Plasma has officially launched its much-anticipated public token sale using Echo’s new platform, Sonar. The campaign reached its full cap of $500 million within 40 minutes of going live. More than 1,100 wallets joined in, with a median deposit of around $35,000.
The XPL token sale is the first-ever public sale conducted on Sonar. The platform was recently launched by Echo, the investment firm founded by crypto figure Cobie, also known as Jordan Fish.
Plasma sold 10% of its total XPL supply, with a fully diluted valuation of $500 million. This is the same valuation the company used in its equity round backed by Founders Fund.
“Deposits are now live. The opportunity to own the financial system of tomorrow begins now,” said Plasma via X just before hitting the cap. The deposit vault was hosted on Ethereum, where users could send USDT, USDC, USDS, or DAI. Participants earned “units” based on how long their deposit stayed in the vault.
All deposits were processed through Veda’s audited smart contracts, which currently hold over $2.6 billion in total value locked. The sale used a “time-weighted deposit” system instead of a first-come-first-serve model. This method gives more allocation to those who committed earlier and stayed longer.
According to the official Plasma announcement, “Your allocation of the sale is determined by your time-weighted share of total vault deposits.” The vault is now locked, and users can no longer deposit or withdraw funds.
Also Read: Kaia Pumps 15% in 3 Hours as Klaytn and Finschia Merge
