The PlutusDEX Token Sale is Now Oversubscribed
Tags: Cryptocurrency, Bitcoin, Ethereum, Fintech, Announcements

Oversubscribed

We set a cap of 50k Pluton (PLU), which equates to 0.25% of the total supply, to be sold during the PlutusDEX sale and it was oversubscribed within 48 hours. We hit our target from ~200 participants and there are almost one thousand potential pledgers still in line.

Backlog

Over the last 24 hours, we have seen a surge in people going through the KYC process in order to pledge, however, there are currently over 830 participants in the queue waiting to be verified and less than four hours remaining until the sale ends.

Extension

We have decided to accommodate all our queued participants and extend the sale for a further three days until 13 Oct 2020 (Tuesday) at 18:00 BST.

Goals

The aim of the sale is to improve accessibility/awareness of PLU and the extension may help in achieving this key goal. Given the extent at which the sale is oversubscribed in the short time-frame, we will also be increasing the sale amount to accommodate the potential Plutus members still going through our KYC system.

Changes

We are increasing the hard cap of the PlutusDEX sale from 50k PLU to 100k PLU and the sale end date to 13 Oct 2020. To ensure the overall PLU sold across all our token sales remains low, we will be cancelling the 50k PLU sale on our upcoming Tier 3 exchange partner.

Exchange Listings

Whilst the sale is being cancelled, the exchange listing is not, and it will be announced soon after the sale ends.

Note: Previous listing schedule visible above. Our first Tier 3 sale has now been removed and the 50k PLU re-allocated to our current PlutusDEX sale.

What Are the Benefits and Why Have We Made This Decision?

The PlutusDEX Token Sale has been successful so far in achieving our goals of distributing PLU. We want to continue with this rather than use our Tier 3 exchange partner with a different set of rules which may not achieve the desired result.

Keeping the sale internal only is better for awareness of our service and acquisition. Participants must be fully onboarded before they can pledge, meaning there will be more Plutus Card holders earning rewards.

Without the increased PLU cap, the sale would be hugely oversubscribed. This means users would have received a lot less PLU than they pledged for.

Growing our community and customer loyalty is important, and the PlutusDEX sale has helped improve word-of-mouth exposure. We are keen to let the momentum continue and move forward to the next rounds with a stronger user base and greater token awareness.

If you are a pledger who is unhappy with the recent changes, we are extending our cancellation policy (email tokensale@plutus.it), meaning you have the option of returning your pledge. Join our Discord or Telegram for a chat.

What Changes Do You Need to Know?

Below are the new adjusted dates, please familiarise yourself with the new timeline.

Plutus DEX Start: 7 Oct 2020 (18:00 BST)

PlutusDEX End: 13 Oct 2020 (18:00 BST)

Cancellation Policy: 14 Oct 2020 (10:00 BST)

PLU Allocation Confirmation Email: 21 Oct 2020

Refunds Paid between: 22 Oct — 30 Oct 2020

PLU Payout Date: 14 Dec 2020

Price-Floor Guarantee: 11 Jan 2021

Pledge Here: https://plutus.it/token-sale

FAQ

Are there limits in place to how much PLU I can swap for fiat?

Yes, there is currently a £/€200 limit in place due to the low number of swaps taking place on the PlutusDEX which is what the PLIP is intended to resolve. Over the coming weeks and months, this will be periodically increased and then removed. Increasing it without the PLIP in full action will result in swaps not taking place.

What is the KYC Process Time?

The KYC process time can take anywhere from 10 minutes to 24 hours. The longer time frame may mean you have been matched for AML (anti-money laundering) or another similar reason. Please sign up well in advance of the updated PlutusDEX sale end in order to prevent missing out.

What About the Cap for Oversubscription event?

There is a hard cap of 100k PLU for the PlutusDEX token sale and a further 100k PLU set aside in the Plutus Development Fund in the event of oversubscription. Total 200k PLU.

If the sale ends and we are over the hard cap of 100k PLU, the 40% bonus is issued on top which will result in a payout of 140k PLU in total.

Being oversubscribed will mean that participants will have remaining unspent balance. They will have several options with this remaining balance:

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 sale price with a 20% bonus applied. A refund of the remaining balance returned via the same form of payment we received it in.

A maximum of 60k PLU remains (200k PLU — 140k PLU) to be paid out if necessary. Any remaining refunds will automatically be re-pledged.

What is PLIP?

The PLIP stands for Pluton Liquidity Injection Programme. It is a plan voted upon and approved by our community to improve accessibility of PLU through several exchange listings and sales.