Today, we’re announcing that Plasma will be conducting a public sale using Sonar, Echo’s new token sale infrastructure.

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Echo, founded by Cobie, is the market leader in private investment infrastructure for early-stage projects. Echo is now launching its new public sale infrastructure product, Sonar, and Plasma will be the very first public sale ever conducted using Sonar.

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Plasma is building a new global financial system on a blockchain purpose-built for stablecoins. Infrastructure alone isn’t enough. What matters is distribution and early participation from the users, developers, and institutions that will help shape the network from day one.

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The XPL token plays a central role in the system. It secures the PlasmaBFT consensus mechanism, powers execution through the Reth-based EVM, and underpins the trust-minimized Bitcoin bridge. This sale marks the beginning of XPL distribution to those who want to help scale the network from the ground up.

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10% of the total XPL supply will be sold in the public sale, priced at a $500 million fully diluted network valuation. This matches the valuation from our most recent equity raise led by Founders Fund.

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To earn an allocation, deposit stablecoins into the Plasma vault on Ethereum. Your allocation of the sale is determined by your time-weighted share of total vault deposits. Once deposits close, the sale begins, and vault positions are locked. At Mainnet Beta, your vault position is bridged to Plasma, becomes withdrawable, and your XPL tokens are distributed.

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Why we’re launching this way

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The sale was designed to reflect the kind of network we’re building: one grounded in participation, alignment, and transparency.

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Deposits help bootstrap the system directly. Your commitment over time determines your share of the sale. This structure rewards contribution over access.

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Public sales also allow for broader participation at the earliest stage. They offer a more inclusive path than the dynamics typically seen in token launches today.

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How it works

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1. Deposit period

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Participants deposit USDT, USDC, USDS, or DAI into the Plasma Vault on Ethereum mainnet. Funds are deployed into Aave and Maker using Veda’s audited vault contracts, which currently secure over $2.6 billion in TVL.

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When you deposit, you start earning units. Units reflect your time-weighted share of total vault deposits. Your final number of units determines your guaranteed allocation in the XPL sale.

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You can withdraw your deposit at any time during this period. However, doing so will reduce your units proportionally to the amount withdrawn.

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Deposits will open with an initial cap of $100 million and increase over time.

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While the timeline isn’t fixed, the deposit period is expected to run for a matter of weeks, not months.

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2. Lock-up phase

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Once deposits close, the vault is locked. No further deposits or withdrawals are permitted.

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The vault lock-up lasts for a minimum of 40 days following the public sale. During this time, all stablecoin deposits are converted to USDT in preparation for bridging to Plasma Mainnet Beta.

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3. Public sale

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The sale takes place on the Plasma site with the same wallet connected during deposit. Sonar by Echo handles KYC identity verification, jurisdictional filtering, and other checks on behalf of Plasma, while Plasma handles sale execution, including all funds and token transfers. All participants, including existing Echo users, will need to complete onboarding through Sonar.

• Your units determine your guaranteed allocation in the public sale, which can be purchased with USDT, USDC, USDS, or DAI.
• You can commit more funds than needed to purchase your guaranteed XPL allocation. If any depositors fail to purchase their tokens, those tokens will be made available for purchase pro rata to those who have committed additional funds. For example, if your guaranteed allocation is $100, you can commit $200 to purchase more XPL than guaranteed.
• 10% of the total XPL supply will be sold at a $500 million fully diluted network valuation
• US participants must verify their accredited investor status to participate

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4. Mainnet Beta

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When Plasma Mainnet Beta launches:

• Your XPL tokens are distributed
• Your vault position is bridged to Plasma
• Your USDT becomes withdrawable directly on Plasma
• For US participants, XPL tokens will be distributed 12 months after the public sale concludes

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Security

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The pre-launch vault infrastructure is built in partnership with Veda, using the same vault contracts that currently secure over $2.6 billion in TVL.

• All vault contracts have been audited by Spearbit
• Mainnet Beta will undergo full audits by Spearbit and Zellic
• Final audit reports will be published before launch

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Legal and compliance

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The sale is open only to users in eligible jurisdictions. Sonar by Echo provides the compliance infrastructure, including:

• KYC and identity verification
• Jurisdictional screening
• Requesting evidence of accreditation status 
• Wallet association and transaction history checks

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US persons may deposit and earn units. However, to participate in the sale, they must verify their accredited investor status. Any XPL purchased by US persons will be locked for 12 months after the public sale concludes.

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What’s next

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The deposit period opens in two weeks. Ahead of launch, we’ll be available to answer questions and clarify mechanics alongside our partners.

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To participate, you’ll be able to connect your wallet, deposit stablecoins, and start earning units directly from the Plasma dashboard.

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We’re excited to launch this with Sonar by Echo, Veda, and with everyone joining us to redefine how money moves.

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This announcement is for informational purposes only and is not, and is not intended to be, an offer or sale of securities or the XPL tokens. Any offer or sale of the XPL Tokens will only be done subject to the applicable terms and conditions, which will be available upon the opening of the deposit period, and pursuant to definitive offering documents, which will be available upon the closing of the deposit period for those participants who have proven their eligibility via Sonar by Echo. Sonar provides infrastructure services to Plasma only and does not conduct any offer or sale of the XPL Tokens.

We do not consider the offer or sale of the XPL tokens to be securities transactions but due to the lack of clarity of applicability of the securities laws in the United States and foreign jurisdictions, only those participants who have proven their eligibility via Sonar by Echo will be considered as eligible participants. XPL Tokens have not been registered under the U.S. Securities Act of 1933 or any state securities laws and are being offered in reliance on exemptions from registration. As such, they are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable laws.

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The Plasma website and the information contained herein are for informational purposes only. Information contained herein contains “forward-looking statements” that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance and are not statements of historical facts. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made and involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Neither Chain Technologies Research nor Plasma Foundation can provide any guarantee or certainty with respect to any forward-looking statement.

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