Octra will launch a $20 million token sale on Sonar with a valuation of $200 million

The team behind the privacy blockchain project Octra, Octra Labs, will hold a public token sale on the Sonar platform on December 18. Sonar is a token issuance platform launched by Jordan "Cobie" Fish, recently acquired by Coinbase's ICO platform Echo.

This week-long token sale aims to raise $20 million by selling 10% of the total OCT token supply, corresponding to a fully diluted valuation (FDV) of $200 million, Octra stated on Tuesday. The sale will adopt a fixed price + commitment-style distribution model, allowing any number of participants to deposit funds and receive tokens proportionally, designed to maximize decentralization.

Octra indicated 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 sale ends. The $200 million valuation is double the valuation from Octra's earlier round of funding 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, and Presto Labs.

Regarding token distribution: early investors hold 18% of OCT, Octra Labs holds 15%, and 67% is allocated to the community, including early users, validators, grants, Echo participants, and ICO purchasers. Octra stated that no investor holds more than 3% of the tokens.