This Friday is packed with heavy news for Plutus lovers. Plutus announced the new name for the old Plutus DEX: PlutusSwap, but it will become available during Q4 and not on June 30th, as we thought. The new difficulty adjustment kicks in tomorrow (July 1st), so it’s your last chance to upgrade with the actual rates and be grandfathered.
Finally, there’s a new increased sign-up promo, where you can get $20 in PLU after your first deposit.
Get $20 in PLU after your first deposit of $20.
Plutus Roadmap 2023 (June Updates): Here’s what you need to know
1. PlutusSwap will be available during Q4.
Here’s the latest statement
To ensure our community remains in the loop, we want to share an eagerly awaited progress report on PlutusSwap!
Firstly, we are excited to announce that PlutusSwap is the new official name for our peer-to-peer crypto-fiat swapping feature within the Plutus app. This rename aligns Plutus with the app’s long-term direction to provide non-custodial features and aims to appeal to a broader mass-market audience.
Currently, PlutusSwap is temporarily disabled as we focus on optimising its performance and incorporating new features that will enhance your user experience. We want to ensure that when PlutusSwap returns, it does so with enhanced liquidity, a seamless user interface, robust infrastructure, and higher limits.
PlutusSwap will be reintroduced in Q4 for EEA customers, which is a revised timeline from the previously forecasted Q3 re-launch. This adjustment prioritises the transition from our legacy card provider to our new and improved Modulr card programme without any disruption. The new service starting this month offers exciting benefits, including Virtual Cards, Apple/Google Pay support, higher card limits, and a unified card/account balance.
As for our UK customers, the return of PlutusSwap is contingent on obtaining our FCA license. While the approval process is time-consuming, we are pleased to report good progress with an FCA representative being assigned earlier this year to assist with advancing our application! We will continue to keep our community well-informed as we receive new information on this matter
2. New Difficulty Adjustment starts July 1st.
We’ve covered the adjustment in this post. Here’s what you need to know
- The higher your Reward Level, the more benefits you unlock, such as higher reward rates (up to 8%) and more Perks (up to 8).
- To upgrade your Reward Level, you need to hold sufficient PLU (aka. Stack)—the more PLU you stack, the higher your Reward Level.
- The amount of PLU required to unlock a Reward Level will increase over time, known as a Difficulty Adjustment.
- Once you unlock a Reward Level, it becomes locked in (aka. grandfathered) and won’t be affected by future changes.
- If you stack sufficient PLU and connect your wallet by midnight tonight, you will be grandfathered in for life!
3. Virtual Cards are coming soon; old cards will be void.
Check the full post here. Important dates
- July 25th: New Modulr Virtual Cards will be available. Will work on Google Pay right away and Apple Pay in August.
- August 13th: Old Solaris card will be void. Use its balance BEFORE.
4. Increased sign-up bonus (Get $20 in PLU).
An increased sign-up bonus was just launched, as you can see in the app
5. Plutus Roadmap Updates.
A few more things are coming up.
- Unified account/card balance
- Richer transaction history
- Difficulty Adjustment
- Google/Apple Pay
- Updated UI/UX
- Direct Debits
- Virtual Card
- Metal Card
Check the full roadmap here.
Plutus Difficulty Adjustment
The last date to upgrade using actual rates is June 30th. If you upgrade, your level will be grandfathered.
Virtual Modulr Card Issued
You’ll get new virtual cards, immediately valid with Google Pay.
Solaris-issued Plutus Cards will become void
Make sure you use all your balance on your card BEFORE this date.
Apple Pay on Virtual Cards
Sometime in August, Apple Pay will become available on the Modulr Virtual Cards.
New PlutusSwap (q4)
During Q4, the new Plutus DEX will be ready to swap PLU back and forth