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Plasma is a stablecoin that supports EVMs and USDT transfers at no fee
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The XPL token sales targets $50M with a lock-in period of 40 days for most global investors
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Plasma, backed by Thiel and Ardoino and Ethereum for stablecoin scale-up
Sonar, a new initial coin offering venture (ICO) by Echo, the investment platform founded by Jordan Fish, also known as Cobie, has been officially launched.
Sonar’s first project, Plasma, aims to raise $50m via a token sale. Investors will receive 1 billion XPL tokens.
This XPL token sales implies a $500,000,000 fully diluted valuation for the Plasma network. This could be a significant new entrant into the blockchain space. Plasma is a blockchain that was designed to scale and support the stablecoin market. It offers compatibility with Ethereum, while also being anchored on Bitcoin as a secondary chain.
Plasma: A Bitcoin-anchored, EVM-compatible blockchain for Stablecoin use cases and DeFi
Plasma’s primary objective is to streamline stablecoin usage cases. The network will allow for high-speed USDT transfers with no fees and power DeFi applications. The chain is EVM compatible, allowing Ethereum developers the ability to easily deploy their applications on Plasma without having to rewrite code.
The blockchain will also leverage PlasmaBFT, a security mechanism secured by the native XPL token. It will also feature a Bitcoin bridge that minimizes trust. Plasma’s dual compatibility with Bitcoin as well as Ethereum makes it a unique solution within the current blockchain landscape.
Plasma is currently in its private testnet stage. A public testnet will be launched soon, and the mainnet is scheduled to launch at the end of this summer.
The native XPL is a key component of the Plasma ecosystem. It plays a role in governance, staking and transaction execution while also contributing to security.
Related: Crypto Podcast Host Cobie is Disgusted with the Crypto Industry
Sonar Token Sale: USDT USDC USDS Deposits
Sonar will accept USDT, USDC and USDS as deposits for the XPL token sales. Participants will deposit their stablecoins into Plasma vaults, which are part of the Ethereum network. Their XPL allocation will then be determined by time-weighted contributions.
Pre-deposits will open on June 9 and the main sales will begin shortly thereafter. U.S. investors are subject to a lockup period of 12 months, while the majority of other participants will face a restriction of 40 days.
Founders Fund has recently invested in Plasma with an equity-plus token warrant that enhances the project’s credibility. Plasma had previously raised $24 million from industry leaders including Peter Thiel and Paolo Ardoino CEO of Tether, Bitfinex and Bybit.
Plasma Roadmap: Team Expansion, DeFi Partnerships, Global Infrastructure
Plasma has 25 team members on board and is scaling operations in both the technical and business divisions. The team is also creating strategic partnerships with DeFi protocol like Aave Morpho and Curve.
Related Cobie Becomes Scapegoat For Investigations: Addresses Coinbase’s CEO
It is also establishing infrastructure in selected global regions. The project’s vision is to enable a seamless, accessible and stablecoin economy on a global level.
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