Echo, the angel investing platform led by renowned crypto trader Jordan Fish, known as Cobie, has unveiled Sonar, a new Initial Coin Offering (ICO) platform, with Plasma as its inaugural project. The blockchain, designed specifically for stablecoin applications, kicked off its debut token sale today, aiming to raise $50 million by offering 10% of its XPL token supply at a $500 million valuation.
Plasma, a sidechain to Bitcoin and fully compatible with the Ethereum Virtual Machine (EVM), is offering 1 billion XPL tokens out of a total 10 billion supply, priced at $0.05 per token. The sale, which runs for two weeks, allows global participation, excluding UK residents and those in sanctioned jurisdictions, through deposits of stablecoins like USDT, USDC, and USDS into a Plasma vault on Ethereum. Allocations will be based on participants’ time-weighted share of total deposits, with tokens locked until Plasma’s mainnet beta launches.
Paul Faecks, Plasma’s co-founder, emphasized the XPL token’s critical role in securing the PlasmaBFT consensus mechanism, powering execution through its Reth-based EVM, and supporting a trust-minimized Bitcoin bridge. Currently in private testnet, Plasma plans to roll out a public testnet soon, with a mainnet launch targeted for late summer. The $50 million raised will fuel team expansion and infrastructure development in key regions, with Plasma’s 25-member team actively hiring.
Positioned to “power the stablecoin economy at scale,” Plasma is integrating with major DeFi protocols like Ethena, Aave, Morpho, Curve, and Maker, alongside global payment infrastructure providers. The project aims to enable zero-fee USDT transfers, a move Faecks says will bolster the stablecoin ecosystem.
