Dear Community,
On behalf of the entire PlutusDeFi team, we would like to start by thanking our entire loyal community. Our collective hard work over the past 12 months has made all of this possible. The journey has forged new collaborations, partnerships and alliances with other DeFi projects, services and communities across the entire world. As our team is distributed, we can now also say that our community is distributed. This opportunity has also allowed us to meet and work with individuals deeply committed to Decentralised Finance and Blockchain who we would have not otherwise have met.
We have successfully concluded the initial listing across uniswap and multiple exchanges.
Our total volume in the first 24 hours rose to over 10m USD within this short period of time.
Bonding Curve + Listing and burned tokens 🔥
We will be a revenue-making platform, and we can survive for a number of years and focus on the development of our aggressive roadmap, thanks to support from the community. This is why we reduced our hard-cap and aligned ourselves to the community in order to make more room for growth rather than just another project with over-inflated valuations and no product. We have successfully met our hard-cap.
At the end of our bonding curve sale, the project had raised $500k in our seed round, $350k in our private sale, and $490k on our bonding curve (higher due to dynamic pricing in the curve). This takes our total fundraise to date at $1.35m USD with 50% of the supply sold.
The total amount of tokens sold was 60,000,000 PLT tokens (50% of the total supply).
Token Burn in the First 24 hours: Approximately 11.2 million PLT was burned in the first 24 hours of circulation, which is equivalent to 9.33% of our total supply, 22.25% of our seed round, and 49.77% of the all potentially burned seed round tokens being destroyed.
Burn Simplified:
- 9.33% of total supply burned
- 22.40% of seed round burned
- 49.77% of potential total burn
This is a great outcome for the project and went better than expected. The reason we utilised a bridge toll model with a bonding curve, is to mature the token stabilization to a point as if the token circulation had reached the maturity of a project token pre-existing for 2 years. As a result, we have been able to rapidly increase the deflationary aspect of the token comparable to any other defi project existing from 1–2 years previously but within 24 hours.
Let the games begin!
We are not ready to stop just yet… there will be more from us coming very soon.
As of publishing this article, more tokens have crossed the bridge and continue to be burned.
