The quest for financial freedom and privacy advised the formation of Bitcoin. Bitcoin proved that a solution did exist that rid the middleman.
But though the intermediary had been eliminated, the community found that Bitcoin simply wasn’t enough.
There had to be a solution that blew open the set of limited possibilities. That is when Vitalik Buterin and five other co-founders conceived the idea of Ethereum.
Through Ethereum there is smart contracting and tokenization. Real-world, tangible assets—or intangible services, could be packed and sold to investors allowing fractional ownership. There are also decentralized applications (dApps) which introduced resilience and censorship resistance.
However, Ethereum is now dominant in a new form of finance. Open or decentralized finance simply known as DeFi is democratizing banking and enabling the owner of assets to lend or borrow assets.
The Growth of DeFi
In reality, DeFi is all-encompassing and describes financial applications that are domiciled in Ethereum. Still, that doesn’t mean exchanges or blockchain agnostic lending, exchanges, or borrowing platforms aren’t DeFi.
According to DeFi Pulse, there are over $1.5 billion worth of ETH locked by DeFi dApps. A closer look shows that DeFi is a broad term that describes a financial software of some sort, built on a blockchain platform that can be pieced together like money Legos.
Essentially, it is a system that is open to everyone, is trustless, and eliminates the middleman. Owners of coins can simply plug in and earn above-average interest rates or borrow funds with his/her assets as collateral.
Cryptography introduces privacy while the underlying blockchain tags security and resilience. With smart contracts, the user has control over their finances and that’s exactly why, supporters argue, DeFi is simply getting started.
Several projects are already looking to provide irresistible services to end-user, a standout is Plutus DeFi.
What is Plutus DeFi?
Plutus DeFi is a DeFi aggregator that plugs in multiple products and financial dApps into one single platform.
It is here where a user can at a single search discover the best lending rates for different assets.
For better absorption, their present focus is on improving user experience, design, privacy, and anonymity.
The team at Plutus DeFi wanted to create a system that brings together different protocols. By unifying these systems simply by standardizing communication between them enabling seamless creation and execution of complex financial transactions, Plutus DeFi aims to be at the center of it all for the benefit of the casual DeFi investor searching for the best deals.
They started as a DeFi Lending aggregator but have rapidly developed, rolling out a full-stack DeFi aggregator that includes ETH mixers—(PlutusDeFi “Bl3nd3r”) —for anonymity, while integrating several privacy protocols like ZKDAI and Aztec Protocols.
They also support buying insurance via third parties such as Nexus Mutual for deposits on lending, mobile money credits to DeFi Lending in Africa, all while remaining decentralized and non-custodial.
Special, in case of a black swan event, the user is covered as there is insurance payable via a syndicated pool. Deposits from MetaMask are allocated in a Decentralized Lending Pool (DLP) smart contract. Its code is public and has been satisfactorily audited.
Plutus DeFi currently supports Compound and DydX. However, they will in the future integrate Fulcrum, PlutusDeFi, Synthetix, and Curve.
Specifically, Plutus DeFi wants to drive DeFi adoption for enterprises. Towards that end, they have developed a Fiat to Crypto Savings Bridge, DeFi Debit Cards, DeFi-as-a-Service (SDK) for Exchanges, and other attractive products for the benefit of the ecosystem.
The only time fees are charged is during withdrawal. This is when a static fee of 0.5 percent is levied. This is aside from the network fees charged for using the network.
The Plutus DeFi ecosystem comprises:
- A Lending and Earning solution that lets a digital asset holder earn up-to 15 percent APR on supported digital assets.
- A payment and payroll solution where businesses or individuals can distribute tokens to contracts or business from a click of a button.
- Derivatives platform where a user can execute and utilize DeFi derivatives, and hedge or manage risks transparently.
- A non-custodial DeFi-as-a-Service platform that integrates smart contracts, wallets, and exchanges.
Core members are:
Arnie Hill is the Head of Strategy and Marketing. He also doubles up as the founder. He is the Partner of Obsidian Capital and has invested in 31 blockchain companies.
Ali Hararwala is the co-founder and head of product and operations. He has worked in several companies including Citibank, Oracle, Nissan, Publicis, GoldMoney, Louis Dreyfus, and NHS.
Paresh Masani is the CTO and Head of Technology. He is an experienced senior engineer with a demonstrated history of leading and developing complex projects.
Toby Lewis is the Enterprise and Venture Strategy Advisor. He is the founder of Novum Insights and Global Corporate Venturing.
Dynal Patel is the advisor of the Product and is the Senior Product Manager in Cardano.
Wilson Davis is the Business Advisor and the financial consultant focused on wealth management, loan generations/analysis, and systems creating client-company symbiosis.
Mehmed Ćoralić is also the Business Advisor. He is a highly analytical Global Wealth and Investment Business Support Lead with experience spanning throughout some of the world’s largest international banks.
Plutus DeFi has partnered with Nexus Mutual and Aztec. They also have a deal with Formatic Solution—a “Web3 wallet authentication solution aiming to increase the onboarding and utilization of products of blockchain.”
On July 14, they also partnered with Sentinel dVPN to secure off-chain privacy for users.
Plutus DeFi Tokenomics and Distribution
The platform’s ERC-20 utility token, PLT, is at the center of Plutus DeFi. It is used for alignment of objectives, general coordination, as well as for incentivization.
Specifically, the PLT token can be utilized as follows:
- Burning where tokens collected as network fees are burnt. In the long term, this benefits token holders.
- Governance since PLT holders will vote for developments as platform upgrades, burn rates, and so forth. Each PLT token is counted as a vote. Anyone with over one percent of the total supply delegated to their address can propose a governance plan. All proposals are subject to a two week voting period.
- Staking: a percentage of network fees collected will be used to compensate stakers. No nodes are required to run.
In total, there will be 120 million PLT tokens, and distributed as below:
50 million PLT tokens will be sold during the project’s Seed round. Each token will be sold at $0.01, to raise $500k. There will be a 55 percent Bridge Fee.
10 million PLT tokens will be sold during the project’s private sale. Each token will be sold at $0.05, to raise $500k. There will be no Bridge Fee.
Overly, the team plans to raise $1 million. KYC is mandatory.
The remaining 60 million PLT tokens will be distributed as follows:
- Advisors will receive 4 percent of the total supply
- Employees will receive 7 percent of the total supply
- The foundation will have control of 10 percent of the total supply
- The ecosystem and the community will receive 20 percent of the total supply
- Five percent will go to Plutus DeFi reserve
- Four percent is allocated for Business Development
The PLT vesting schedule will be as follows:
Their ICO is the first blockchain project to implement a hybrid Bridge-Bonding Curve model.
In this model, during the last stages of the token sale, PLT’s price will increase. The team said this model increases maximum liquidation and penalties should be triggered and imposed on a seed round.
This drastically slashes total supply within the first month, benefiting the long term supply of the total supply.
market and price
PLT is already listed at UniSwap, Poloniex, Biki, MXC and Kucoin, according to Coingecko. However, most trading takes place at Biki where the PLT/USDT pair is listed.
PLT is only on the market for a week and is currently trading at $0,18. It’s often seen that the first week is a down week with new projects on the market. Private investors taking profit and new investors coming in for a new round.
- The team is experienced with the CEO a serial investor in the blockchain space.
- Plutus DeFi is user friendly with a non-custodial wallet available on both desktop and mobile every day of the week.
- Their adoption of the hybrid Bridge-Bonding Curve model, a deflationary mechanism, could see the total supply of PLT tokens drop in the first month after the Token Generation Event (TGE). The lower the supply, the higher the prices of PLT tokens.
- The initial supply of PLT will be dynamic, varying anywhere between nine percent and 27.7 percent depending on investor liquidation. In the worst-case scenario, 27.7 percent of the total supply will be released.
- Plutus DeFi is placing their tokens at the center of events as it is used for governance and staking. With a burning strategy in place, token holders should expect price gains in the coming days.
Long Term Catalysts
- With their advocacy for privacy, anonymity, and enhanced user experience, the project is drawing high-level partners from lending apps—Compound, and from third parties. Less than a week before the end of the ICO, Sentinel dVPN became the latest addition.
- The team prioritizes anonymity. In that direction, they will integrate privacy mixers like Tornado Cash, and their blender– PlutusDeFi ETH bl3nd3r, masking and shielding ETH transactions.
- There are 120 million PLT tokens, 50 percent of which are delicately distributed to the team and community. 50 percent are spread out to public investors.
- Users in Eastern Europe planning to use Plutus DeFi Debit cards must hold a minimum set amount of PLT tokens. This is a net positive for the price especially if there is an unexpected demand.
- DeFi lending provides an alternative enabling token holders to earn above rate interest rates from their assets. Plutus DeFi is already making selection easy by aggregating and proposing platforms with high lending rates for supported assets like DAI.
Enjoy #DeFi with the Best Prices across Exchanges