Echo Platform Launches ICO Platform Sonar, First Project Plasma Aims to Raise $50 Million

Odaily Planet Daily News: Jordan Fish (Cobie)'s angel investment platform Echo has launched a new ICO platform, Sonar, with the first project being Plasma. Plasma is a blockchain designed specifically for stablecoins, planning to issue 10% of the XPL token supply through this sale, aiming to raise $50 million with a fully diluted valuation (FDV) of $500 million.
The XPL token sale starts today and will last for two weeks. Global users can participate except for UK residents and sanctioned regions. U.S. participants will face a 12-month lock-up period, while most other participants will have a 40-day lock-up. Participants need to deposit stablecoins such as USDT, USDC, and USDS into the Plasma Vault on Ethereum. (The Block)