Plutus Announces Strategic Upgrades to Enhance Platform Integrity and Ensure Long-Term Sustainability

Guided by community feedback, with 67% of users expressing support, the company is rolling out initiatives aligned with its whitepaper

London, United Kingdom, 18th November, 2024, Chainwire

Plutus, a pioneer in tokenized loyalty rewards, is making several key upgrades to enhance platform integrity and ensure long-term sustainability. In response to community feedback, with 67% of users expressing support, the company is rolling out initiatives that align with its whitepaper, including offering rewards of up to 10% on debit card payments, to rival traditional cashback and credit card programs.

Scaling Ambitions, Scaling Consequences

Having launched in 2015 as one of the earliest community-backed Ethereum-based platforms, Plutus pursued rapid growth, while remaining self-funded. This expansion introduced operational challenges that have impacted customer experience and community trust.

Plutus is now addressing these issues head-on to strengthen the platform.

Improving Platform Integrity and User Experience

A Future of Growth and Innovation

By the year’s end, all in-app utilities (excluding PlutusSwap) will be pegged to a minimum intrinsic value of £/€10 per PLU (e.g., 1 PLU = £10 Gift Card), rendering external market conditions irrelevant. Starting Q1 2025, PLU emissions will also be pegged to this £/€10 intrinsic value set by in-app utilities. This approach aligns with Ernst & Young’s forecast of £/€7.90 per PLU in-app, aiming to achieve 100% self-sustainability via our network fee system, FUEL, and establishing a ‘FUD-proof’ model.

In the spirit of greater transparency, Plutus will be open-sourcing its financial model for public verification and to contribute to the industry.

“There are those who doubt the system’s scalability and naively compare it to standard cashback. 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,” said Plutus CEO Danial Daychopan.

Transparency, Balanced

Plutus remains committed to transparency and fairness, with a top priority of ensuring the rewards system remains sustainable. The company understands that not everyone will agree with every decision, and that’s okay. Plutus is using this time to focus on what truly benefits the community in the long run. While some long-time customers may not agree with the direction, the company apologizes for any disappointment, but to ensure continued benefits for all PLU token holders, the product must evolve.