XPL Token Sale Launches June 9 on Sonar

ICO Plasma by Tether

It’s hard not to notice how the market is changing. More and more projects are moving away from private sales and approaching something that used to be called a “fair ICO.” Only now — with verification, control, and a real chance to get into top projects without connections.

Plasma is the first case to implement this new scheme. And it seems to be a genuinely new standard for legitimate projects.

Plasma is launching the XPL token sale on the new Sonar platform from Echo (founded by Cobie). Anyone who has passed verification can participate. The goal is to raise $50 million, which gives the entire network a valuation of $500 million, making this ICO one of the largest public sales in recent years.

How does the sale work?

• You deposit stablecoins (USDT, USDC, USDS, or DAI) into a special Plasma Vault.
• The earlier you deposit and the longer you hold — the more points you earn.
• 1 point = 1 XPL token, which you can buy at $0.05.
• You can withdraw your deposit before the end of the period, but your allocation will be reduced.
• After the fundraising ends (in about two weeks), there will be a 40-day lock-up.
• Then, the Plasma network launches, tokens are distributed, and the stablecoins become available for withdrawal.
• Minimum entry threshold — $100

That’s it. Essentially, you just hold your stablecoins for a couple of months, then receive tokens + your deposit back.

How much can you return from a $1,000 investment?

Total Raise – Project fundraising forecast

📌 The lower the total raise — the greater your share of tokens and higher your profit.

📌 The higher the token price on the market — the higher the final yield.

Why this ICO could be an opportunity for investors

• First project on Sonar — this means Echo (and Cobie) will definitely push it as a success case.
• Support from elite investors — the project has already passed their DD, which indirectly reduces risks.
• Fair distribution mechanics — no priority for funds, allocation is available on equal terms, and valuation is based on the latest round.
• Simple participation format — everything is done through Plasma’s web interface and Echo’s verification.

Who is this ICO for?

• Not for those hoping to make x20 from a few hundred dollars.
• This is more for those who already hold stablecoins and want to rotate them with a decent return.
• Suitable for those holding USDT while waiting for the market or a position — now there’s a chance to put them to work.

Who invested earlier?

Partners and investors are the project’s main advertisement:

Framework Ventures — ROI 113x, 115 projects

Founders Fund (Peter Thiel) — participated in the latest round

Bitfinex — Lead investor

💡 Tether (through Bitfinex) didn’t just invest — they participated in the strategic round, and Tether CTO Paolo Ardoino joined the project’s advisory board.

This opens several key perspectives:

• USDT will be natively integrated into Plasma. Essentially, the number one stablecoin will be the network’s main asset.
• Transfer fees for USDT in Plasma — close to zero. This is a stated feature: fast and cheap transfers between wallets and protocols.
• Infrastructure from Tether — means trust. A company like this participating signals a serious bet on Plasma’s future as a platform for mass stablecoin payments.

Community support isn’t just talk

Top project followers on Twitter speak for themselves:

• Zhu Su — 629K followers
• Meltem Demirors — 270K+
• Andrew Kang (Mechanism Capital) — 381K
• Justin Sun — 3.8M (!)
• Santiago Santos — 127K
• Darren Lau — 158K

Such a lineup shows that the project interests not only investment funds but also key figures in crypto.

Plasma is a high-performance blockchain capable of processing thousands of transactions per second. It’s built on its own PlasmaBFT consensus, supports standard Ethereum contracts, but is geared toward stablecoin operations. The idea is to create a network where USDT and its peers function with near-zero fees — including instant transfers, DeFi integrations, and even a Bitcoin bridge.

Echo (Sonar platform) – an investment platform founded by crypto influencer Cobie (real name – Jordan Fish).

Echo is known as a leader in private investment infrastructure for early-stage projects and, in May 2025, launched a new product — Sonar — for public token sales. Plasma became the first project to hold a public tokensale. In this partnership, the Plasma team handles the sale (fund reception, token issuance, and distribution), while Sonar (Echo) ensures compliance — KYC/AML checks, jurisdictional filtering, and other conditions.

If you missed Solana or SUI, this might be your second chance. Of course, there are risks — this is crypto. But XPL has the tech, the partners, and the right approach. Not financial advice!

Plasma’s $250M XPL Token Sale

Plasma's $250M XPL token sale has stirred debate in the crypto community, seen by some as a sign of ambition and by others as a risky echo of 2017's ICO frenzy.

$250M for XPL Public Sale — Fairness or Plain Greed?

Plasma — the developer of a blockchain for stablecoins — as we wrote earlier, announced a public sale of the XPL token with the goal of raising $50 million (10% of the token supply) at a price of $0.05 per token. This valued the network at approximately $500 million FDV. However, on June 4, the team suddenly changed the terms:

In practice, this means that within a single token sale, the fundraising target was increased fivefold, while the limit for one participant remained at $50M.

Downsides of the Decision

Reduced Potential Profitability

The increase of the hard cap from $50M to $250M means that the token supply is multiplied, so the share of each early investor will be heavily diluted. Potential “X’s” become less likely. While at $50M one could expect scarcity and demand for the token, at $250M — the feeling of overvaluation becomes noticeable.

Signs of Greed and Troubling Parallels to 2017

Social media already voices concerns: this scale of public fundraising for an unlaunched project recalls the worst practices of the 2017 ICOs. Statistics show that more than 80% of those projects turned out to be either failures or outright scams.

“This is no longer a fair launch, but a fair trap.”

Centralization and Priority for Whales

Formally, participation is “limited” — no more than $50M per address. But this opens the door not to the crowd, but to 5–6 large wallets that can “close” the entire cap without any problem. Such conditions increasingly resemble not a fair launch, but a pre-ICO for insiders, publicly dressed up.

Potential Upsides

Larger Funding = Ambitious Growth

Plasma is betting on the global stablecoin market. A larger funding round is an opportunity to quickly expand the dev team, strengthen the partner network, and assert itself in the international jurisdiction. The very fact that the project wants to raise $250M speaks to the scale of its ambitions — and the presence of demand.

Accessibility for a Broader Audience

The official message: “more people will be able to participate.” The Plasma team claims that the initial $50M limit would not have allowed many to receive an allocation. The cap increase is a reaction to demand. Tokens are still being sold at the Founders Fund round price, which appears to be a gesture of equality.

“We are raising the deposit cap to $250 million to ensure fair participation and broad involvement.”

Confidence in the Project and Those Behind It

Plasma is supported by Founders Fund (Peter Thiel), Tether/Bitfinex, Coinbase Ventures, and other respected market players. It’s also worth noting that the token sale is organized through Sonar — a platform from the well-known blogger Cobie, whom part of the audience trusts more than entire funds. There’s a sense that something serious is being built here, not just capitalizing on the hype. Sonar has recently hosted the upcoming MegaETH token sale — a high-performance Ethereum Layer 2 backed by Vitalik Buterin and Dragonfly Capital, aiming for real-time execution at 100,000+ TPS.

Conclusion

On paper, Plasma XPL is a powerful project backed by serious money, big names, and ambitious goals. But this is exactly what raises concerns. The fivefold increase in the cap is a signal: either the team overestimated the community’s capabilities, or they saw that demand allows them to “skim more cream.”

The market has seen this before. The real question is: will Plasma be able to play this game to the end, without losing face and without crashing the price right after listing? For now, opinions are divided. But the hype is guaranteed — and the attention to XPL on launch day will be at least as intense as it is to the tokens themselves.