In September, we announced our Pluton Liquidity Injection Programme (PLIP); a plan that involves five exchange partnerships including both listings and micro-sales over the course of two months.
The low circulating supply of our native cryptocurrency token, Pluton (PLU), was creating hurdles swapping PLU to load account/card balance on our platform. The aim of PLIP was to increase awareness and liquidity of Pluton across both the PlutusDEX and external markets.
After a voting process that lasted 72-hours, the community reallocated PLU from the Pluton Rewards Pool to be put towards improving accessibility of PLU and further product development. The first stage of our PLIP involved a token sale on our PlutusDEX.
PLIP Round One — Original Sale Structure
The original proposal was a three-day sale (Oct 7th-10th) of 50k PLU —users could pledge for PLU at $8 which amounts to a hard cap of $400k. After the sale concluded, the plan was to undergo a pro-rata calculation and give participants an additional 40% bonus in PLU on top of whatever they pledged.
Oversubscribed
The event was oversubscribed in 48 hours (meaning we received pledges for more than the 50k PLU cap), and there were still hundreds of potential participants queued to take part.
A decision was made to extend round one of our PLIP (PlutusDEX Sale) by a further three days and extend the cap by a further 50k PLU; this was done to accommodate the demand.
As a result, the second sale taking place on a third-party platform was cancelled in order to keep the total PLU cap across all platforms low. PLU will still be listed on this third-party exchange.
PLIP Round One — Updated Sale Structure
The event ran for six days in total (Oct 7th-12th) and 100k PLU (0.5% of the total supply) was sold out of a total 300k PLU allocated to the PLIP; this was sold at the same fixed rate of $8. The extended sale was again oversubscribed.
Full Results Breakdown
- Event Timeline: Oct 7th — 12th
- PLU Sold: 100,000
- PLU Sale Price: $8
- Bonus: 40%
- PLU to be distributed: 140,000
- Total Pledges: 421
- Qualifying Participants: 362
- Raised Funds: $844,847
Interesting Information
Over 1,200 participants signed up for the first round of the PLIP, however, only 362 participants qualified before the closing time-frame.
We received pledges in BTC/ETH/GBP/EUR. Approximately 65% of the settlements were made using Ether followed by Pound Sterling, Euros and finally, Bitcoin. Pledges ranged anywhere from our minimum of $800 all the way up to approximately $30k in value.
Pro-Rata Distribution
We received pledges for more than the new 100,000 PLU cap; therefore, there is not enough PLU to fill everyone’s pledge in full.
As a result, the PLU will be distributed on a pro-rata basis, meaning the funds will be distributed proportionally. Pledgers will receive 94.70% of their pledge amount and a 40% bonus will then be applied on top of this amount.
Example
- John pledged for 100 PLU
- John receives 94.70% of his pledge which amounts to 94.70 PLU.
- The 40% bonus is then applied to the 94.70 PLU which results in a payout of 132.58 PLU.
- John is then eligible for a refund of the remaining 5.30% that was not spent on PLU.
Next Steps
Participants will receive an email later today (Oct 21st) with the following details:
- The amount of PLU you were allocated (prior to the 40% bonus addition)
- Your remaining unspent balance
- Three options as to what to do with your unspent balance
The three refund options
- Load your Plutus Current Account with the balance and receive a 20% bonus in PLU.
- An opportunity to pledge for more PLU at the same $8 price with a 20% bonus applied.
- A refund of the remaining balance returned via the same form of payment we received it in.
Note: Option 1 will be unavailable to international residents outside of our supported countries. If you do not respond to the email within 7 working days, we will automatically proceed with Option 2.
Raising PLU-Fiat Swap Limits
Currently, there are limits in place as to how much PLU can be swapped for fiat account/card balance. This is due to the low number of PLU-Fiat swaps taking place which is causing larger swap orders to fail.
This was the predominant reason we embarked on the PLIP. Earlier this month, we were able to increase the limits from £/€100 to £/€200 per month.
Now that the programme is fully underway, we can announce that the swap limits will, again, be increased from £/€200 to £/€500 per month as of today (18:00 BST). We hope to continue incrementally increasing these limits with the next raise planned for Nov 1st.
Note: These limits apply for swaps between PLU and GBP/EUR only.
Important Dates
- PLU Allocation Confirmation Email: Oct 21st
- Raising Swap Limits: Oct 21st
- Leftover Balance Refunds Paid: Oct 23rd — 30th
- PLU Distributed: Dec 14th
- Price-Floor Guarantee: Jan 11th
Exchange Listings & Announcements
We will be revealing further details of our five exchange listing/sales schedule in an upcoming blog on Oct 23rd. Make sure you follow us on Medium and Twitter to be the first to hear about the news.
To speak directly with others vested in Pluton, or to chat directly with team members, join us on Discord and Telegram where we have a very tight-knit and active community.
FAQ
Why is the number of pledgers higher than the number of participants?
A lot of participants pledged more than once throughout the event.
Why is the PLU sold and the PLU to be distributed amounts different?
100k PLU was available to be pledged for but there is a 40% bonus applied on top of all pledges, meaning 140k PLU will be paid out in total. The additional 40K PLU comes from the 700k PLU that was re-allocated from the Pluton Rewards Pool for short-term development and to increase accessibility of PLU as discussed in our PLIP announcement.
The PLIP Round One (PlutusDEX Sale) cap was increased from 50k to 100k, where did the additional PLU come from?
300k PLU has been set aside as a hard cap across all PLU-related sales combined. One of the 50k PLU sales on our first Tier 3 exchange partner was cancelled and tokens were re-allocated to the PlutusDEX sale that has just concluded.
There is no change to our overall sale hard cap of 300k PLU. We will still be utilising our exchange partner but as a listing only. More details in the next blog planned for Oct 23rd.
