PlutusDEX : Round One Statistics (PLIP)

In September, we announced ourPluton 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. 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. 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. 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. 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. 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 Participants will receive an email later today (Oct 21st) with the following details: The three refund options Note:Option 1 will be unavailable to international residents outside of oursupported countries.

If you do not respond to the email within 7 working days, we will automatically proceed with Option 2. 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 thatthe swap limits will, again, be increased from £/€200 to £/€500 per monthas of today (18:00 BST).

We hope to continue incrementally increasing these limits with the next raise planned forNov 1st. Note:These limits apply for swaps between PLU and GBP/EUR only. 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 onMediumandTwitterto 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 onDiscordandTelegramwhere we have a very tight-knit and active community. A lot of participants pledged more than once throughout the event.

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 ourPLIP announcement. 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.