The Future of Plutus

Plutus is at a crossroads and you choose the direction it takes. There are two main paths: one which there’s opportunity and future governance, and another which puts Plutus in stasis, gradually unlocks everything, and distributes it.

This paper focuses on a fruitful future and outlines the steps that take us through the first year and beyond.

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Continue? (Yes/no)

Option 1 (Yes):

Overview

New team streamlines, simplifies and grows Plutus through a productive treasury with yield distribution to bPLS, buyback mechanisms to provide floor for swap ratios as well as further reward plsAsset and bPLS holders, and re-evaluates current product line and PLS tokenomics.

Control of source code, Discord, Multisigs, domains, and all deployments are handed to the new team.

Action points

Contracts:

Convert veDPX to xSYK, start plsSYK*, restart plsRDNT*, restart PLS emissions*, and continue plvGLP

• Review feasibility of plsJones and plsSPA and propose a vote for "dissolve or continue" on both.
• distribute any undistributed plsAsset yield.
• Research, propose, and develop new products, e.g., plsGrail**, plvRDNT**, plsTAP, plsPendle
• Explore expansion to other chains

  * Immediate timeline unclear because smart contract review needs to happen before restarts   ** some development already done by current team

Treasury:

• 50% of all productive treasury yield is paid as dividends to bPLS
• Productive treasury:
  • $750k provides liquidity in Stryke CLAMM (est. 50% APR). Allocation based on Stryke recommendations.
  • Another $750k-1.25M is distributed to yielding assets decided by later votes.
  • Create clear guard rails to ensure protection from e.g. forced IL realization through eager reallocation strategies
  • Bought back plsAssets accrue rewards to staked or LPd plsAsset holders and bPLS dividends
• Remaining $800k-1.3M is held in USDC, stables, and ARB to ensure a multi-year runway and facilitate protocol growth.

Option 2 (no):

Action points

Current team:

• Dissolves treasury, vests necessary locked assets, and distributes these to PLS holders.
  • Note: xGrail vests to Grail over 6 months
• Winds down plsAssets distributing all accrued plsAsset rewards and underlying Assets to plsAsset holders over the course of their respective unlocks.
  • Note: 12 month lock plsRDNT, 48 month lock plsSPA

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Proposed team

Team composition

Starting off with a skeleton crew to build up from to accelerate potential future growth. Growth should primarily be bought by net positive margins or through separate votes unlocking investments.

To give a guarantee of results, the feasibility of the team and the protocol as a whole is put up for a vote after a quarter has passed, at the end of 9/2024. The community then decides again whether to continue the protocol with the elected team or wind it down.

Similar votes are held at a half-year interval starting from this proposal passing with the second milestone at EOY2024, the third in 6/2025 and a last regular check-up at EOY2025.

Community proposals can naturally always override this interval and be brought up whenever.

Hour ranges represent dynamic resource allocation and provide a way to optimize the return of investment from the Protocol by using key resources when they are needed. This model provides a larger range of expertise at hand at a lower overall budget.

Unmarked positions have candidates but have not yet been locked in.

Estimated annual cash flow:

bPLS dividends (prod. treasury)	plsAssets	Plutus treasury (prod. treasury + fees)	Development and growth	Net
$245k	$775k	$405k	$307-470k	-$65k to +$98k

An overview of the plans and more detailed cash flow estimates provided by the proposed team can be read in Plutus - Whitepaper

Core team

Gertrud, Wolverine, Adambuilds, Skaffos, Pepe's Game, 439d, 1 User Engagement Officer

Roles (weekly hours)

• CEO (40h) - Gertrud
  • Drive operations, including transition and future development
  • Report on overall operations
  • Last line of responsibility in all areas
  • Business development
  • Act as a hub in the intersection of tech, community, and business
  • Socials, marketing
• Tech lead and BD (10-20h) - Adambuilds
  • Lead and report on development operations
  • Main responsible on technical operations
• 2-3 Governance coordinator and analyst (5-20h) - Wolverine, Skaffos
  • Business development
  • Proposals:
    • productive treasury
    • plsAssets
      • plsJones and plsSPA
      • Future plsAssets
    • Controlled governance delegate system:
      • plsRDNT (plsSPA)
  • Socials, marketing
• Pepe’s Game (40h Solidity, 20h FE) + Plutus dev (10-20h) - 439d
  • Review, research, and develop contracts
  • Maintain and improve robustness of deployment
  • Improve and maintain documentation
  • Last line of user issue handling
• 1 User engagement officer (20-40h)
  • Handle support tickets
  • Moderate Discord
  • Socials, marketing

Monthly compensation (80/20 USDC/PLS* - amounts based on 40h/week) * PLS portion of compensation vests linearly over 24 months

Role	Monthly 40h base	Monthly burn rate	Yearly burn rate	Yearly stables burn rate	Yearly PLS dilution (vesting over 24 months)
CEO	$12.5k	$12,500	$150k	$120k	$30k
Coordinators and leads	$10k	$1,250-5,000 ea	$100k estimated ($45k-180k total range)	$80k	$20k
Pepe’s Game	$10k	$10,000	$120k	$96k	$24k
Plutus Developer	$10k	$2,500-5,000	$45k estimated ($30k-60k total range)	$36k	$9k
UE-officer	$6.5k	$3,250-6,500	$78k estimated ($39k-78k total range)	$62k	$16k
Total	n/a	$32,000-49,000	$493k estimated ($384k-588k total range)	$394k estimated ($307k-470k total range)	$99k estimated ($80k-118k total range)

Multisig

Plutus team, Pepe's Game, Stryke - 3+2+2 (4/7)