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Octra will kick off a $20 million token sale on Sonar at a $200 million valuation.
BlockBeats News, December 10th, the team behind the privacy blockchain project Octra, Octra Labs, will conduct a public token sale on the Sonar platform on December 18th. Sonar is a token issuance platform launched by Jordan "Cobie" Fish, which was recently acquired by Coinbase from the ICO platform Echo.
This one-week token sale aims to raise $20 million, selling 10% of the total OCT token supply, corresponding to a fully diluted valuation (FDV) of $2 billion, Octra said on Tuesday. The sale will follow a fixed price + commitment-style allocation model, where participants can deposit funds and receive tokens proportionally, designed to maximize decentralization.
Octra stated that if demand is strong, the sale allocation may increase; any unsold tokens will be burned. All sold tokens will be fully unlocked and distributed shortly after the end of the sale. The $2 billion valuation is double Octra's valuation from an earlier financing round on Echo earlier this year (raising $4 million). Additionally, Octra previously completed a $4 million pre-seed round with participation from investors such as Big Brain Holdings, Finality Capital Partners, Karatage, Presto Labs, among others.
Regarding token distribution:
Early investors hold 18% of OCT
Octra Labs holds 15%
67% is allocated to the community, including early users, validators, sponsors, Echo participants, and ICO purchasers
Octra stated that no investor holds more than 3% of the tokens.
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