PANews reported on May 27 that according to The Block, Echo, founded by famous crypto investor Cobie (Jordan Fish), has officially launched the ICO platform Sonar, with the first fundraising project being the stablecoin-specific chain Plasma. Plasma will sell 10% of its total XPL token supply, which is 1 billion tokens, on Sonar, with a fundraising target of $50 million, corresponding to a fully diluted valuation of $500 million. Users need to deposit into the Ethereum Plasma vault using USDT, USDC, or USDS, with a lock-up period of 40 days or 12 months depending on the region. The Plasma mainnet is expected to go live this summer, and XPL will be used for network consensus, EVM execution, and Bitcoin cross-chain bridge operation.
