Please, see our report presenting data on ICO market movements in 2018, with strong focus given to the analysis of market changes over September 2018, most notably September 10-16, 2018.

Information as of September 17, 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;
  • 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 during September 2018, including over the past week (September 10-16, 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 past week (September 10-16, 2018)

Factors and events

(link to source)

Date of newsDescriptionType of impact
1.        Malta Stock Exchange Signs MoU With Binance to Launch Security Tokens Trading Platform

[source: cointelegraph.com]

September 11, 2018The parties hope that their partnership will facilitate the development of the country’s blockchain ecosystem, and the new project will win a spotless reputation as it will fully comply with all normative requirements.Favorable

ICO ⇑

2.        US Judge Says Initial Coin Offering Covered by Securities Law

[source: bloomberg.com]

September 11, 2018When considering a case on two fraudulent ICOs, a US federal court issued a decision that could impact all subsequent token sales in the country.Unfavorable

ICO ⇓

3.        ICO-Generated Tokens to Be Classified as Securities in the UAE

[source: btcmanager.com]

September 12, 2018Tokens in the United Arab Emirates are being equated with securities: the authorities have called upon local startups to consult with lawyers, and promised that this is only part of the regulatory plan.Favorable

ICO ⇑

4.        France Finalizes New ICO Framework to Attract Innovators Globally

[source: cointelegraph.com]

September 14, 2018According to the document, those wishing to hold an initial coin offering must first receive the approval of the Autorité des Marchés Financiers (AMF). Therefore, backers can count on “certain guarantees.”Favorable

ICO ⇑

 

Table 1.2 shows the development trends on the ICO market since the start of May 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

IndicatorMay

2018

June

2018

July

2018

August

2018

Sep 1-9,

2018

Sep 10-16,

2018

Total amount of funds collected, USD million1 7471 4999261 08778129.6
Number of companies that completed an ICO11187999551211
Maximum collected, USD million (ICO name)72 (Flashmoni)& 118 (Orbs)

& EOS

575
(TaTaTu)
68.3 (Cryptosolartech)134 (TZERO),

117.4 (KitToken)

102 (Dfinity)

21 (You42)46.62 (Alchemy)
Average collected funds, USD million14.819.09.319.86.511.8

Note:
1 This report uses the data of ICOBox, ICOBox Blockchain Research Center (IBRC), tokendata.io, icodrops.com, icodata.io, coinschedule.com, cryptocompare.com, smithandcrown.com, and icobench.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 when data was updated – September 16, 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 (September 10-16, 2018) the amount of funds collected via ICOs equaled $129.6 million. This amount consists of the results of 11 ICOs, with the largest amount of funds collected equaling $46.6 million by the Alchemy ICO. The average collected funds per ICO project equaled $11.8 million (see Tables 1.2, 1.3). A total of more than 30 ICOs were completed last week. However, not all projects indicate the amount of funds collected on their official websites (Table 1.5).

Table 1.3. Amount of funds collected and number of ICOs

MonthCollected,

$ million

Number of ICOs*Average collected,

$ million

January 20173.770.53
February35.3113.21
March7.341.82
April115.2186.4
May264.22112.58
June649.53319.68
July719.13619.97
August511.24810.65
September914.26813.44
October949.69110.44
November1 1099112.19
December1 611.98618.74
Total, 20176 890.151413.4
January 20181 6659418
February 20182 6799029.8
March 20187 1497990.5
April 20181 06410410.2
May 20181 74711814.8
June 20181 4997919.0
July 2018925.6999.3
August 20181 0875519.8
September 1-9, 201878126.5
September 10-16, 2018129.61111.8
Total for 2018***18 02474124.3

* This report uses the data of ICOBox, ICOBox Blockchain Research Center (IBRC), tokendata.io, icodrops.com, icodata.io, coinschedule.com, smithandcrown.com, and icobench.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). 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: September 16, 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 since the start of the month

Table 1.4. Top 10 ICOs by the amount of funds collected (September 10-16, 2018)*

Name of ICO***Category**Collected, $ millionDate
1AlchemyFinance46.62September 10, 2018
2GENEXIDrugs & Healthcare37September 10, 2018
3Neon ExchangeFinance21.82September 14, 2018
4eHarvestHubSupply & Logistics8.18September 15, 2018
5Excoins ExchangeFinance5.82September 10, 2018
6Bgogo****Finance3.29September 16, 2018
7DAEXTrading & Investing1.62September 14, 2018
8GIG9Recruitment1.513September 15, 2018
9ELPISTrading & Investing1.3September 15, 2018
10Plasmiuminfrastructure1.23September 10, 2018
 Top 10 ICOs*128.4 
 Total funds collected from September 10-16, 2018 (11 ICOs)* 129.6 
 Average collected funds 11.8 

* This report uses the data of ICOBox, ICOBox Blockchain Research Center (IBRC), tokendata.io, icodrops.com, icodata.io, coinschedule.com, icobench.com, and other specialized sources.
** 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 Bgogo hard cap is 17,000 ETH. Part of the funds came from supernodes (a total of 21 supernodes, each of which acquired tokens worth 33,333,333 BGG), while the other part was distributed to the crowdsale.

The data for the previous period (September 10-16, 2018) may be adjusted as information on the amounts of collected funds by completed ICOs is finalized.

Last week’s leader was the Alchemy project, which intends to become the leading P2P (peer-to-peer) lending platform based on blockchain technology. Alchemy will build the lending market on a peer-to-peer (P2P) network using the advantages of smart contracts, artificial intelligence, and machine learning, which will ensure access to loan funds with the ability to factor in loan risk.

Figure 1.2 shows the top 10 ICOs.

Figure 1.2. Top 10 ICOs by the amount of funds collected (September 10-16, 2018)

1.3. Top ICOs in the Finance category

The list of top ICOs by category is compiled with due account of the categories of the leading ICOs for the week. The Alchemy project was not among the ten largest projects in the Finance category by the amount of funds collected via ICO (Table 1.5).

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

Name of ICOCategory*Collected, $ millionDateToken performance
1BankeraFinance151.8February 28, 20180.18x
2Basis (previously Basecoin)Finance133April 18, 2018Failed
3KitTokenFinance117.4August 31, 2018n/a
4BankexFinance70.6December 28, 20170.04x
5Olympus LabsFinance60.3January 14, 20180.12x
6SALTFinance54.6August 22, 20170.44x
7SwissBorgFinance50.9January 9, 20180.09x
8NexoFinance50.1April 1, 20180.49x
9CelsiusFinance50March 23, 2018n/a
10DCCFinance49May 29, 20180.21x

* This report uses the data of ICOBox, ICOBox Blockchain Research Center (IBRC), io, icodrops.com, icodata.io, coinschedule.com, icobench.com, and other specialized sources.
** The top projects in this category completed in August-September 2018 are highlighted in red.

The presented projects from the top 10 in the Finance category currently have low token performance indicators ranging from 0.04x to 0.49x.

The Bankera project can be considered one of the most successful ICOs by the amount of funds collected, since it collected more than $150 million. Its current token price to token sale price indicator equals 0.18х. When considering this indicator, it should be remembered that the Bankera project completed its ICO on February 28, 2018, i.e. the fall in its price by more than 5x took place against the backdrop of a major adjustment of the cryptocurrency market.

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

During the analyzed period (September 10-16, 2018) more than 30 ICO projects were completed, and at least 11 projects have clearly indicated the amount of funds collected on their websites and this amount exceeds $100,000. The total amount of funds collected equaled around $130 million. Last week’s leader was the Alchemy project, which collected $46.62 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 termsDefinition
Initial coin offering, ICOA 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)

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 saleAlternative 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 saleSimilar 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 rewardThis 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 rewardThis 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.

Disclaimer: While the information in this document is believed to be accurate, ICOBox makes no representations or warranties, express or implied, with respect to the completeness or accuracy of the information contained herein. The information presented in this document may include certain statements, estimates and projections. Such statements, estimates and projections reflect various assumptions by ICOBox concerning anticipated trends, which assumptions may or may not materialize. No representations are made as to the accuracy of such statements, estimates or projections, and actual performance may be materially different from that set forth in such statements, estimates or projections. Prospective financial results may be affected by fluctuating economic and political conditions and are dependent upon the occurrence of future events that cannot be assured. ICOBox makes no warranty or assurance regarding the achievability of projections or the data, information and assumptions relied upon herein. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. This document is for information purposes only and is not intended as an offer to sell securities, cryptocurrency or tokens, nor does it contain any recommendations or advice on any investments in any particular company or named assets. ICOBox expressly disclaims any and all liability for any representations, expressed or implied, contained in, or omitted from, this material. ICOBox is a provider of SaaS solutions for companies seeking to sell their products via distribution of tokens (ICO). ICOBox does and seeks to do business with companies covered in its research reports and buy any named assets.