- Plasma aims to streamline stablecoin use with zero-fee USDT transfers and EVM support
- XPL token sale targets $50M raise with a 40-day lockup for most global investors
- Backed by Thiel and Ardoino, Plasma links Bitcoin and Ethereum for stablecoin scaling
Echo, the investment platform created by renowned crypto personality Jordan Fish (also known as Cobie), has officially launched its new initial coin offering (ICO) venture, Sonar.
Sonar’s debut project, Plasma, is reportedly aiming to raise $50 million via a public token sale, offering 1 billion XPL tokens to investors.
This XPL token sale implies a $500 million fully diluted valuation (FDV) for the Plasma network, setting it up as a potentially significant new entrant in the blockchain arena. Plasma itself is engineered as a purpose-built blockchain to support and scale the stablecoin economy, offering compatibility with Ethereum while being anchored to Bitcoin as a sidechain.
Plasma: An EVM-Compatible, Bitcoin-Anchored Blockchain for Stablecoin Use Cases & DeFi
Plasma’s primary goal is to streamline stablecoin use cases. The network will enable high-speed, zero-fee USDT transfers and power decentralized finance (DeFi) applications. The chain is EVM-compatible, allowing Ethereum developers to easily deploy their apps on Plasma without rewriting code.
Additionally, the blockchain will leverage PlasmaBFT, a consensus mechanism secured by its native XPL token, and will feature a trust-minimized Bitcoin bridge. This dual compatibility with Bitcoin and Ethereum positions Plasma as a unique solution in the current blockchain landscape.
Currently, the Plasma project is in its private testnet phase. A public testnet is expected soon, with the mainnet targeted for launch later this summer.
The native XPL token is central to the Plasma ecosystem, playing key roles in governance, staking, and transaction execution, while also contributing to network security.
Related: Crypto Podcast Host Cobie Disgusted With the Crypto Industry
XPL Token Sale on Sonar: USDT, USDC, USDS Deposits
The XPL token sale hosted on Sonar will accept deposits in major stablecoins, including USDT, USDC, and USDS. Participants will deposit these into Plasma vaults on the Ethereum network, and their XPL token allocation will be determined by their time-weighted contributions.
Pre-deposits open on June 9, and the main sale will begin shortly after. U.S. investors will be subject to a 12-month lockup period, while most other participants face a 40-day restriction.
Founders Fund recently threw its weight behind Plasma, making an equity-plus-token warrant investment that adds to the project’s credibility. Earlier, Plasma raised $24 million in seed and Series A rounds from major industry players including Peter Thiel, Tether CEO Paolo Ardoino, Bitfinex, and Bybit.
Plasma Roadmap: Team Expansion, DeFi Partnerships (Aave, Curve), Global Infrastructure
With 25 team members already onboard, Plasma is scaling operations across both technical and business divisions. The team is also forming strategic partnerships with DeFi protocols like Aave, Morpho, and Curve.
Related: Cobie Becomes the Scapegoat for Investigations: Addresses Coinbase CEO
Moreover, it is establishing infrastructure support in targeted global regions. The project’s broader vision focuses on enabling a seamless and accessible stablecoin economy at a global scale.
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