On 1st July, we released the Plutus Whitepaper 2024, outlining our ambitious plans for the future of Plutus, including enhanced tokenomics, compounding yield, and new token utilities.
As a community-centered company, we invited our community to vote on whether to approve these plans.

The Vote‍

On Saturday, 27th July, we issued a secure voting e-ballot to all active accounts holding 50 PLU or more. This minimum requirement was set to prevent malicious users from gaming the system and to ensure that engaged customers had their voices heard.

The voting was conducted on a weighted basis, where 1 PLU equaled 1 vote. For example, if you had 1,000 PLU, you could cast 1,000 votes. The ballot included two key questions:

1. White Paper Vote: A Yes or No question asking, “Do you support Plutus proceeding with the plans outlined in the Plutus White Paper 2024?”
2. Blockchain Survey: A multiple-choice question asking, “What type of blockchain should the PLU token be moved to?” with options for Layer-1, Layer-2, and a custom Plutus Layer-2.

Voting closed on Wednesday, 31st July at 14:00 BST, and we are now excited to share the results.

Voting Results - White Paper 2024

We are pleased to announce that the community has given its approval to proceed with the Plutus White Paper 2024 plans.

A total of 3,293,403 votes were cast, with a majority of 63% voting "Yes" to move forward with the plans outlined in the White Paper. Source voting platform results available here >

Survey Results - Blockchain

In the blockchain survey, a total of 2,456,814 votes were cast. The majority of voters, 67%, favored transitioning to a Layer-2 blockchain. This was followed by 25% supporting a move to a Layer-1 blockchain, and 8% expressing interest in Plutus building a custom Layer-2 blockchain.

The blockchain survey results will be used alongside other supporting research to help decide which blockchain Plutus should migrate/bridge to. Your input is valuable in shaping the future of our platform.

What’s next?

Plutus will now move forward with the plans outlined in the Plutus White Paper 2024. These changes will be rolled out incrementally, with the goal of completing all items in 2025.
Here’s what to expect:

• Inclusive for All: Stack 1 PLU to join a Reward Level with a 10% reward rate.
• Compounding Rewards Yield: Earn yield on your stacked PLU!
• Self-Funding Rewards: Initiatives that ensure we can emit PLU indefinitely.
• Supply Shock: Mint fewer tokens and increase stacking activity organically.
• Intrinsic Token Value: New utilities that attach real intrinsic value to PLU.
• Dynamic Token Supply: Reducing supply to only the PLU in circulation.
• New Products: Introduction of PlutusSwap, Plutus Stablecoins, and more!

Tomorrow’s release

On 1st August 2024, the first changes will take effect, starting with the following:

1. Adjusting PLU Requirements: We are revising the PLU requirements for existing Reward Levels to ensure the long-term sustainability of PLU. If you’re currently on a Reward Level, your level will be updated on 1st August. Please refer to the table below for your new Reward Level.
2. Compounding Rewards Yield (CRY%) Backdated: To reward our loyal customers, we are introducing Compounding Rewards Yield (CRY%), offering yield on your stacked PLU. Although this feature will take time to fully implement, CRY rewards will be backdated to 1st August 2024, so you can start benefiting right away.
3. New Chad Reward Level: We are excited to launch the Chad Reward Level. In the future, we will introduce the remaining 5 new Reward Levels along with their respective sub-Levels.
4. Enhanced Rewards Cap: The amount of PLU you stack will now increase your Rewards Cap. For example, stacking 100 PLU will add an additional £/€100 to your Rewards Cap, which is on top of any Cap earned from subscription plans or redemptions.

Check out this useful table below summarising the Reward Levels from 1st August.

We expect these white paper plans to positively impact token sustainability, scaling goals, and more. We’re excited to embark on this next chapter, enhancing the PLU token and delivering a truly self-sustaining decentralized rewards experience for all our users. Your continued support drives us forward, and we can’t wait to share the benefits with you!

FAQ

I’m a Metal Card member, will I receive any additional benefits?

As discussed in a recent AMA, the team is reviewing the tokenomics and checking what/if there is a viable benefit that can be provided.

I unlocked a Rewards Cap through a promotion. The terms mention downgrading will forfeit my benefits. What happens now?

Don’t worry, we’re amending the terms to ensure that you are not penalised for this.

• Previously: To participate in one of our Reward Cap promotions, customers had to upgrade their Reward Level. If they fell below this newly acquired Reward Level (also known as the Starting Reward Level), they would forfeit their promotional Rewards Cap.
• New: We are now basing the requirements on the old PLU Requirements. For example, if your Original Reward Level was Hero, which at the time required stacking 250 PLU, you must now maintain at least 250 PLU. Falling below this amount will result in forfeiting your Rewards Cap.

TL;DR: Instead of forfeiting your Rewards Cap by falling below your Starting Reward Level, you must now ensure you do not fall below the old PLU Requirements of your Starting Reward Level. These will be updated shortly and reflected here.