Plasma, a blockchain network purpose-built for stablecoins and backed by Bitfinex and Peter Thiel’s Founders Fund, will conduct the first-ever public token sale using Echo’s newly launched sale infrastructure, Sonar.
Echo, founded by crypto influencer Cobie, is a dominant player in private investment infrastructure for early-stage crypto projects. The Sonar launch marks Echo’s expansion into public sale infrastructure, with Plasma leading the way in this debut initiative.
The upcoming sale will offer 10% of the total supply of XPL, Plasma’s native token, at a fully diluted valuation of $500 million. This public offering mirrors the valuation of a recent strategic investment made by Founders Fund, allowing retail investors to participate on equal footing with institutional backers.
Plasma aims to reshape the global financial system through a blockchain optimized for stablecoin functionality. The XPL token underpins this ecosystem—securing the network via the PlasmaBFT consensus mechanism, driving execution on its Reth-based EVM, and powering a trust-minimized Bitcoin bridge.
The XPL sale process is designed with transparency and broad participation in mind. Participants can secure an allocation by depositing stablecoins into a Plasma vault on Ethereum. Allocations will be determined based on each depositor’s time-weighted share of the vault. Once deposits close, all positions are locked until the launch of Mainnet Beta, at which point tokens will be bridged to Plasma, made withdrawable, and distributed.
Plasma’s launch strategy includes a robust slate of integrations. Strategic partners include stablecoin on/off-ramp providers like Yellow Card in Africa and BiLira in Turkey. On the DeFi side, Plasma has formed partnerships with Curve, Ethena, and other major protocols to ensure immediate utility for stablecoins like Tether (USD₮) across decentralized finance applications.
To support its ambitious goals, Plasma has recruited top talent. The technical team now includes engineers from Fuel, Nethermind, Bloomberg, and Protocol Labs. They are tasked with solving performance bottlenecks across the stack, aiming to enable zero-fee USDT transfers at scale. On the business front, Plasma has onboarded former Goldman Sachs leadership to head institutional efforts, alongside experts in ecosystem development, legal policy, and regulatory affairs.
The launch of the XPL token sale via Echo’s Sonar platform represents a critical milestone for Plasma as it builds the next generation of global financial infrastructure.
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