This report covers data on ICO market trends of 2018, with special attention given to the analysis of market movements in June 2018, most notably June 11-17, 2018.
Information as of June 18, 2018
This report was created by:
- Professor Dmitrii Kornilov, Doctor of Economics, Member of the Russian Academy of Natural Sciences, and Leading Analyst at ICOBox;
- Dima Zaitsev, PhD in Economics, Head of International Public Relations and Business Analytics Department Chief at ICOBox;
- Nick Evdokimov, Co-Founder of ICOBox;
- Mike Raitsyn, Vision Director of Snowfox Technology
- Anar Babaev, Co-Founder of ICOBox;
- Daria Generalova, Co-Founder of ICOBox
This report presents data on ICO market changes during 2018. Special emphasis has been placed on an analysis of the changes that have taken place in June 2018, including over the past week (June 11-17, 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 June 11-17, 2018
|№||Factors and events|
(link to source)
|Date of news||Description||Type of impact|
|1.||Lithuania Issues Guidelines for When ICO Tokens Are Securities [source: Coindesk]||June 11, 2018||Lithuania’s Ministry of Finance has issued recommendations on holding ICOs and other cryptocurrency transactions. The officials believe that the guideline will help improve confidence and transparency on the Lithuanian financial market.||Favorable|
|2.||Thailand Expects to Approve Five ICO Projects Out of 50 [source: new.bitcoin.com]||June 14, 2018||The financial regulator of Thailand has announced that five out of 50 potential ICO projects have confirmed their intention to hold an ICO. The new law on crypto regulation requires that companies register, and will enter into force in June 2018.||Favorable|
|3.||Bitcoin and Ether Are Not Securities, but Some Initial Coin Offerings May Be, SEC Official Says [source: CNBC]||June 14, 2018||According to William Hinman, the head of the Division of Corporation Finance of the SEC, Ether cannot be regulated like securities and bonds due to the decentralized system underlying the cryptocurrency. The price of Ether has been growing on the back of this news.||Favorable|
The undisputed leader by the amount of funds collected was the Block.one project, which issued 900,000,000 EOS tokens. The blockchain project brought in $4 billion, or 7.12 million ETH, in total as of Wednesday night, according to Token Report, a division of blockchain advisory firm New Alchemy. The distinguishing feature of this project is the lengthy period of the ICO. The issue of tokens ran from June 26, 2017, to June 1, 2018. During the first five days the ICO sold 200,000,000 EOS tokens, with another 2,000,000 EOS tokens being subsequently sold every 23 hours.
Table 1.2 shows the development trends on the ICO market since the start of the second quarter 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) ICOs1,2,3
|Total amount of funds collected, USD million||1 064||1 747||133.2||206.8||174|
|Number of companies that completed an ICO1||104||118||12||16||10|
|Maximum collected, USD million (ICO name)||133 (Basis (previously Basecoin))||72 (Flashmoni)& 118 (Orbs)||35 (Card|
|Average collected funds, USD million||10.2||14.8||11.1||12.9||17.4|
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 Date of updating of data: June 17, 2018.
3 Not including EOS, which collected $4 billion or 7.12 million ETH over the year from June 26, 2017, to June 1, 2018.
The data for the previous period have been adjusted to account for the appearance of more complete information on past ICOs. Over the past week (June 11-17, 2018) the amount of funds collected via ICOs equaled $174 million. This amount consists of the results of 10 successfully completed ICOs, with the largest amount of funds collected equaling $42.3 million (GoNetwork ICO). The average collected funds per ICO project equaled $17.4 million (see Tables 1.2, 1.3).
Table 1.3. Amount of funds collected and number of ICOs
|Number of ICOs*||Average collected,|
|Total, 2017||6 890.1||514||13.4|
|January 2018||1 665||94||18|
|February 2018||2 679||90||29.8|
|March 2018||7 149||79||90.5|
|April 2018||1 064||104||10.2|
|May 2018||1 747||118||14.8|
|June 1-3, 2018||133.2||12||11.1|
|June 4-10, 2018||206.8||16||12.9|
|June 11-17, 2018||174.0||10||17.4|
|Total for 2018***||14 818||523||28.3|
* 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 the TON Pre-ICO-1,2 ($1.7 billion) and the Petro ICO ($5 billion). According to the data from the official website of the Petro ICO, Petro sales equaled more than $5 billion, which is equivalent to more than $4 billion euros or $31 billion yuan (http://www.elpetro.gob.ve/#about” rel=”nofollow noopener noreferrer”). However, the data on the amount collected by El Petro from some other sources differ. For example, according to criptomoedasfacil.com, the amount of funds collected cannot exceed $2.3 billion taking into account discounts, the project White Paper indicates $4.387 billion, and other sources mention the $3 billion stated, among others, by the President of Venezuela Nicolas Maduro.
**** Not including EOS, which collected $4 billion or 7.12 million ETH over the year from June 26, 2017, to June 1, 2018.
***** The data for 2018 have been updated (date updated: June 17, 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
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 (June 11-17, 2018)*
|№||Name of ICO***||Category**||Collected, $ million||Date|
|1||GoNetwork||Infrastructure||42.3||June 17, 2018|
|2||FANTOM||Infrastructure||39.6||June 22, 2018****|
|3||Alchemint||Infrastructure||30||June 12, 2018|
|4||GoChain||Infrastructure||18.2||June 15, 2018|
|5||OneLedger||Infrastructure||15||June 16, 2018|
|6||LocalCoinSwap||Trading & Investing||11.8||June 15, 2018|
|7||Bubbletone||Communications||8.6||June 15, 2018|
|8||Countinghouse Fund||Trading & Investing||3.5||June 12, 2018|
|9||MDL||Supply & Logistics||2.5||June 15, 2018|
|10||SKYFchain||Transport||2.4||June 15, 2018|
|Top 10 ICOs*||174|
|Average funds collected||17.4|
* 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 FANTOM ICO completed its crowdsale early, as the hard cap was reached on June 16, 2018.
The data for the previous period (June 11-17, 2018) may be adjusted as information on the amounts of collected funds by completed ICOs is finalized.
The leader of the week was the GoNetwork project, which is creating an innovative, inexpensive infrastructure on Ethereum blockchain to expand the possibilities for use of mobile devices. The idea behind the development is to increase the speed of transactions and reduce their cost. To achieve this goal, some transactions will be performed as off-chain transactions.
Figure 1.2 presents the ten largest ICOs completed during the past week.
Figure 1.2. Top 10 ICOs by the amount of funds collected (June 11-17, 2018)
1.3. Top ICOs in the Infrastructure category
The list of top ICOs by category is compiled with due account of the categories of the leading ICOs for the week, most of which belonged to the Infrastructure category. All the major projects in this category have collected more than $100 million (Table 1.5).
Table 1.5. Top 10 ICOs in terms of the amount of funds collected, Infrastructure category
|№||Name of ICO||Category*||Collected, $ million||Date||Token performance|
|1||EOS||Infrastructure||4000||June 1, 2018||11.1***|
|2||TON 1,2||Infrastructure||1700||March 31, 2018||n/a|
|3||Hdac||Infrastructure||258||December 23, 2017||n/a|
|4||Tezos||Infrastructure||230.5||July 13, 2017||8.36x|
|5||The DAO||Infrastructure||168||May 28, 2016||Failed|
|6||Sirin Labs||Infrastructure||157.9||December 26, 2017||0.39x|
|7||Bancor||Infrastructure||153||June 12, 2017||0.85x|
|8||Polkadot||Infrastructure||144.4||October 28, 2017||n/a|
|9||Orbs (ORBIS)||Infrastructure||118||May 15, 2018||n/a|
|10||Status||Infrastructure||107.7||June 20, 2017||2.03x|
* 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 June 2018 are highlighted in red.
*** During the first five days of the ICO, which started on June 26, 2017, 200,000,000 EOS tokens were sold; in this regard, the price of one EOS token for the backers that took part in the first round was approximately $0.90.
The leader of this category was the EOS project, which according to the estimates of its developers (block.one) can process more than one million transactions per second, and blockchain users will not pay a fee. During the period from June 26, 2017, the price of EOS has increased by approximately 11.1 times, from $0.90 to $10. Therefore, the token performance of this project for initial backers equals 11.1x. The current capitalization of EOS exceeds $9.2 billion.
Figure 1.3. Top 10 ICOs by the amount of funds collected, Infrastructure category
During the analyzed period (June 11-17, 2018) at least 10 ICO projects were successfully completed, each of which collected more than $100,000, with the total amount of funds collected equaling more than $170 million. Last week’s leader was the GoNetwork project, which collected $42.3 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
|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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