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Waves Gets a New “Planet” in its Ecosystem with the Launch of $PLUTO

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Waves Coin

Waves, a blockchain platform dedicated to smart contracts and dApps, recently announced the launch of a new “planet” in its ecosystem, referencing the launch of a token $PLUTO. The token itself noted that it will be available for purchase on Waves Exchange and Swop.fi launchpad, as well as on Puzzle Swap.

What is PLUTO?

PLUTO is a new cryptocurrency that only launched a few days ago, with the purpose of serving as a reserve currency resistant to bear markets. It is available in the Waves ecosystem, and it allows users to exchange Waves-based tokens into PLUTO on three DEXes, including Waves Exchange, Puzzle Swap, and SwopFi.

The project announced that the token launch was its first step, and the launch of the Pluto Protocol is supposed to come by the end of this week. Once the protocol arrives, users who have minted their PLUTO tokens will be able to start using them for staking, which will allow them to earn even more tokens through staking rewards.

For now, PLUTO is available on mentioned exchanges and it can be obtained in exchange for USDT and USDN. Meanwhile, all the funds that the project collects from selling the tokens will end up in the protocol’s treasury. The plan is to use the money for enabling price discovery, which will be decided based on the value of the collateral contained in the treasury. PLUTOs that don’t get sold will be burned, and taken out of circulation, permanently.

PLUTO on the 3 DEXes

Waves Exchange holds a total of 600,667 PLUTO tokens, which are paired against USDN and USDT. According to the project’s announcement, sell orders are at intervals between 1-3 USDN price range. PLUTO buyers can immediately see them on other exchanges as well, where they will be able to enter trades as well as use them for staking.

SwopFi, on the other hand, had 62,000 PLUTO tokens, and buyers could obtain them on this platform at a fixed price. The launchpad lasted for several hours, and after the token sale was completed, PLUTO was distributed to those who bought it.

Finally, there is Puzzle Swap, which launched a PLUTO parent pool. This is a pool where users can bring their tokens for liquidity mining, but it also allows them to create their own mega pools using PLUTO, which can earn them some extra APY.

The move is important for PLUTO as it will allow the project to include and encourage the development of key projects that are supposed to arrive on Waves, including USDN, WX, Puzzle, and SwopFi. Other than that, PLUTO also wishes to get the support of the Waves’ users in order to bring greater stability to the ecosystem with its protocol and prevent further incidents the likes of which hit Waves recently.

To learn more visit our Investing in Waves guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.