Sonar by Echo Brings Back Public Token Sales with a Modern Twist

The Rise and Fall of ICOs

There was a time when Initial Coin Offerings (ICOs) dominated crypto fundraising. Back then, major Web3 players like Ethereum and Tezos raised millions through public token sales. These ICOs created excitement and community participation. They were a clear gateway for retail investors to get in early. Over time, though, the trend faded. The number of public token sales dropped. Fundraising shifted to private rounds and token launches on exchanges.

Now, most Web3 projects raise capital in closed-door environments. Venture capital firms and private investors usually get early access to new tokens. Founders often skip the public sale stage. Projects either launch directly on exchanges or rely on private rounds to gather early funding. As a result, regular users often miss out. By the time tokens go public, the prices are already high.

Echo, an investment platform backed by well-known crypto personality Cobie (Jordan Fish), is trying to change that. It has launched a new platform called Sonar. Sonar is built to bring back public token sales but in a smoother, more modern format. Echo has supported many early-stage crypto startups in the past. This time, it's creating tools for founders to run public sales without heavy technical challenges.

Sonar gives founders the option to run public token sales themselves. These sales can be promoted on platforms like Telegram, Discord, or Twitter. This gives founders full visibility and control. The platform doesn’t follow a first-come-first-serve model. Instead, it uses a time-weighted deposit system. Participants deposit stablecoins like USDT or USDC into a vault. The longer the funds stay in the vault, the larger the share of tokens the participant receives.

Founders don’t need to follow a fixed model. Sonar allows different formats like auctions, options drops, points systems, and variable pricing models. This gives flexibility in how they want to conduct the sale. Echo also removed the earlier group-based sale structure. Now, sales can be fully self-hosted. According to the company, up to 10,000 token sales can run on the platform at the same time.

Source: X

First Project on Sonar – Plasma’s XPL Sale

Plasma, a blockchain focused on stablecoin payments, is the first project to use Sonar. It announced a public sale for 10% of its token supply, XPL. The company values its token at a $500 million fully diluted valuation (FDV). That’s the same value it raised during its latest equity round with Founders Fund, a VC firm backed by Peter Thiel. This sale marks the first example of Sonar being used in the real world.

Unlike old ICO platforms, Sonar adds safeguards. It includes automatic compliance checks. Sales can be capped. Founders can control who gets access. They can also set custom vesting periods. This means investors don’t get all their tokens at once. These tools protect both founders and participants. They reduce risks that were common during the ICO boom.

Token sales today face a very different climate. Regulators, especially in the U.S., watch token launches closely. The SEC often steps in to check for unregistered securities. Europe has its own rules under the MiCA framework. Because of this, many projects skip public fundraising. They choose private rounds or go straight to exchanges. Founders now worry about the legal risks of public sales.

Source: X

Despite the challenges, the demand for public token sales remains. People want access to early-stage tokens. They want to support the projects they believe in. Last month, a DeFi project called World Liberty Financial held a public token sale. It raised $550 million. That one sale made up 74% of all public token capital raised in Q1 2025.

Sonar is a bold step. It revives the open spirit of ICOs but with better tools and compliance features. If founders use it responsibly, it could change how crypto fundraising works. It opens the door for more people to join early, without relying only on VCs. The platform may not bring back the ICO boom entirely. But it does offer a new way forward for public token sales.