Pluton — Liquidity Injection Programme (Vote Results)

Last week, we announced the Pluton Liquidity Injection Programme (PLIP) which would involve partnering with five exchanges with the aim of making PLU more accessible.

In order to achieve this, 2m PLU would have to be reallocated from the Pluton Rewards Pool to the Plutus Development Fund. A vote was held by the community on whether or not to approve the plans.

The Vote

On Monday (14/09/2020), we issued a secure voting e-ballot to all verified accounts who possessed 10 PLU or more via email; this minimum requirement was set to prevent malicious users from gaming the system.

Voting was done on a weighted basis whereby the more PLU you held, the more of an impact your decision had on the end result. Plutus staff who have acquired PLU from rewards and purchases were not allowed to participate in the vote to remove the possibility of a conflict of interest.

1 PLU = 1 Vote

The vote consisted of a single Yes or No question relating to the PLIP. The voting ballot closed last night (16/09/2020) at 23:59pm BST and the results have now been confirmed.

Voting Results

The community has approved the decision to re-allocate 2m PLU from the Pluton Rewards Pool to the Plutus Development Fund.

The sum of eligible votes amounted to 82,308. We saw 73.2% of individuals who signed up to the ballot submit their decision and a supermajority voted Yes (90%), which means the PLIP will now proceed. With 1 PLU equal to 1 vote, the results showed 36,587 votes in total and 33,073 swung in favour of the decision.

New Supply

The total supply of Pluton still stands at 20m. Previously, 19.15m of this was locked away in the Pluton Rewards Pool and 850k was circulating the ecosystem.

Now, 2m PLU will be re-allocated from the Pluton Rewards Pool and divided into three parts as follows:

• 15% (300k PLU) will be allocated to the initial sale.
• 35% (700k PLU) will be designated towards our accessibility of PLU and short-term development.
• 50% (1m PLU) will be locked away for two years for the Plutus Development Fund.

The 1m PLU destined for the Plutus Development Fund will remain locked away alongside the Pluton Rewards Pool funds until the lock-up time periods elapse (30/09/2021 & 30/09/2022), whereas the remaining 1m will enter the circulating supply (300k immediately and another 700k throughout the year). Please read our previous blog for the full details.

We calculated the effects this would have on the time-line of the Pluton Rewards Programme and decided upon 2m as it had minimal impact on the longevity but still enabled us to achieve our goals.

You can view our full Pluton Longevity Calculator here to help understand the tokenomics and life-span of PLU which is estimated to last until the year 2074 at current rates.

Note: The Plutus Development Funds may be returned to the Pluton Rewards Pool should it not be required. Full details are included in the original blog.

What Does This Mean?

• The first micro-sale will take place on our internal PlutusDEX in October followed shortly after by three micro-sales and listings that same month on external Tier 2 & Tier 3 exchanges. These sales will be capped at 50,000 PLU each.
• A larger 100,000 PLU sale on a Tier 1 exchange in November.
• Following this, there will be a further Tier 1 exchange listing.

Please Note: The 40% bonus is only confirmed for the first sale via our PlutusDEX for which you will have to qualify via a pledge system. The bonus rules will be different for each listing/sale.

For an unspecified amount of time, we will make sure that PLU can be sold on our PlutusDEX at whatever the listing price is on the day of sale, regardless of what it is trading at on external exchanges.

Funds derived from these sales will go towards increasing accessibility of PLU, product development, the pursuit of a banking license, geographical expansion, and general operational costs.

Next Steps

Due to contractual agreements, we are unable to reveal the exchange names and exact schedule until our partners have announced the collaborations first. As such, we will be releasing a blog with the full details (bonus structure, dates, restrictions, min/max purchase limits, etc.) so that the community can be fully in-the-know as to what steps need to be taken next.

Join Us

If you have any questions, join the community and speak to our team members directly on our active Discord channel. Likewise, we are available on Telegram to assist in any way.

If you are yet to try Plutus for yourself, we thoroughly recommend you download the app and give it a whirl. You can sign up on the desktop here.

FAQ

What counts as a Tier 1 exchange? Any hints as to what we can expect?

Due to NDA arrangements, we are not contractually allowed to provide any information that may reveal our partners. Once we are contractually allowed, we will reveal the full extent of our partnerships in an additional blog, as described above.

Will more tokens ever be unlocked from the Pluton Rewards Pool and are there plans to integrate them into a Smart Contract as originally described?

We chose 2m PLU as it allows us to accomplish what is necessary. We have no intention to unlock more PLU in the future.

Smart contracts were part of the original white paper, but in light of multiple hacks (starting from The DAO hack back in 2016), we opted to keep the rewards programme semi-centralised. This is a temporary measure whilst the technology is still fairly premature, if the technology advances and proves secure enough to adopt, Plutus will do so.

Why a 40% discount? This seems extremely high. Also, won’t this be exploited by arbitrageurs to the detriment of PLU holders?

The aim is to drive awareness of Pluton and increase accessibility, a 40% bonus will help achieve this. It is also improbable that everyone will be able to participate as the sale is forecasted to be oversubscribed.

Additionally, there will also be a min/max buy-in with a short term lock up to protect the integrity of the Reward programme and the already vested community.

When are we going to see a DEX with instant trading?

This is the primary reason we are looking to embark on this PLIP. The team is aiming to resolve this in Q4.

Will the tiers on your Plutus Perks programme ever change? If the price of PLU increases, the current staking requirements will be unattainable for the average user.

The tiers are dynamic and we may adjust them depending on PLU’s growth. We will find a balance between affordable and strong tokenomics.