TechFlow, on May 27, the new ICO platform Sonar launched by Echo—founded by renowned crypto investor Cobie (Jordan Fish)—announced Plasma, a stablecoin blockchain project, as its first fundraising initiative. Plasma plans to issue one billion XPL tokens (10% of total supply) in this token sale, raising $50 million at $0.05 per token, resulting in a fully diluted valuation of $500 million. The token sale begins today and will last for two weeks. Global users can participate (excluding residents of the UK and sanctioned regions). Participants from the United States will face a 12-month lock-up period, while users from other regions will have a 40-day lock-up. Designed as a Bitcoin sidechain with full Ethereum Virtual Machine compatibility, Plasma is currently on a private testnet, with the public testnet set to launch in the coming weeks and the mainnet expected to go live by late summer this year.
Plasma has previously raised $24 million from notable investors including Founders Fund, Peter Thiel, Cobie, and Tether CEO Paolo Ardoino.
