Articles
Plutus Rewards System Financial Model (PLU & PLUS)
5 min read
August 12, 2025
Plutus pioneered tokenised loyalty rewards (RWA) in 2015, creating the first crypto card system and setting the industry standard. Proud of this legacy, we are open-sourcing insights for revenue-driven, merchant-funded rewards to guide the ecosystem to sustainable growth while protecting consumers.
Since 2015, Plutus has led the way in tokenised loyalty rewards (RWA), building the first crypto card rewards system that others have since followed.
Dozens of crypto cards attempt to emulate our legacy model, often without considering sustainability. While we’re proud of this legacy, we urge a focus on long-term viability, which is why we’re open-sourcing our insights so the industry can adopt revenue-driven, merchant-funded rewards instead of relying on “free cards” for token holders that offer unrealistic and unsustainable “cash” rewards.
After providing real-world use through our internal DEX, it became clear that user behavior and external factors could affect reward sustainability if that changes. To address this, we invested heavily in R&D to build a timeless rewards system, funded by partner merchants and recycled via FUEL, ensuring customers retain reward value as the system scales.
Following the release of our 2024 whitepaper, we engaged EY to verify and create an initial model of the Plutus dual-token system, providing insights into long-term sustainability. As noted at the time, that was the first iteration.
Over the past year, incorporating user feedback and internal refinements, we contracted Simplicity Group to produce an updated model using on-chain and customer data. This latest version reflects those improvements and positions us confidently for a second independent verification with EY.
Separating Rare PLU (stacking/loyalty) and PLUS More (spendable rewards) provides flexibility and lets merchant-funded rewards deliver real-world value without being affected by external factors or changes in user behavior. It also protects stackers from long-term inflation, while allowing rewards to scale to millions without disrupting the ecosystem.
The model projects future outcomes using historical Plutus customer data and growth trends. Using sophisticated tools to test multiple scenarios, it delivers a clear technical map with actionable insights and forecasts. While conditions may vary, Simplicity’s access to backend data and verifiable inputs provides a high-confidence foundation in projections.
Plutus’ upgraded reward system halts PLU inflation and reduces supply via stacking, unlocking more in-app benefits, while PLUS remains useful and spendable through partner brand offers. FUEL recycles PLUS on-chain to fund CRY and card rewards, minimising new token minting and allowing PLUS to scale sustainably without inflation (as previously seen with PLU), driven by real usage.
This model reflects insights from Simplicity Group. We are now working with EY to independently verify the results, further strengthening our plans to scale the reward system internationally. EY verification is expected to be completed in early 2026.
This article and linked third party content are for educational purposes only. The model is provided by an independent service based on inputs from the Plutus database and publicly available on-chain data. It reflects simulated scenarios, not guaranteed outcomes, and is solely to provide technical insights.
