Coinspeaker partnered with ICOBox to provide our readers with this weekly analysis conducted by Professor Dima Kornilov and Dima Zaitsev devoted to ICO market changes during 2017-2018. Special emphasis has been placed on an analysis of the changes that took place in February 2018, including over the last week (February 26-March 4, 2018).

Information as of March 4, 2018

This report was created by:

This report presents data on the ICO market changes during 2017-2018. Special emphasis has been placed on an analysis of the changes that took place in February 2018, including over the last week (February 26-March 4, 2018).

1. General analysis of the ICO market (by week, month)

    1.1. Brief overview of ICO market trends

Table 1.1. Brief ICO market overview, key events, news for the week of February 26-March4, 2018

Factors and events

(link to source)

Date of news Description Type of impact
1.                      Marshall Islands Preparing a Cryptocurrency, Two Officials Say [source: Bloomberg] February 28, 2018 Representatives have announced the creation of their own national cryptocurrency, which will be used together with the US dollar. ICO ⇑

favorable

2.                      Cryptocurrency Firms Targeted in SEC Probe [source: wsj.com] February 28, 2018 Over the previous weeks some ICOs have received subpoenas from the SEC regarding the structure of their presales or the ICO itself. On February 28 an investigation into these ICOs began. This means that a procession of fines and punishments may begin in the near future. ICO ⇓

unfavorable

3.                      Russian Officials Propose Lighter ICO Regulations, Cryptocurrency Income Tax Breaks [source: iconow.net] March 3, 2018 At a meeting the possibility of raising the limit for participation in ICOs from RUB 50,000 to RUB 500,000 for an unqualified backer, and allowing Russian citizens to trade on foreign cryptoexchanges and participate in foreign ICOs were discussed. ICO ⇑

favorable

 

Table 1.2 shows the development trends on the ICO market since 2017. Only popular and/or successfully completed ICOs (i.e. ICOs which managed to collect the minimum declared amount of funds) and/or ICOs listed on exchanges were considered.

Table 1.2. Aggregated trends and performance indicators of past (completed) ICOs1

Indicator Total

20172

December

2017

January

20183

February

2018

March 1-4,

2018

Total amount of funds collected, USD million 6 890 1 611.9 1 733.6 2832.1 158.3
Number of companies that completed an ICO1 514 86 102 107 8
Maximum collected, USD million (ICO name) 258

(Hdac)

258

(Hdac)

100 (Envion) 850

(Pre-ICO-1 TON)

50 (LeadCoin)
Average collected funds, USD million 13.4 18.7 17 26.5 19.8

Note:
1 Data source: tokendata.io, icodrops.com, icodata.io, coinschedule.com, cryptocompare.com, smithandcrown.com. For some ICOs information may currently be incomplete (for instance, the amount of funds collected). ICOs that collected less than $100,000 were not considered.
2 More than 1,000 ICOs were performed in 2017. However, the data for the 514 largest and most popular ICOs, the data of which can be processed, were considered when calculating the total amount of funds collected during 2017 (data updated: March 4, 2018).
2 The data for 2018 have been updated (date updated: March 4, 2018).

The data for 2017 and for January and February 2018 were adjusted to account for the appearance of more complete information on past ICOs. The amount of funds collected during the first days of March equaled $158.3 million (see Tables 1.2, 1.3).

Table 1.3. Amount of funds collected and number of ICOs

Month Collected,

$ million

Number of ICOs* Average collected,

$ million

January 2017 3.7 7 0.53
February 35.3 11 3.21
March 7.3 4 1.82
April 115.2 18 6.4
May 264.2 21 12.58
June 649.5 33 19.68
July 719.1 36 19.97
August 511.2 48 10.65
September 914.2 68 13.44
October 949.6 91 10.44
November 1 109 91 12.19
December 1 611.9 86 18.74
Total, 2017 6 890.1 514 13.4
January 2018 1 733.6 102 17
February 2018*** 2832.1 107 26.5
March 1-4, 2018 158.3 8 19.8
Total 11 614.1 731 15.89

* Data source: tokendata.io, icodrops.com, icodata.io, coinschedule.com, cryptocompare.com, smithandcrown.com.
Information on funds collected is not available for all ICOs (information for last week is tentative and may be adjusted). ICOs that collected less than $100,000 were not considered.
** More than 1,000 ICOs were performed in 2017. However, the data for the 514 largest and most popular ICOs, the data of which can be processed, were considered when calculating the total amount of funds collected during 2017 (data updated: March 4, 2018).
*** Taking into account the pre-ICO-1 of TON

Table 1.3 shows that the largest amount of funds was collected via ICOs in February 2018. The highest average collected funds per ICO was also seen in February 2018.

Figure 1.1. Trends in funds collected and number of ICOs since the start of 2017

monthly-ico-market-analysis-february-2018-figure-1-1

    1.2. Top ICOs of last week

Last week (February 26-March 4, 2018) the amount of funds collected equaled $901.5 million. This amount includes the results of 35 successfully completed ICO. In this regard, the largest amount of funds collected equaled $300 million (Huobi token ICO). The average funds collected per project equaled $25.8 million (Table 1.4).

Table 1.4. Top 10 ICOs in terms of the amount of funds collected (Feb 26-Mar 4, 2018)

Name of ICO*** Category* Collected, $ million Date
1 Huobi token Finance 300 February 28, 2018
2 Bankera Finance 151.8 February 28, 2018
3 LeadCoin Commerce & Advertising 50 March 2, 2018
4 Spice Venture Capital Trading & Investing 41.27 March 3, 2018
5 Hero Token Finance 36.42 February 28, 2018
6 Havven Payments 30 February 28, 2018
7 TraDove Trading & Investing 30 February 28, 2018
8 Rentberry Infrastructure 27.5 February 28, 2018
9 MAD Network Commerce & Advertising 25 March 1, 2018
10 Fintrux Finance 24.715 February 28, 2018
  Top 10 ICOs 716.7  
  Total funds collected from February 26-March 4, 2018 (35 ICOs)** 901.5  
  Average funds collected   25.8  

* The category was established based on expert opinions.
** When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, icodata.io, coinschedule.com and other specialized sources is used.
*** Only popular and/or successfully completed ICOs (i.e. ICOs which managed to collect the minimum declared amount of funds) and/or ICOs listed on exchanges were considered. Information may be incomplete for some ICOs (for instance, the amount of funds collected). ICOs that collected less than $100,000 were not considered.

The data for last week (February 26-March 4, 2018) may be adjusted as information on the amounts of funds collected by completed ICOs is finalized.

Table 1.4 shows the top 10 ICOs which were successfully completed during the period February 26-March 4, 2018. The leader for the week was the Huobi token (HT) project, which was performed by the developers of the Huobi exchange. The HT tokens issued are an additional tool for trading and payment of transaction fees on the exchange. The project is a sort of successor to similar projects implemented on the Binance exchange, and just recently on EXMO.

Figure 1.2 presents the ten largest ICOs completed last week.

Figure 1.2. Top 10 ICOs in terms of the amount of funds collected (February 26-March 4, 2018)

monthly-ico-market-analysis-february-2018-figure-1-2

    1.3. Top ICOs in their categories

The list of top ICOs by category is compiled with due account of the categories of the leading ICOs for the week.

Table 1.5. Top 10 ICOs in terms of the amount of funds collected, Finance category

Name of ICO Category* Collected, $ million Date Token performance
1 Huobi token Finance 300 February 28, 2018 1.44x
2 Bankera Finance 151.8 February 28, 2018 n/a
3 Bankex Finance 70.6 December 28, 2017 0.86x
4 Olympus Labs Finance 60.3 January 14, 2018 0.42x
5 SALT Finance 54.6 August 22, 2017 4.32x
6 SwissBorg Finance 50.9 January 9, 2018 0.48x
7 KyberNetwork Finance 46.0 September 16, 2017 5.76x
8 Naga Finance 45.3 December 16, 2017 4.06x
9 Bloom Finance 43.8 January 1, 2018 0.96x
10 Fusion Finance 42.2 February 11, 2018 1.54x

* When compiling the lists of top ICOs, information from the websites tokendata.io, com, icodata.io, coinschedule.com and other specialized sources is used. The ICO project categories correspond to the information from the website coinschedule.com. If there is no information on the website concerning the project category at the time of compilation of this analytical report, the category is determined by experts.
** The top projects in this category completed in February 2018 are highlighted in red.

The Huobi token and Bankera projects, the leaders of the last week, head up the list of the top 10 ICOs in the Finance category.

At present, all projects from the top 10 in the Finance category have a token performance indicator of 0.42x to 5.76x. Three projects in the top 10 completed their ICOs in February 2018.

The KyberNetwork ICO can be considered one of the most successful exchange listings, as this project has a current token price to token sale price ratio of 5.76x. When considering this indicator, it is important to remember that the KyberNetwork ICO was completed on September 16, 2017, i.e. the 5.76x growth took place over five months. The market capitalization of KyberNetwork currently exceeds $275 million.

Figure 1.3. Top 10 ICOs in terms of the amount of funds collected, Finance category

monthly-ico-market-analysis-february-2018-figure-1-3

In February and March, the ICOs of three projects that can be assigned to the top 10 in the Commerce & Advertising category were also completed.

Table 1.6. Top 10 ICOs in terms of the amount of funds collected, Commerce & Advertising category

Name of ICO Category* Collected, $ million Date Token performance
1 Wax Commerce & Advertising 68.4 November 29, 2017 2.91x
2 LeadCoin Commerce & Advertising 50 March 2, 2018 n/a
3 IndaHash Commerce & Advertising 47.5 December 20, 2017 0.43x
4 Data Commerce & Advertising 38 January 21, 2018 1.66x
5 Basic Attention Token Commerce & Advertising 36 May 31, 2017 10.64x
6 Current Commerce & Advertising 36 February 7, 2018 n/a
7 Bitclave Commerce & Advertising 25.5 November 29, 2017 0.50x
8 Catcoin Commerce & Advertising 25.5 November 29, 2017 n/a
9 MAD Network Commerce & Advertising 25 March 1, 2018 n/a
10 APEX Commerce & Advertising 25 January 29, 2018 n/a

* When compiling the lists of top ICOs, information from the websites tokendata.io, com, icodata.io, coinschedule.com and other specialized sources is used. The ICO project categories correspond to the information from the website coinschedule.com. If there is no information on the website concerning the project category at the time of compilation of this analytical report, the category is determined by experts.
** The top projects in this category completed in February and March 2018 are highlighted in red.

At present, the Wax project has the largest amount of collected funds in the Commerce & Advertising category. From among the top 10 projects, the Basic Attention Token ICO has the best token performance indicator. Its market capitalization currently exceeds $375 million.

Figure 1.4. Top 10 ICOs in terms of the amount of funds collected, Commerce & Advertising category

monthly-ico-market-analysis-february-2018-figure-1-4

    1.4. Top ICOs during February 2018

Table 1.7. Top 10 ICOs in terms of the amount of funds collected during February 2018

Name of ICO Category Collected, $ million % Date Token performance
1 Pre-ICO-1 TON Infrastructure 850 53.1% February 13, 2018 n/a
2 Huobi token Finance 300 18.7% February 28, 2018 1.44x
3 Bankera Finance 151.8 9.5% February 28, 2018 n/a
4 Lendroid Trading & Investing 47.5 3.0% February 20, 2018 n/a
5 IUNGO Communications 46 2.9% February 1, 2018 0.31x
6 ArcBlock Infrastructure 45 2.8% February 4, 2018 2.23x
7 Fusion Finance 42.2 2.6% February 11, 2018 1.54x
8 Hurify Infrastructure 40 2.5% February 25, 2018 n/a
9 WePower Energy & Utilities 40 2.5% February 1, 2018 2.10x
10 Datawallet Content Management 39.4 2.5% February 6, 2018 0.55x
  Top 10 ICOs, February 2018   1601.9 100%    

* The category is determined based on expert opinions.

The three leaders in terms of the amount of funds collected came from projects traditionally assigned to categories such as Finance and Infrastructure. At present, all the projects in the top 10 for February 2018 have a token performance indicator of 0.31x to 2.23x.

The ArcBlock ICO can be considered one of the most successful exchange listings, as this project has a current token price to token sale price ratio of 2.23x. When considering this indicator, it is important to remember that the ArcBlock ICO was completed on February 4, 2018, i.e. the 2.23x growth took place over a month against the backdrop of a fall in total cryptocurrency market capitalization over this period by approximately 15%.

Figure 1.5. Top 10 ICOs in terms of the amount of funds collected during February 2018

monthly-ico-market-analysis-february-2018-figure-1-5

In February 2018 the amount of funds collected via ICOs approached $3 billion, reaching a record amount of $2,832.1 million (and that is without the El Petro pre-ICO, which runs until March 19). A total of 108 ICOs were performed during February, including the pre-ICO-1 of TON, which already collected $850 million during the first stage.

Last week (February 26-March 4, 2018) at least 35 ICO projects were successfully completed, each of which collected more than $100,000, with a total amount of funds collected of more than $900 million. Last week’s leader was the Huobi token project ($300 million).

The total amount of funds collected by a number of ICOs failed to reach even the $100,000 mark (the information for some projects is still being finalized).

The Glossary is given in the Annex.

Anex – Glossary 

Key terms Definition
Initial coin offering, ICO A form of collective support of innovative technological projects, a type of presale and attracting of new backers through initial coin offerings (token sales) to future holders in the form of blockchain-based cryptocurrencies and digital assets.
Token sale price

Current token price

Token sale price during the ICO.

Current token price.

Token reward Token performance (current token price ÷ token sale price during the ICO), i.e. the reward per $1 spent on buying tokens.
Token return (see token reward) Performance of funds spent on buying tokens or the ratio of the current token price to the token sale price, i.e. performance of $1 spent on buying tokens during the token sale, if listed on an exchange for USD.
ETH reward – current dollar value of $1 spent on buying tokens during the token sale Alternative performance indicator of funds spent on buying tokens during the ICO or the ratio of the current ETH price to its price at the start of the token sale, i.e. if instead of buying tokens $1 was spent on buying ETH at its rate at the start of the token sale and then it was sold at the current ETH price.
BTC reward– current dollar value of $1 spent on buying tokens during the token sale Similar to the above: Alternative performance indicator of funds spent on buying tokens during the token sale, i.e. if instead of buying tokens $1 was spent on buying BTC at its price at the start of the token sale and then it was sold at the current BTC price.
Token/ETH reward This ratio describes a market participant’s economic benefits and disadvantages resulting from buying tokens during the token sale relative to buying ETH. If the result is over 1, the market participant spent his funds more efficiently on buying tokens than if he were to have spent his funds on ETH.
Token/BTC reward This ratio describes the market participant’s economic benefits and disadvantages resulting from buying tokens during the token sale relative to buying BTC. If the result is over 1, the market participant spent his funds more efficiently on buying tokens than if he were to have spent his funds on BTC.

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