Odaily News Echo, the angel investment platform of well-known cryptocurrency trader Jordan Fish (Cobie), has launched a new ICO platform Sonar, with the first project being Plasma. Plasma is a blockchain designed for stablecoins, and plans to issue 10% of the XPL token supply through this sale, with a target of raising $50 million and a valuation of $500 million fully diluted valuation (FDV).
The XPL token sale starts today and will last for two weeks. It is open to all users worldwide, except residents of the UK and sanctioned regions. US participants will face a 12-month lockup period, while most other participants will face a 40-day lockup period. Participants will need to deposit stablecoins such as USDT, USDC and USDS into a Plasma Vault on Ethereum. (The Block)