About PLM Tokens

Last Update: 2021/01/23

PLM (Plum) Token is the utility token for Plasm Network that has the following 5 roles.

DApps Staking

DApps Staking is an original scheme that Plasm Network core team invented and only Plasm supports this feature in the Polkadot ecosystem. Plasm Network aims to be the leading DApps hub on Polkadot Network. Hence, we prepared incentives for DApps developers to make smart contracts on Plasm Network.

DApps Staking is a simple but strong mechanism. PLM token holders can stake PLM tokens on dApps as well as network. By doing so, the staker can earn PLM tokens from block rewards. In addition to that, dApps developers can also get rewards based on the nomination. In general, application developers on Plasm Network receive PLM tokens by making smart contracts or infrastructure for Plasm Network community. We intend to make it a sustainable and decentralized grant mechanism.

Network Staking

PLM token holders also have an option to stake PLMs on the network (Plasm Network validators or collators). By doing so, the staker receives the nomination reward and the network becomes more decentralized.

Transactions

Every on-chain transaction takes fees.

On-Chain Governance

We plan to make on-chain governance and PLM token is used for facilitating the governance activities such as voting and referenda.

Layer2

Plasm Network is a layer1 platform that supports layer2 implementations. Layer2 application developers make a deposit on their layer1 smart contract and create layer2 applications.