# PLS ### The DAO has decided to rebrand to Plutus and launch a new token $PLUTUS with [PRFC-15](https://snapshot.box/#/s:plutus-dao.eth/proposal/0x586aae17b2c352d4fc9d8f7b8d71d7eb90bd0b919b1fe06c4493f4a88858178a). Updated documentation available on the [PLUTUS page](https://docs.plutusdao.io/tokenomics/plutus). | Current Token | New Token | Conversion Rate | Total Amount | | ------------- | --------- | --------------- | ------------------------ | | PLS | PLUTUS | 1 : 1 | ≤21M circ + 40M treasury | | PLS | xPLUTUS | 1 : 1.11 | ≤21M (including LPs) | | vlPLS | xPLUTUS | 1 : 1 | 21.4M | | esPLS | xPLUTUS | 1 : 1 | 3.6M | | mpPLS | xPLUTUS | 1 : 1 | 13.9M | A quick outline of how the old tokens can be converted into the new tokens, once the migration is underway. *** Content below this line was true until May 27th 2025 *** PLS is the foundation of PlutusDAO, granting holders governance rights and access to a share of protocol yield. It enables active participation in the DAO’s decision-making while unlocking yield distributions within the Plutus ecosystem. To engage fully with these features, PLS holders must lock their tokens for 16 weeks as bPLS. ## bPLS A user’s bPLS balance is a function of four distinct tokens. The four components are vote-locked PLS, vote-locked PLS-WETH, staked multiplier points, and staked escrowed PLS.\ \ The formula for calculating your bPLS balance is: `vlPLS*1 + vlPLS-WETH*1.2 + staked esPLS*1 + staked mpPLS*1 = bPLS balance` A user's bPLS balance decides their share of: * Protocol fees * Voting power in PLS governance **Protocol fees are anticipated to launch by mid-November 2024.** Please note that in order to display your bPLS balance, you must click ‘Register’ on the [‘Earn’ page](https://www.plutusdao.io/earn). This is a one-time action. See the image below for reference.

bLPS 'Register' interface

## esPLS * esPLS stands for "escrowed PLS". It is a non-liquid token meaning it can't be traded or transferred between wallets. It may only be staked to receive rewards similar to vlPLS or vested for PLS * esPLS vesting occurs linearly over a 1 year period * Once esPLS enters the vesting process, it cannot be reversed * A portion of emissions for staking rewards and LP staking will be distributed as esPLS instead of only PLS. The ratio is 80% of rewards as esPLS and 20% of rewards as PLS ## Locking * PLS or the PLS-WETH Camelot LP can be locked for vlPLS or vlPLS-WETH respectively * All locks for both vlPLS and vlPLS-WETH are for a 16-week period * Locks cannot be partially unlocked. For example, a user that has locked 1000 PLS in one lock must unlock the entire 1000 PLS if they want to unlock * Locked PLS-WETH is not used to farm the Camelot LP * The ratio of PLS-ETH Camelot LP to vlPLS will vary depending on the ratio of the underlying liquidity pool * For example, if 1 PLS-WETH Camelot LP token is composed of 100 PLS and 0.17 WETH, the accompanying vlPLS-WETH will be equivalent to 200 vlPLS. This ratio will be updated manually on a daily basis for the time being * All PLS or PLS-WETH that is locked is treated as its own lock * For example, User A locks 1,000 PLS on July 1st, then an additional 2,500 PLS on August 1st. User A will be eligible to withdraw 1,000 PLS 16 weeks after July 1st and 2,500 PLS 16 weeks after August 1st * A target minimum APR of 15% is set for vlPLS and vlPLS-WETH lockers * vlPLS and vlPLS-WETH lockers receive all rewards from all underlying plsAssets, multiplier points, esPLS, and ARB emissions ## Understanding Auto-Extend 16-weekWe’ve added an auto-extend feature to locking. This way, users can simply set and forget their position and keep earning rewards even if their 16-week lock is finished. However, it’s important for users to understand the nuances of how auto-extend functions. * Auto-extend is on by default * Locked tokens will always accrue rewards * If auto-extend is off, you will get kicked from the lock once your 16-week lock is up. This simply means that you receive your tokens back into your wallet and don’t earn rewards anymore. Do note that in this scenario, you would burn Multiplier Points! * If auto-extend is on, you cannot get kicked. However, any action you take (claiming rewards, staking new tokens, toggling auto-extend off, etc.) after the timeframe of your original 16-week lock will lock you into a new 16-week lock Let’s take a look at some concrete examples. **Example 1.** *A user locks some PLS and has auto-extend on. They then go away for 50 weeks. They are eligible for rewards this entire time and cannot be kicked. However, once they return and take any action on the ‘Earn’ page, including turning auto-extend off, they will enter a fresh 16-week lock.*\ \ **Example 2.** *A user locks some PLS and has auto-extend on. They want to make sure they can withdraw once the 16-week lock is over. In order to do this, they must turn auto-extend off before the 16-week lock ends. If they do not turn off auto-extend before the 16-week lock ends, any action they take will enter them into a fresh lock.* ## Multiplier Points * Multiplier points accrue at a rate of 100% * Multiplier points are treated as additional vlPLS in terms of accruing rewards with the exception that MPs do not earn MPs * Upon unlocking PLS from a 16-week lock, the accompanying multiplier points will be burn * Multiplier points are burnt when users withdraw vlPLS, vlPLS-WETH, or unstake esPLS. The burn is based on the ratio of unstaked or withdrawn assets vs remaining locked and staked assets Let’s take a look at some examples. **Example 1.** *Let’s assume a user has two locks - one with 1000 PLS and one with 2500 PLS. These have been locked on July 1st and August 1st respectively. If the user unlocks their initial 1000 PLS, 1000/3500 of their multiplier points will be burnt. The multiplier points from their other 2500 PLS will be unaffected.* **Example 2.** *A user has staked some of the esPLS that they have earned. That esPLS has been accruing multiplier points. If a user decides to unstake their esPLS so that they may vest the esPLS used to earn multiplier points, those multiplier points will be burnt accordingly.* --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.plutus.fi/tokenomics/pls.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. 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