PLIP | Update (December)
Tags: Bitcoin, Announcements, Cryptocurrency, Fintech, Ethereum

The majority reading this will be aware of our Pluton Liquidity Injection Programme (PLIP), a plan that detailed several exchange partnerships with the aim of increasing awareness of the Plutus app and accessibility to our native rewards token.

If you are yet to read the original proposal, we recommend you give it a read here to understand the plans that are currently underway.

Since the PLIP was approved by a community vote, we have held a successful sale on the PlutusDEX which was oversubscribed twice and shipped out thousands of new cards, increasing our user base by 63%. We are now nearing the later stages of the programme, and sale participants will be receiving their PLU shortly to acquire the wide array of in-app benefits.

Tier 1 Listings

On 2nd December, PLU was listed on the first Tier 1 Exchange, Bitfinex. Later this week, we will announce the arrival of another Tier 1 Exchange listing with an Asian-based exchange which will help increase awareness of the Plutus app before launching in the far East next year.

Transposition of Tier 1 Sale

Due to the changing legal landscape and recent judgements announced in the United States, the token sale planned on our Tier 1 partner will now remain as listing only. No further public sales will take place during PLIP.

Highlights

PlutusDEX Token Sale — 7th October

— 7th October Tier 1 Listing — 2nd December

— 2nd December Tier 1 Listing — 17th December

PLU Distribution (14th December)

As outlined in the PLIP, sale participants will receive their recently purchased PLU tomorrow (14th December 12:00 GMT onwards) to the wallet addresses provided and confirmed, alongside an email confirmation. If you would like to get this wallet address changed then please email support by 09:00 GMT on Dec 14th. Once received here is what you can do with your PLU:

Swap on the DEX and Spend with Plutus Card

You can spend PLU by proxy at over 60 million Visa Debit Card merchants across the world. PLU can be converted into fiat at a minimum price-floor of $8 for everyday spending. Currently, there is a PLU-Fiat swap limit of up to £/€30 per day (£/€ 650 pm).

Stake to Earn Cashback

You can stake PLU from your personal wallet (e.g. MetaMask) and unlock a long list of popular brands at which you can earn additional fiat savings as high as 10%. The cashback is added directly onto your Plutus account’s fiat balance for you to spend as you wish.

Stake to Earn Crypto Rewards / Other Perks

Similarly to the above, you can stake PLU from your personal wallet (e.g. MetaMask) and unlock additional crypto benefits on in-demand brands and products such as 15% in PLU on the iPhone 12 or the soon to be in-stock PS5.

Our highest stakers can enjoy a free Pro account; 5% in Pluton Rewards (instead of the traditional 3%); and an 8% bonus any time they purchase PLU via the PlutusDEX.

New To Plutus? Free Card and Premium Account

If you participated in the PlutusDEX sale and have recently received your free Plutus Card, then your 6-months free Premium membership will be activated from 14th December. Those who did not participate in the sale but recently received their card will receive a promotional free 3-months of Plutus Premium.

Please check out our recent blog which covers in detail how to add balance, spend, and earn 3% back in crypto.

Here, you can also find details on how to use our one-of-a-kind decentralised staking feature.

More to Come

Even though the PLIP will come to an end on 11th January, we will continue to increase awareness of the Plutus app and its reward features.

New Features and Limits

Plutus will continue to incrementally raise the limits of PLU-Fiat conversions to allow higher spending of your earned rewards. We are also building more features that offer higher earning potential for those who provide liquidity on the PlutusDEX.

Supplementary Partnerships

There are several other partnerships in the pipeline for next year, including co-branded Plutus Cards and the introduction of other blockchain networks on the PlutusDEX.

Prescribed Remodeling

From 17th December onwards, fiat balance derived from a PLU-Fiat swap will arrive to your Plutus Card balance. It will not be possible to add the fiat derived from a PLU-Fiat swap to your UK Account or European IBAN.

This is a compulsory remodelling as it impacts the utility status of the token in many other regions outside of the UK, an important consideration given our long-term expansion plans next year outside of Europe.

There are still numerous exciting announcements to be made. Follow us on Medium where we reveal the full ongoings with the company or join us on Twitter for the highlights.

If you would like to speak directly with a member of staff, or other community members, join us Discord or Telegram.