Plasma has successfully launched its public token sale on Echo’s Sonar platform. The sale achieved its $500 million target in just 40 minutes of making the token public. More than 1,100 crypto wallets participated in the sales, with a median deposit amount of $35,000.
“Deposits are now live. The opportunity to own the financial system of tomorrow begins now,” said Plasma through its X handle just before hitting the target. After reaching the target, the platform posted another tweet saying "we have reached our deposit cap of $500 million. We are thrilled that 1,100+ wallets participated, with a median deposit amount of ~$35,000. Trillions."
We have reached our deposit cap of $500 million.
— Plasma (@PlasmaFDN) June 9, 2025
We are thrilled that 1,100+ wallets participated, with a median deposit amount of ~$35,000.
Trillions. pic.twitter.com/qjRhsVdHtT
The XPL token is the native cryptocurrency of the Plasma blockchain designed for stablecoin transactions. The token sale is the first-ever public sale hosted on the Sonar platform. The Sonar platform is a new public token sale infrastructure developed by Echo in May 2025.
On the other hand, its parent company, Echo, is an investment platform founded by crypto influencer Jordan Fish (known as Cobie). Echo designed Sonar to revive the accessibility of Initial Coin Offerings (ICOs) with modern regulatory safeguards, that enables participation in early-stage crypto projects.
Plasma offered 10% of its XPL token supply for sale. The platform achieved a fully diluted valuation of $500 million with the offers, which is matches the valuation from its equity funding round supported by Founders Fund.
The deposit vault was hosted on Ethereum, where users deposited USDC, USDT, USDS, and DAI to buy the token. Participants earned and received "units" proportions based on the duration their funds remained in the vault.
However, qll deposits were handled via Veda’s audited smart contracts, which currently secures over $2.6 billion in total locked value. The Veda’s audited smart contracts are secure, blockchain-based agreements that have been thoroughly reviewed by expert auditors to identify and fix vulnerabilities.
The Plasma’s token sale used a "time-weighted deposit system" to prioritized participants who committed funds earlier and maintained them longer, rather than using a first-come, first-serve approach. As stated in Plasma’s official announcement, “your share of the sale is calculated based on your time-weighted portion of the total vault deposits.”
This simply means that in Plasma’s XPL token sale, the number of tokens you receive depends on both the amount of stablecoins you deposit into the sale’s vault and how long you keep them there. The longer your deposit stays in the vault, the more “units” you earn, and these units determine your share of the total tokens being sold.
The deposit vault is now closed. No further deposits or withdrawals can be made.
