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.

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.

The vote consisted of a singleYesorNoquestion relating to the PLIP. The voting ballot closed last night (16/09/2020) at 23:59pm BST and the results have now been confirmed. 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.

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: 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 thefull 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 Calculatorhereto 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 originalblog. 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.

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. If you have any questions, join the community and speak to our team members directly on our activeDiscordchannel.

Likewise, we are available onTelegramto 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 desktophere.

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. 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.

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.

This is the primary reason we are looking to embark on this PLIP. The team is aiming to resolve this in Q4. The tiers are dynamic and we may adjust them depending on PLU’s growth.

We will find a balance between affordable and strong tokenomics.