Dear Plutus Members
In 2015, Plutus was introduced to the Ethereum community. One year later, we hosted a crowd sale to issue our decentralised loyalty token, Pluton (PLU), and raised circa. $1M across nine days.
Plutus has conducted research and development; thoughtful coding; and developed established partnerships since its inception. Plutus now has thousands of members across the UK and Europe.
At the time, 20,000,000 PLU were created for our in-app Pluton Rewards programme, of which 850,000 (4.25%) was pre-sold via the 2016 public sale.
Our Pluton Rewards feature is now live and the 3% rewards users receive for using their Plutus Card is taken from the remaining 19.15m pool.
Whilst the initial crowd sale allowed us to develop a full finance application, it has not helped us ensure seamless PLU swaps on our peer-to-peer PlutusDEX, nor create token awareness on third party exchanges. We are now looking to list PLU across several exchanges and conduct some low-cap token sales to help in achieving these goals.
Exchange Listing(s) & Token Sale Partners
Having conducted due-diligence on numerous exchanges and token sale platforms, we have established long-term partnerships with five credible partners. We have opted for exchanges and platforms with reputable marketing teams and active user bases who may be open to joining start-ups such as ourselves.
We will conduct three micro-sales in October 2020. The success of these will enable a follow-up listing and token sale held several weeks later on a well-known Tier 1 exchange. This will be followed up with an additional Tier 1 listing before the end of the year.
The collaborations carry multiple deliverables by our partners, including joint marketing campaigns and co-branded cards. This will expose Plutus to a large audience and will help in attracting a new customer base.
With the aim of improving accessibility and awareness of PLU, Plutus is seeking to re-allocate two million tokens from the Rewards Pool to the Plutus Development Fund. The community will vote on whether they approve of the decision to relocate the PLU.
There is just under 19.15m PLU locked in the Pluton Reward pool to be emitted to our customers. Every time a user spends with their Plutus Debit Card, they will receive up to 3% of the purchase back in PLU; the reward pool algorithm is designed to have a longevity of 100+ years. There is currently just over 850,000 PLU in circulation from the pre-sale. Since March, users have acquired 5,363 PLU from rewards which equates to $100,000+ at PLU’s recent highs, increasing the total circulating supply to ~855k.
We are looking to transfer 2m PLU from the 19.15m Reward Pool to the Plutus Development Fund approved by a community voting process. Once the re-allocation of 2m tokens has been completed, a portion of those tokens will come into circulation. Visit the Pluton Longevity Calculator for additional details on the longevity of our rewards programme, or our Yellow Paper for full details on the tokenomics.
Details of Upcoming Allocation
The token allocation will be divided into three parts.
- 15% (300k PLU) will be allocated to an initial sale.
- 35% (700k PLU) will be designated towards our PLU initiative and short-term development.
- 50% (1m PLU) will be locked away for two years in the Plutus Development Fund.
Initial Sale (300k PLU)
The 300k PLU will be sold across four external exchanges plus our own platform at a 40% bonus. PLU will be sold at a 30-day average price determined on the day of the listing.
For an unspecified amount of time, 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. This is a safety measure for new purchases in case market forces push the price down.
Note: Each of the above exchange listings will collaborate with market makers. Due to the nature of the contracts, the above listing partnerships can only be announced by the exchanges first.
Plutus Development Fund — Short Term (700k PLU)
Below is an outline of how the 700k PLU set aside for the Plutus Development Fund will be allocated.
Community Based Marketing (100k PLU)
This is allocated towards community-based marketing activities with the aim of increasing awareness of Plutus and PLU.
Further Development (300k PLU)
This is allocated to infrastructure improvements, as well as co-branded products/features with our exchange partners.
Governance & Legal Costs (50k PLU)
Funds derived from this will go towards operational and legal costs that are necessary within the financial sector.
Accessibility of PLU on External Exchanges (250k PLU)
This is designated towards further exchange partnerships throughout the year and market makers.
Plutus Development Fund — Long Term (1m PLU)
The remaining 1m PLU will be locked across two years for future development.
- 500,000 PLU will be unlocked on 30th September 2021.
- 500,000 PLU will be unlocked on 30th September 2022.
Note: We may move some coins back into the reward pool if the additional PLU is no longer required.
Here is a detailed explanation as to where any resulting funds will go towards.
The contract agreements include obligations from all our partnered exchanges to exercise marketing campaigns on our behalf including digital advertising, email newsletters, community AMA’s, and a heap more. The raised funds will enable higher intensity campaigns by Plutus.
The Pluton Liquidity Injection Programme will allow us to continue operations and help in scaling Plutus from a start-up into a business. This programme is essential to maintaining and elevating the Plutus app and card.
There is still numerous features and updates that Plutus aims to develop, including the required infrastructure and services necessary to obtain a banking license.
Over the next year, we will be seeking to close additional partnerships with traditional investment and VC firms to achieve our long-term roadmap. This includes:
- More in-app fiat capabilities including real-time notifications and analytics
- Expanding our reach to Asia and Latin America
- Adding more cryptocurrencies, fiat currencies, retail partnerships, etc.
- Dual-currency accounts, FX markets, and business accounts
- A banking license
How/Why/When Banking License?
A banking license will allow us to develop a wider range of features, increase the efficiency of our systems, and cut costs.
The requirements for a banking license in the UK and Europe are extensive including details of the customer journey, back-end technology, risk management systems (which we have in place), expected outsourcing arrangements, plans to access other payment systems, anticipated governance within the “Plutus Bank”, due diligence of the management team, and more.
Prior to the above, a new FCA requirement requires businesses to be cash positive. We believe our conversion rate of 34% from free to paying memberships (compared to the industry standard of 2–5%) will help in achieving this objective.
These are lengthy operational processes, but the team has put in place measures to help in accomplishing it.
What Can You Do With Pluton?
- PLU can be spent in-store, or online, by proxy using our Plutus Debit Card as you would any other currency.
- PLU can be staked for additional fiat cashback (on top of the regular 3% crypto reward) at household-name retailers. We have formed affiliate partnerships with Amazon, Vodafone, Sky, and many more to offer you over 15% in cash and crypto rewards. The more PLU someone stakes, the more cashback opportunities they will unlock and the deeper their discounts will be. Find out more here.
- PLU is redeemable for our Premium services which are priced at €/£9.99 per month.
- PLU is deflationary by nature.
How to Vote?
Everyone who owns 10 PLU or more will be eligible to vote.
1 PLU = 1 Vote
One PLU equates to one vote. This means the more PLU you hold, the more influence you will have over the outcome of the ballot. The voting ballot will be sent out via email, please see below as to how to participate.
If you reside within the UK or EU and own more than 10 PLU, log in to the Plutus web application, click on the voting panel, and connect your MetaMask wallet. Plutus will be able to verify that you have sufficient PLU and we can retrieve your email address from the system.
If you hold PLU and reside within the UK or EU, but are yet to open an account. You can sign up below via web, connect your MetaMask wallet and then participate in the vote. The voting ballot will be sent to the email address used upon signing up to the app.
PLU Holders Outside of the UK/EU
Given our expansion plans, international holders will have the ability to vote also. As our services are not currently available outside of the UK/EU, the process is slightly different. Send an email to email@example.com that includes:
- A screenshot of your wallet balance
- Your first and last name
- Your public wallet address
- Your 2016 token sale email (if you participated)
We will conduct our due diligence to determine whether the wallet is in fact yours, and those who pass will be sent the voting ballot. Those who fall under this category will be sent their voting ballot to their 2016 token sale email address. You have until Saturday (12/09/2020) at 23:59 BST to submit your details.
After wallet balances have been verified, vote ballots will be sent out via email on Monday (14/09/2020), you will have approximately 2 days to submit your decision. The vote will close on Wednesday (16/09/2020) at 23:59 BST and the results will be announced the following day via a blog, and across all social platforms. Shortly after, we will release the full exchange schedule.
We are forever and sincerely grateful for everyone’s contributions. Every bit of feedback, support and participation helps hone the future of Plutus, and we will continue to mould the company around the community that started our journey.
We have plenty more details to emerge including the outcome of our community vote. If you would like to stay up to date on the progress, please follow us on Medium or Twitter where announcements are made first.
If you are yet to test out Plutus for yourself, you can open an account here, the process takes minutes.