchain technology and layer 2 solutions. The platform offers decentralized cross-chain investment for exchange-traded funds built on the Ethereum and Polkadot blockchains. This service will allow investors to deposit capital and invest in a wide range of ETFs enabling investment into entire cryptocurrency industries such as insurance, oracles, NFTs, Derivatives, Polkadot ecosystem projects and many more.

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