Cobie's ICO platform Sonar launches with Plasma’s $50M fundraiser at a $500M token valuation, offering 10% of XPL tokens in the debut sale.

Sonar, a new on-chain ICO launch platform built by Cobie’s fundraising infrastructure project Echo, has gone live with its debut token sale for Plasma (XPL), a stablecoin-focused Layer 1 blockchain sometimes described as a “stablechain.” The inaugural sale targeted $50 million in commitments at a $500 million fully diluted valuation (FDV) for the XPL token, with around 10% of the token supply made available in the offering. Although the formal target was $50 million, demand vastly exceeded expectations, with on-chain data and post-sale analysis indicating that the raise ultimately scaled up to hundreds of millions of dollars in commitments in minutes, far above the initial cap. Plasma positions itself as infrastructure optimized for stablecoin usage, aiming to provide high-throughput, low- or zero-fee transactions for assets such as USDT, and is framed by supporters as part of a new wave of stablecoin-centric base layers. The Sonar launch is significant for two reasons: it marks Cobie/Echo’s entry into the increasingly competitive next-generation ICO platform space, and it underscores the renewed appetite for large-scale public token sales after years of regulatory pressure and market skepticism. Early breakdowns of the Plasma sale suggest that participation was highly skewed toward large holders, with a small number of wallets contributing a large share of the raise, highlighting both the capital intensity of current ICO markets and ongoing concerns about accessibility and distribution fairness in high-profile token launches.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Plasma's ICO Shows Who Really is In Control - Sanbase - Santiment (app.santiment.net)
• Donovan (@donovanchoy) on X - Twitter (x.com)
• Plasma (XPL) - All information about Plasma ICO (Token Sale) (icodrops.com)
• Sonar ICO Launchpad Analysis | CoinLaunch.space (coinlaunch.space)
• ICO Comeback: Explosive Returns From Token Sales - MEXC Blog (blog.mexc.com)

Explore the topic

• Plasma
• ICO
• Valuation