According to ChainCatcher, Octra Labs, the team behind the privacy blockchain project Octra, will hold a public token sale on the Sonar platform on December 18th. Sonar is a token issuance platform launched by Echo, an ICO platform recently acquired by Coinbase and founded by Jordan “Cobie” Fish.
Octra announced on Tuesday that it plans to raise $20 million through a week-long token sale, offering 10% of the total OCT token supply at a fully diluted valuation (FDV) of $200 million. The sale will employ a fixed-price, commitment-style allocation model, allowing any number of participants to deposit funds and receive tokens proportionally, designed to maximize decentralization.
Octra stated that the sale allocation may increase if demand is strong; any unsold tokens will be burned. All sold tokens will be fully unlocked and distributed shortly after the sale ends. The $200 million valuation is double Octra's valuation in its previous funding round on Echo earlier this year (raising $4 million). Furthermore, Octra previously completed a $4 million pre-seed funding round with investors including Big Brain Holdings, Finality Capital Partners, Karatage, and Presto Labs.
Regarding token allocation: early investors hold 18% of OCT, Octra Labs holds 15%, and 67% is allocated to the community, including early users, validators, funders, Echo participants, and ICO buyers. Octra stated that no single investor holds more than 3% of the tokens.
