PANews May 27 news, according to The Block, the Echo platform founded by well-known crypto investor Cobie (Jordan Fish) has officially launched the ICO platform Sonar, with its first fundraising project being the stablecoin dedicated chain Plasma. Plasma will sell 10% of its total supply of XPL tokens, amounting to 1 billion, through Sonar, aiming to raise $50 million, corresponding to a fully diluted valuation of $500 million. Users need to deposit in the Ethereum Plasma treasury using USDT, USDC, or USDS to participate, with a lock-up period set at 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 the operation of Bitcoin cross-chain bridges.
