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PLS has recently overgone a complete tokenomics revamp. The new tokenomics are live as of 14th July 2023. The infographic below offers a simple visual guide to understanding PLS V2. In addition, we also have a simple video explainer to help you understand the PLS V2 system here.
PLS V2 tokenomics infographic


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:
  • Bribes
  • Protocol fees
  • Voting power in PLS governance
  • Fee discounts
  • Boosting capabilities within the ecosystem
The above features will go live some time after PLS V2 launches, with bribes going live first.
Please note that in order to display our bPLS balance, you must click ‘Register’ on the ‘Earn’ page. This is a one-time action. See the image below for reference.
bLPS 'Register' interface


  • 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 is vested it cannot be unvested
  • 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


  • 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 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 bribe rewards from all underlying plsAssets, multiplier points, esPLS and ARB emissions
  • A total of 125k ARB will be used to incentivize locking over 16 weeks, and another 125k for the following 16 weeks after that. ARB incentives and bribes will begin streaming shortly after PLS V2 goes live. The ARB incentives will be taken from Plutus’ DAO airdrop allocation

Understanding Auto-Extend

We’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 grasp 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%
  • As a launch promotion, multiplier points accrue at 300% and 360% for vlPLS and vlPLS-WETH respectively until the 4th of August 09:00 UTC.
  • 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 that 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.