The report shares data on the ICO market movements over 2017-2018, whith special emphasis given to the analysis of the last week’s figures (April 16-22, 2018).

Information as of April 23, 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 have taken place in April 2018, including over the past week (April 16-22, 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 April 16-22, 2018

Factors and events

(link to source)

Date of news Description Type of impact
1. Telegram’s Pavel Durov Is Using Bitcoin to Bypass Russian Sanctions [source: bitcoinmagazine.com] April 18, 2018 The founder of Telegram has begun to pay bitcoin grants to the owners of proxy servers and VPN who allow access to his platform for users from Russia. Favorable

ICO ⇑

 

2. Bain, Lightspeed Back First ICO With $133 Million Basis Funding [source: Coindesk] April 19, 2018 Major venture capital investors such as Bain Capital Ventures and Andreessen Horowitz were among the backers during the ICO. The developers are trying to create a token that would be the “exact opposite” of expensive and volatile cryptocurrencies, which are “unsuitable for mass use”. Favorable

ICO ⇑

3. Cambridge Analytica Planned to Issue Digital Currency: Sources [source: Reuters] April 17, 2018 Before it became embroiled in the scandal involving the incorrect use of personal data from Facebook Inc., Cambridge Analytica planned to collect funds by issuing a new type of cryptocurrency. Uncertain

ICO

4.                     In Apparent Exit Scam CEO of German Startup Is ‘Over And Out’ After $50 Million ICO [source: Cointelegraph] April 18, 2018 The founder of the German startup Savedroid had allegedly disappeared after collecting $50 million through an ICO and private financing. However, a video disputing this was uploaded the next day to YouTube. Unfavorable

ICO ⇓

5. South Korean Cryptoexchange Bithumb to Issue Its Own Token in Singapore [source: tokenpost.kr] April 19, 2018 The sale of Bithumb tokens will take place in Singapore, as ICOs are banned in South Korea. It has been announced that Bithumb is focusing on institutional backers, not on small individual backers. Favorable

ICO ⇑

Table 1.2 shows the development trends on the ICO market since the beginning of 2018. 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) ICOs1,2

Indicator January

2018

February

2018

March

2018

April 1-8,

2018

April 9-15,

2018

April 16-22,

2018

Total amount of funds collected, USD million 1666 2702 7214 175.25 192.2 367.6
Number of companies that completed an ICO1 95 95 89 18 25 24
Maximum collected, USD million (ICO name) 100 (Envion) 850

(Pre-ICO-1 TON)

5000

(Petro Pre-Sale)

50

(Nexo)

50.92

(Moover)

133

(Basis (previouslyBasecoin))

Average collected funds, USD million 17.5 28.4 81.1 9.7 7.7 15.3

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 Including the TON Pre-ICO-1,2 and the Petro Pre-ICO.
3 The data for 2018 have been updated (date updated: April 22, 2018).

The data for the previous period (since January 1, 2018) have been adjusted to account for the appearance of more complete information on past ICOs. Last week (April 16-22, 2018) the amount of funds collected via ICOs equaled $367.6 million. This amount consists of the results of 24 successfully completed ICOs, with the largest amount of funds collected equaling $133 million (Basis (previously Basecoin) project). The average collected funds per ICO project equaled 15.3 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 1 666 95 18
February 2018 2 702 95 28.4
March 2018 7 214 89 81.1
April 1-8, 2018 175.25 18 9.7
April 9-15, 2018 192.2 25 7.7
April 16-22, 2018 367.6 24 15.3
Total for 2018*** 12316.3 346 35.6

* 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.
*** Including TON Pre-ICO-1,2 ($1.7 billion) and the Petro pre-sale ($5 billion). The data for 2018 have been updated (date updated: April 22, 2018).

Table 1.3 shows that the largest amount of funds was collected via ICOs in March 2018, mainly due to the appearance of major ICOs. The highest average collected funds per ICO was also seen in March 2018.

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

weekly-ico-market-analysis-april-16-22-2018-figure-1-1

1.2. Top ICOs of last week

Table 1.4 shows the ten largest ICOs of the week.

Table 1.4. Top 10 ICOs in terms of the amount of funds collected (April 16-22, 2018)*

Name of ICO*** Category** Collected, $ million Date
1 Basis (previously Basecoin) Finance 133 April 18, 2018
2 Origin Protocol Infrastructure 28.5 April 17, 2018
3 AIRCOIN Infrastructure 28 April 16, 2018
4 NeuroChain Infrastructure 26.5 April 16, 2018
5 Pecunio Commodities 20.5 April 19, 2018
6 BitCar Transport 19.3 April 20, 2018
7 Open Platform Infrastructure 18 April 17, 2018
8 Mossland Gaming & VR 17.8 April 17, 2018
9 NKN Infrastructure 14.2 April 19, 2018
10 Morpheus Labs Infrastructure 10.1 April 16, 2018
  Top 10 ICOs* 316  
  Total funds collected from April 16-22, 2018 (24 ICOs)* 367.6  
  Average funds collected   15.3  

* 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.
** The category was established based on expert opinions.
*** 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 the previous period (April 16-22, 2018) may be adjusted as information on the amounts of collected funds by completed ICOs is finalized.

The leader of the week was the Basis (previously Basecoin) project, which indicated on its twitter account and in medium that its collected funds equaled $133 million. According to the form D document dated April 3, 2018, submitted by Intangible Labs, Inc. to the US Securities and Exchange Commission (SEC), the amount of collected funds equaled $125 million. The participants in this project include Andreessen Horowitz, Bain Capital, Lightspeed Ventures, Google Ventures and other companies. The goal of the startup is to create a stable cryptocurrency, or stablecoin. Basis plans to use the same operations as central banks but will control them using software and not human resources. The project’s White Paper also gives a description of other stablecoins previously issued on the cryptocurrency market by Seigniorage Shares, MakerDAO, Tether, and BitShares.

Figure 1.2 presents the ten largest ICOs completed during the past week.

Figure 1.2. Top 10 ICOs in terms of the amount of funds collected (April 16-22, 2018)

weekly-ico-market-analysis-april-16-22-2018-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 300,0 February 28, 2018 1.44x
2 Bankera Finance 151.8 February 28, 2018 n/a
3 Basis (Basecoin) Finance 133 April 18, 2018 n/a
4 Bankex Finance 70.6 December 28, 2017 0.47x
5 Olympus Labs Finance 60.3 January 14, 2018 0.30x
6 SALT Finance 54.6 August 22, 2017 3.66x
7 SwissBorg Finance 50.9 January 9, 2018 0.35x
8 Nexo Finance 50.1 April 1, 2018 n/a
9 KyberNetwork Finance 46.0 September 16, 2017 4.99x
10 Naga Finance 45.3 December 16, 2017 2.84x

* 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 April 2018 are highlighted in red.

The leader of the week, the Basis (Basecoin) project, was in the trio of leaders in the Finance category. At present, all projects from the top 10 in this category have a token performance indicator of 0.3x to 4.99x. The KyberNetwork project can be considered one of the most successful exchange listings, as this project has a current token price to token sale price ratio of 4.99x. When considering this indicator, it is important to remember that the KyberNetwork ICO was completed on September 16, 2017, i.e. the 5x growth took place over approximately seven months. The market capitalization of KyberNetwork currently exceeds $250 million.

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

weekly-ico-market-analysis-april-16-22-2018-figure-1-3

Three projects in the Infrastructure category were also completed last week: Origin Protocol, AIRCOIN, NeuroChain. The Infrastructure category traditionally has large ICOs, which is why they did not break into the top 10 in this category, even though each project collected more than $25 million. The Pecunio and BitCar ICO projects, which can be assigned to the Commodities and Transport categories, respectively, were also completed last week (Tables 1.6, 1.7).

Table 1.6. Top 10 ICOs in terms of the amount of funds collected, Commodities category

Name of ICO Category* Collected, $ million Date Token performance
1 Petro Pre-Sale Commodities 5000 March 19, 2018 n/a
2 Pecunio Commodities 20.5 April 19, 2018 n/a
3 ZrCoin Commodities 7.05 June 9, 2017 0.60x
4 Goldmint Commodities 6.9 November 11, 2017 0.40x
5 Hellogold Commodities 5.2 October 5, 2017 n/a
6 Zengold Commodities 4.55 May 26, 2017 n/a
7 Sand Coin Commodities 1.7 October 18, 2017 n/a
8 ATFS Lab Commodities 1.52 February 10, 2018 n/a
9 Xaurum Rebirth Commodities 0.9 July 31, 2016 n/a
10 Hacker Gold Commodities 0.7 December 21, 2016 0.046х

* 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 March and April 2018 are highlighted in red.

At present, the undisputed leader in terms of the amount of funds collected in the Commodities category is the Petro project. The Commodities category includes projects that are secured by raw materials. For example, the Petro project is backed by oil, ZrCoin represents an option for commercial production of synthetic zirconium dioxide, Goldmint positions itself as a cryptocurrency secured by gold, etc.

All the projects in the top 10 either have a fairly low token performance indicator (less than 1) or there is no data. For example, the 24-hour trading volume of Zengold has fallen over the last three months from $250 thousand to $20-30 thousand, and the capitalization of ZrCoin has dropped to $3.3.

Figure 1.4. Top 10 ICOs in terms of the amount of funds collected, Commodities category

weekly-ico-market-analysis-april-16-22-2018-figure-1-5

Table 1.7. Top 10 ICOs in terms of the amount of funds collected, Transport category

Name of ICO Category* Collected, $ million Date Token performance
1 PARKGENE Transport 29.5 March 19, 2018 n/a
2 USERVICE Transport 26.9 February 1, 2018 n/a
3 BitCar Transport 19.32 April 20, 2018 n/a
4 Cartaxi Transport 8.7 November 1, 2017 0.06x
5 VinChain Transport 7.5 April 15, 2018 n/a
6 Dovu Transport 6.6 October 17, 2017 1.03x
7 Helbiz transport 5.5 March 4, 2018 n/a
8 VLB Token Transport 1.994 April 9, 2018 n/a
9 A2B Taxi Transport 1.5 April 7, 2018 n/a
10 Arcade.city Transport 0.6 November 28, 2016 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 March-April 2018 are highlighted in red.

Most of the presented projects in this category completed their ICO in March-April 2018.

Figure 1.5. Top 10 ICOs in terms of the amount of funds collected, Transport category

weekly-ico-market-analysis-april-16-22-2018-figure-1-4

During the analyzed period (April 16-22, 2018) at least 24 ICO projects were successfully completed, each of which collected more than $100,000, with the total amount of funds collected exceeding $360 million. Last week’s leader was the Basis (Basecoin) project, which collected $133 million. The total amount of funds collected by a number of ICOs failed to reach even $100,000 (the information for some projects is still being finalized).

Annex – 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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