Odaily News Echo, the angel investment platform of well-known cryptocurrency trader Jordan Fish (Cobie), has launched a new ICO platform Sonar, with Plasma as its first project. Plasma is a blockchain designed specifically for stablecoins. It plans to issue 10% of the XPL token supply through this sale, with a target of raising $50 million and a valuation of $500 million fully diluted valuation (FDV). The XPL token sale started today and will last for two weeks. All users around the world can participate, except for residents of the UK and sanctioned regions. US participants will face a 12-month lock-up period, while most other participants will face a 40-day lock-up period. Participants are required to deposit stablecoins such as USDT, USDC and USDS into the Plasma Vault on Ethereum. (The Block)