Jordan Fish's Echo Launches Sonar ICO Platform with Plasma, Aiming to Boost ICO Activity.

Echo, a platform led by crypto trader Jordan Fish, has launched Sonar, a new ICO platform featuring Plasma's $50M ICO target. Plasma is valued at $500M fully diluted and has attracted notable investors like Peter Thiel. The launch is expected to boost market liquidity and investor enthusiasm in the ICO space, potentially leading to increased activity and price volatility.

Echo, a platform led by crypto trader Jordan Fish, has launched Sonar, a new ICO platform featuring Plasma's $50M ICO target. Plasma, a blockchain purpose-built for stablecoins, is valued at $500M fully diluted and has attracted notable investors such as Peter Thiel. The launch is expected to boost market liquidity and investor enthusiasm in the ICO space, potentially leading to increased activity and price volatility.

Plasma, designed as a sidechain to Bitcoin, aims to power the stablecoin economy at scale. The project is currently in private testnet with a public testnet expected to launch in the coming weeks. The XPL token sale is priced at $0.05 per token, with a total supply of 10 billion tokens, 10% of which will be sold in the Sonar ICO. The sale aims to raise $50 million, matching the valuation used in Founders Fund's recent equity-plus-token deal.

Participants in the XPL token sale must deposit stablecoins into a Plasma vault on Ethereum. Allocations will be determined by each participant's time-weighted share of total vault deposits. Lockups will vary depending on jurisdiction, with U.S. participants facing a 12-month lockup and most others subject to a 40-day lockup. The XPL token sale is expected to open pre-deposits on June 9, with the actual sale set to begin a few weeks later.

Plasma's vision is to enable zero-fee USDT transfers and integrate with key DeFi protocols, including Ethena, Aave, Morpho, Curve, and Maker. The project is also securing deeper regional work with institutional partners and physical peer-to-peer networks in its target regions.

The launch of Sonar and the XPL token sale could significantly impact the ICO space by providing a new platform for public token sales and potentially increasing market liquidity and investor enthusiasm. However, the success of the sale and the project's long-term viability will depend on various factors, including market conditions, regulatory developments, and the project's ability to execute its vision.

References:
[1] https://www.theblock.co/post/355840/cobie-ico-platform-sonar-plasma-xpl-token-sale-valuation
[2] https://www.tradingview.com/news/the_block:54eee2295094b:0-the-daily-trump-media-plots-2-5-billion-corporate-bitcoin-treasury-cobie-s-ico-platform-sonar-goes-live-and-more/