Yield Plutus: The Token Banking the Unbanked
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Yield Plutus: The Token Banking the Unbanked

The DeFi space is experiencing massive growth lately, with the total value locked in DeFi amounting to about $10.76 billion. Developers come together to build an effective financial system based on Ethereum smart contracts that meets everyone’s needs. 

However, despite numerous innovations in the DeFi system, many individuals still lack access to quality financial services. Issues such as regulations and unnecessary scrutiny by the authorities are among the problems we experience in almost every country. 

The introduction of Yield Plutus via the Plutus Capital ecosystem seeks to mitigate some traditional financial systems’ challenges. Let’s evaluate how the PlutusSwap token (yPLT) will make the financial freedom experience better. 

A Brief Look Into the Plutus Capital

Before diving into the PlutusSwap token, we must determine its origin. The DeFi protocol is a brilliant innovation from Plutus Capital, who poses as a virtual financial system. 

It aims to bring financial services right at your disposal and give everyone the freedom they deserve from utilizing and accessing their funds. On top of that, Plutus enables everyone to control their digital assets without any restrictions fully. 

Plutus is further divided into two parts, namely, the Plutus lending app and the Plutus chain. However, these components work hand in hand such that the Plutus lending app is a design by Plutus Capital running on Plutus Chain. 

Nowadays, obtaining a loan in normal circumstances is equally problematic. As for the Plutus lending app, users are guaranteed borrowing services, and the interest rates change depending on their credit ratings.

Plutus Capital gives a variety of options on how to earn its native token, PLT. One unique earning strategy that catches the eye is by joint staking.

Collaborative PLT staking on the app produces daily rewards to the token holders. Becoming a masternode is also straightforward because a user needs to stake the PLT token. 

Every transaction information is available to the public on the Plutus chain. Therefore, masternodes are in charge of confirming any transaction activity. In the end, masternodes get paid for their active engagements.  

The Emergence of PlutusSwap Through Plutus Capital

Since the Plutus community has high hopes on the PLT token, introducing PlutusSwap will ultimately accelerate more demand for the token. Operating on a modernized blockchain network, PlutusSwap has a similar initiative with Plutus Capital, which evolves around banking the unbanked. 

yPLT stands as the token that governs the DeFi farm protocol, PlutusSwap. yPLT gives users the chance to receive incomes through staking it on PlutusSwap or from a given percentage of any transaction made after donating yPLT to the liquidity pool. 

Since yPLT is a governance system, users can vote for suggested implementations and upgrades on the PlutusSwap protocol. 

Establishing PlutusSwap on the Plutus Capital merges the DeFi farm with an AMM. In simple words, an Automated Market Maker consists of algorithms that give accurate predictions of the exact amount to carry out a trade. Initiating a trade is fully automated. Leveraging the AMM feature on PlutusSwap eliminates the need for accessing traditional order books to receive lending services.   

yPLT Token Allocation

Distribution of the token will take place in 8 years. Out of the 100,000,000 yPLT set for distribution, 95% of the mined token goes to users, while the remaining 5% belongs to the developers. 

Farming for the PlutusSwap native token(yPLT) requires a user to stake LP tokens on Uniswap. Therefore, anyone owning the yPLT LP token is assured of receiving profits worth a tenth fold for actively participating in the system. The token price is quite affordable, with a value below $0.10. 

In the event of pre-mined tokens, 100,000 yPLT represents the number of donations meant to give liquidity on Uniswap. Contributions towards Uniswap liquidity can also be made via USDT or ETH matching the same value contributed through the yPLT token. 

Besides, the Plutus Capital ecosystem’s initial users receive an incentive of approximately 59,160 yPLT from the pre-mined tokens. Previously, any extra pre-mined token was to be stored for a duration of 30days. However, the swap burnt all pre-mined tokens. It follows a community decision to walk on the same path, showing the swap’s value for democracy. For more information and updates, visit here.

Salvaging yPLT’s Future

The Plutus Swap protocol and the yPLT token received a lot of criticism following the previous pump and crash. The event was as a result of the dev team’s FUD about the timelock and yPLT. Due to the concern of the community, the swap ensures that the team only gets 5% while the community gets the rest. Likewise, it will prevent any attempt to dump the token.

However, when everything is set, the DeFi token will accomplish its goals of fair successful distribution and an upgraded AMM feature. Moreover, the token will spike in value after all the major establishments and settlement within the DeFi space. Meanwhile, PlutusSwap encourages all to gather their tokens before the AMM launch.

yPLT Airdrop

PlutusSwap wishes to attract more people into their community before the launch of the AMM. In that case, the swap has an airdrop campaign beginning from October 14 to October 18 (22:00 GMT +8). A lucrative offer is that the top 100 holders of 5,000 yPLT will get a share of the reward, 150,000 yPLT in the DEV wallet. This decision also arose from a community decision.

Users do not have to register as the requirement is to have 5,000 yPLT on their yPLT wallet by the 14th. It excludes those held on Uniswap, PlutusSwap, and dev wallets.

Closing Word

Launching the yPLT token will unravel some issues we encounter every day and promote overall success, financial liberation, and economic growth/equality. As part of PlutusSwap’s future developments, it plans on designing the DeFi farm with a lending app by the end of 2020. 

Shifting from the ERC-20 smart contracts to their primary blockchain is yet another development PlutusSwap wishes to achieve. Moreover, users on the DeFi project have a choice of earning a substantial passive income. Despite the hype of other projects working on publicity, Plutus believes that the time will come for investors looking for authentic projects to invest in; it hopes that its developments will sell themselves.

A contact address is provided for on the platform to avoid users falling into any duping related activities. Yield-Plutus has the potential to save everyone from the current manipulation on the less privileged based on financial accessibility.

coinmag

Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.