The star crypto trader Cobie (Jordan Fish) has finally unveiled Sonar, his new ICO platform, with an ambitious first project: Plasma, a blockchain tailored for stablecoins, aiming to raise $50 million at a valuation of $500 million.
Cobie and Echo unveil their ICO platform, Sonar
To participate, investors will need to deposit stablecoins (USDT, USDC, or USDS) into a Plasma vault on Ethereum. Allocations will be calculated using a time-weighted mechanism: the earlier you deposit, the higher your potential share. Once the deposit window closes, funds are locked until the mainnet beta launch. XPL tokens will then be distributed.
A bold vision for the stablecoin infrastructure
Already in a private testnet, Plasma plans a public testnet in the coming weeks and a mainnet by the end of summer. The team of 25 is expanding rapidly. The $50 million fund, if raised, will be used to strengthen technical teams, develop regional infrastructure, and secure strategic integrations in DeFi.
The foundation is laid. According to co-founder Paul Faecks, collaborations are underway with Aave, Curve, Maker, Morpho, Ethena, and global payment networks. The goal is clear: to become the backbone of the stablecoin economy.
