The Revival of yPLT
How? Why? Let’s find out.
I first discovered $yPLT (yplutus.finance) 2 months ago, back in October when it was still a new DeFi token. As a community initiative by Plutus Capital, I was assured that there was some sort of proven traction for yPLT. The team had a vision to bank the unbanked, bringing fundamental financial rights to billions of individuals across the globe and to unbank the banked, stripping away the financial prison that many in the first world are enslaved to. Since 2019, Plutus Capital had developed many ecosystem products as well as FinTech products, namely the Plutus Lending App which is built on their Plutus chain.
The fact that they had an existing app had built my confidence in the team behind its development. Plutus Swap and yPLT were launched as a result of the Plutus Capital Community’s decision to launch their own AMM having seen the massive growth in the DeFi sector. They had also announced future plans to integrate yPLT into the Plutus Lending App after launch.
What I particularly liked about the project was its non-anon team, which is a big plus in the world of DeFi with thousands of anonymous projects with anon devs. A few weeks after launch and listing on Uniswap, Anthony Johnson from Plutus Swap had also spoken and shared about yPLT on a live webinar. Over the past 2 months, devs had been providing regular updates on their Twitter account and admins on the Telegram group had been pretty responsive as well.
In November, they had announced their partnership with EMOJIS.farm, a supplementary product and a complementary brand to the Consentium Ecosystem — a multi-feature chat application built on the blockchain. yPLT token holders were able to contribute their yPLT tokens as initial LPs in exchange for $EMOJIs. Initial liquidity contributor of the yPLT/EMOJI pools would receive 70% of the LP tokens — In other words, they would receive 70% of the $yPLT contributed and 70% of $EMOJIs, a pretty good deal I would say.
While devs had been regularly providing updates updates further developments, integration with the app, listing applications, more marketing work, etc… prices remained low and little signs of pump, painting a bleak outlook for the future of yPLT.
Then came its revival.
On 13 December, yPLT was listed on CoinGecko and it started trending within hours— topping the charts! Within the next few hours, its price rose by a massive 20x. Despite pumping hard, its market cap still remained low, which seemed like a bullish sign that there was so more growth potential for yPLT and Plutus Swap. 2 days later, yPLT was also picked up by CoinMarketCap, one of the world’s largest cryptocurrency data authority. As an early token holder of yPLT, I was thrilled to have witnessed how a highly undervalued project like Plutus Swap was finally getting its time to shine. Taking into account its committed, non-anon team and microcap, we could expect this project to skyrocket in value in the months to come. Just yesterday, there was also a Twitter announcement hinting that yPLT token holders would be able to complete payment transactions with yPLT by early next year — that’s right, there’s so much more coming for yPLT! There’s a lot more that’s worth anticipating from the Plutus Swap team, so let’s stay tuned.
As always, DYOR.