Odaily Planet Daily reported that Jordan Fish (Cobie)'s angel investment platform Echo has launched a new ICO platform Sonar, with its first project being Plasma. Plasma is a blockchain designed specifically for stablecoins, planning to issue 10% of its XPL token supply through this sale, with a fundraising target of $50 million and 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 residents of the UK and sanctioned regions. Participants from the US will face a 12-month lock-up period, while most other participants will have a 40-day lock-up. Participants need to deposit stablecoins like USDT, USDC, and USDS into the Plasma Vault on Ethereum. (The Block)

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