Plutus, one of Europe’s longest-running consumer crypto platforms, is preparing the token generation event (TGE) of PLUS, a new merchant-funded rewards token launching on Coinbase’s Layer-2 network, Base.

Founded in 2015, Plutus launched its first token, PLU, in 2016, making it one of the earliest crypto rewards projects in Europe. While many early token-based card platforms failed during subsequent market cycles, Plutus continued operating, building a working Visa rewards ecosystem that processes real customer spending and distributes rewards to users.

Over the years, the platform has delivered tens of millions of dollars in rewards value, maintaining an active user base across several major European fintech markets.

PLU transitions to legacy loyalty role

PLU was originally designed as a loyalty and progression token, allowing users to stack tokens to unlock higher reward tiers. While effective at smaller scale, the model faced limitations as the platform expanded.

PLU has a fixed supply, no new emissions after early 2025, and utility focused primarily on tier access. According to Plutus, this made it unsuitable as a long-term rewards token for large-scale global adoption.

Rather than expanding emissions, the company chose to reposition PLU as a legacy loyalty asset for early adopters, clearing the path for a new utility-focused token.

What PLUS Is and Why It’s Different

PLUS is designed specifically for large-scale, real-world utility. It is the token users earn, buy, and redeem within the Plutus ecosystem for tangible benefits, including gift cards, cashback, airline miles, travel discounts, and other merchant-funded rewards.



Each PLUS token carries a minimum in-app redemption value, while the maximum value depends on live merchant offers. According to Plutus, a single PLUS token can unlock a wide range of benefits.

PLUS utility includes:

  • Gift cards: 1 PLUS can unlock $20 or more in discounted gift card value from major brands

  • Cashback: 1 PLUS can deliver $50 or more in retail cashback through participating merchants

  • Airline miles: 1 PLUS can be exchanged for airline miles worth $20+, depending on route and promotions

  • Travel discounts: 1 PLUS can unlock $100–$150 or more in travel savings on flights, hotels, and travel services

  • Retail rewards: 1 PLUS can be redeemed for $20+ in brand-funded discounts across participating merchants

Plutus says PLUS rewards are funded by merchants rather than token emissions, meaning value does not depend on continuous minting or users selling tokens to one another. By linking token demand to merchant-funded redemptions, the project aims to anchor PLUS value to real consumer savings, with a minimum in-app utility and upside based on available offers.

According to the team, this structure addresses a common issue in crypto “cashback” models, where rewards rely on newly minted tokens that are often sold immediately on secondary markets.

Token design limits selling pressure

PLUS includes mechanisms aimed at reducing excess sell pressure.

Tokens earned inside the app are locked by smart contract and can only be used through a connected wallet. These tokens are intended for redemption within the ecosystem and cannot be freely sold on exchanges unless certain stacking thresholds are met. Only PLUS tokens purchased on exchanges are unconditionally tradable.



According to the project, this creates a demand-driven system. When market prices fall, users are incentivized to buy PLUS to redeem it for in-app value. When prices rise, demand can remain due to higher-value redemption options.

Plutus states that there is no fixed peg or algorithmic price mechanism, with price discovery driven instead by real redemption demand.

TGE structure and liquidity approach

At launch, only a limited portion of the total PLUS supply will enter circulation. The PLUS team has indicated that a significant share of funds raised during the TGE will be allocated toward liquidity support.

Liquidity is expected to be deployed across decentralized markets with long-term lockups, with the aim of supporting orderly price discovery and avoiding sharp post-launch sell-offs commonly associated with high initial token float.

The project also emphasizes fair vesting schedules, strategic liquidity deployment, and a rewards structure designed to support long-term participation beyond the TGE.

Expansion beyond Europe

With PLU transitioning into a loyalty role and PLUS becoming the primary utility token, Plutus is positioning the platform for broader geographic expansion.

After establishing traction across several European markets, including the UK, Germany, France, Italy, and the Netherlands, the company is expanding into the United States and the UAE, with LATAM, Africa, and Asia planned for later phases.

A new product, PlutusLite, is also in development. The tool is intended to allow users to earn and redeem PLUS without full card issuance, reducing onboarding friction in regions where card programs are introduced later.



Rethinking crypto rewards

In an industry where many rewards tokens have relied on continuous emissions, Plutus is positioning PLUS as an alternative model based on merchant-funded utility rather than inflation.

The company says the goal is to align token demand with real-world savings, rather than speculative incentives. Whether this approach becomes a broader template for consumer crypto rewards remains to be seen, but Plutus’ upcoming PLUS launch marks a notable shift away from traditional token-based cashback structures.

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Website & Pre-TGE whitelist: https://plusmore.xyz