Articles
Scaling for Success: Our Apology and Commitments to Customers
5 min read
November 15, 2024
London, UK – 15/11/2024 – Plutus, a leader in tokenised loyalty rewards, is enhancing its platform’s integrity to ensure a sustainable future for the community. In line with our commitment to transparency, we’re rolling out upgrades as outlined in our whitepaper, supported by 67% of our community. These initiatives aim to offer up to 10% rewards on everyday debit card payments, outpacing traditional cashback and credit card programs.
We recognise that while Plutus has primarily relied on self-funding, our journey began in 2015 as one of the first community-supported products built on Ethereum. Since then, we’ve pursued an ambitious pace of growth, making upgrades to scale rapidly. However, we acknowledge that some recent changes have affected the customer experience and the trust we’ve worked hard to build over the years, and for that, we are truly sorry.
We are now focused on correcting these issues and strengthening our platform.
By the end of 2024, all in-app utilities, except PlutusSwap, will be anchored to a minimum intrinsic value of £/€10 per PLU (e.g., 1 PLU = £10 Gift Card), making external market conditions irrelevant. Starting in Q1 2025, PLU emissions will also align with this £/€10 intrinsic value set by in-app utilities. This approach aligns with Ernst & Young’s forecast of £/€7.90 per PLU in-app, aimed at achieving 100% self-sustainability through our network fee system, FUEL, and establishing a 'FUD-proof' model.
In the interest of transparency and to contribute to industry innovation, we plan to release our financial model as open-source for public verification. This model will not only bolster our community’s confidence but also set a benchmark for sustainable reward systems.
“Some doubt the system’s scalability and naively compare it to standard cashback," said Plutus CEO Danial Daychopan. "To ease concerns, we're re-validating the model with Ernst & Young and making it publicly available—not only to reassure our community but also to guide others who try to replicate our success. This move supports the industry, inspires us to innovate further, and lets us confidently leave them behind”
At Plutus, we value transparency and fairness, but our top priority is ensuring our rewards system is sustainable. We understand not everyone will agree with every decision, and that’s okay. We’re using this time to focus on what truly benefits the community in the long run. We know some long-time customers may not agree with our direction, and we apologise for that, but to ensure continued benefits for all PLU token holders, the product must evolve.
We don’t use fancy PR firms for polished statements – we speak directly and honestly with our community. While we might not always get it right, we’re committed to improving and ensuring our messages are clear, consistent, and aligned with our values.
Our priority is to maintain a secure, respectful environment as we prepare for growth and our Series A funding round with an industry leader, who will support our 2025 network transition. This partnership enhances our tokenomics while protecting our community and fostering a positive environment for customers who share our values. With Tier 1 network support and funding, our commitment to transparency and sustainability will ensure Plutus remains a leader at scale, delivering lasting value to millions of customers.
For more details on upcoming features, please visit: Plutus White Paper 2024
Media Contact:
press@plutus.it
Plutus.it
About Plutus
Plutus is a leading rewards and finance platform, providing lucrative solutions for its community worldwide. Focused on transparency, trust, and organic long-term growth, Plutus empowers everyday card spenders with tokenised loyalty rewards that maximise value in any economy.
