Please, see our report presenting data on ICO market movements in 2018, with strong focus placed on the analysis of market changes over July 2018.
Information as of August 6, 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 took place in July 2018.
1. General analysis of the ICO market (for July 2018)
1.1 Brief overview of ICO market trends
Table 1.1. Brief ICO market overview, key events, and news during July and early August 2018
|№||Factors and events|
(link to source)
|Date of news||Description||Type of impact|
|1.||Three Reasons Why Malta’s ‘Blockchain Bills’ Are So Significant [source: coininsider.com]||July 5, 2018||“First in the world”: three laws regulating the crypto industry have been successfully introduced in Malta. Politicians in the country expect an economic upswing in the new industry.||Favorable|
|2.||World’s First Initial ‘Convertible Coin Offering (ICCO)’ Launches in Malta [source: ccn.com]||July 12, 2018||Malta is ahead of the curve. A week ago a set of draft laws were passed to regulate the digital industry, and now they are launching the first ICCO in history.||Favorable|
|3.||New Ethereum Blockchain Token Standard ERC777 Could Replace ERC20 [source: ethnews.com]||July 25, 2018||The new standard tokens on the Ethereum ERC777 blockchain are in the final stages of development and will be presented to the general public in August. The ERC777 standard is positioned as a more flexible alternative to ERC20. Developers also say it allows for faster, smoother transactions.||Favorable|
|4.||Venezuela to Remove Five Zeroes from Ailing Currency [source: reuters.com]||July 26, 2018||The Venezuelan authorities plan to replace the national currency with a new monetary unit tied to the El Petro cryptocurrency, which is backed by oil.||Favorable|
|5.||Introducing Telegram Passport [source: telegram.org]||July 26, 2018||Passport is an authorization method for services that require personal data for access (for example, financial apps, ICO projects, etc.).||Favorable|
|6.||Philippines Securities Regulator Issues Draft of ICO Rules, Requests Feedback From Public [source: cointelegraph.com]||August 2, 2018||The Philippines regulator is trying to clear the crypto industry of fraudulent ICOs. The Commission published project rules that must be followed by all organizers of ICO campaigns.|
|7.||Experts Question the Security of Telegram’s New Passport Service [source: news.bitcoin.com]||July 3, 2018||Experts have explained that if a simple password is used in Telegram Passport, hackers will be able to gain access to data in five days.||Unfavorable|
Table 1.2 shows the development trends on the ICO market since the beginning 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||1 499||926||147,3|
|Number of companies that completed an ICO1||104||118||79||99||7|
|Maximum collected, USD million (ICO name)||133 (Basis (previously Basecoin))||72 (Flashmoni)& 118 (Orbs)|
|Average collected funds, USD million||10.2||14.8||19.0||9.3||21|
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 when data was updated – July 30, 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.
During July 2018 the amount of funds collected via ICOs equaled $926 million. This amount consists of the results of 99 successfully completed ICOs, with the largest amount of funds collected equaling $68.3 million (Cryptosolartech ICO). The average collected funds per ICO project equaled 9.3 million (see Tables 1.2, 1.3). A total of more than 200 ICOs were completed last month.
In early August (August 1-5, 2018) more than $147.3 million have been collected, with the blockchain startup Hedera Hashgraph accounting for the lion’s share ($100 million).
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 2018||1 499||79||19.0|
|August 1-5, 2018||147.3||7||21.0|
|Total for 2018***||16 877||670||25.2|
* 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). 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: August 5, 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 during July 2018
Table 1.4. Top 20 ICOs by the amount of funds collected during July 2018
|Name of ICO||Category*||Collected, $ million||%||Completed|
|1||Cryptosolartech||Energy & Utilities||68.3||13.8%||July 20, 2018|
|2||Online||Commerce & Advertising||47.2||9.5%||July 31, 2018|
|3||Sparkster||Infrastructure||30||6.1%||July 9, 2018|
|4||Nervos (Series А)||Infrastructure||28||5.7%||July 18, 2018|
|5||TravelBlock||Travel & Tourism||25.2||5.1%||July 18, 2018|
|6||Atlantis Blue Digital||Commodities||23.9||4.8%||July 1, 2018|
|7||Liquidity Network||Infrastructure||23.6||4.8%||July 19, 2018|
|8||FLOGmall||Commerce & Advertising||23.2||4.7%||July 20, 2018|
|9||GOToken||Travel & Tourism||21||4.2%||July 3, 2018|
|10||Slate||Events & Entertainment||20||4.0%||July 20, 2018|
|11||VIRUS||Infrastructure||20||4.0%||July 3, 2018|
|12||Ultrain||Infrastructure||20||4.0%||July 30, 2018|
|13||Universal Labs||Data Storage||19.1||3.9%||July 6, 2018|
|14||Bitgoals||Gambling & Betting||19||3.8%||July 15, 2018|
|15||Mandala||Trading & Investing||18||3.6%||July 14, 2018|
|16||Staramba||Gaming & VR||21.8||4.4%||July 25, 2018|
|17||The Deal Coin||Finance||17.6||3.6%||July 27, 2018|
|18||Nauticus||Finance||16.9||3.4%||July 18, 2018|
|19||Cruisebit||Infrastructure||16||3.2%||July 10, 2018|
|20||Quadrant Protocol||Content Management||16||3.2%||July 26, 2018|
|Total, top 20||494.8||100%|
* The project category is determined by experts.
** When compiling the lists of top ICOs, information from the websites tokendata.io, icodrops.com, icodata.io, coinschedule.com, cryptocompare.com, smithandcrown.com, and other specialized sources is used.
Table 1.4 shows the top 20 largest ICOs by the amount of funds collected, most of which belong to the Infrastructure, Energy & Utilities, Commerce & Advertising, Travel & Tourism, Finance, and Trading & Investing categories.
July’s leader was the Cryptosolartech project, which is involved in cryptocurrency mining. This project’s goal is to collect funds for the construction of a photovoltaic electricity power station with a capacity of 45,000 kW, based on the conversion of solar energy. Funding of conversion of solar energy could be profitable, provided construction and equipment costs are lowered and the performance of the electrical equipment is improved.
Figure 1.2. Top 20 ICOs by the amount of funds collected during July 2018
1.3. Top ICOs of last week (July 30-August 5, 2018)
Table 1.5 shows the ten largest ICOs of the week.
Table 1.5. Top 10 ICOs by the amount of funds collected (July 30-August 5, 2018)*
|№||Name of ICO***||Category**||Collected, $ million||Date|
|1||Hedera Hashgraph||Infrastructure||100||August 1, 2018|
|2||Online||Commerce & Advertising||47.2||July 31, 2018|
|3||Vite||Events & Entertainment||28||August 1, 2018|
|4||Ultrain||Infrastructure||20||July 30, 2018|
|5||FarmaTrust||Supply & Logistics||15||July 31, 2018|
|6||Kairos||Machine Learning & AI||13||July 31, 2018|
|7||Codex Protocol||Infrastructure||12||July 30, 2018|
|8||Darico||Trading & Investing||11.5||July 30, 2018|
|9||Handshake||Infrastructure||10.2||August 2, 2018|
|10||Radar Relay (Series A)||Trading & Investing||10||July 31, 2018|
|Top 10 ICOs*||267|
|Total funds collected from July 30-August 5, 2018 (31 ICOs)*||335.3|
|Average collected funds||10.8|
* 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 (July 30-August 5, 2018) may be adjusted as information on the amounts of collected funds by completed ICOs is finalized. Over the past week (July 30-August 5, 2018) the amount of funds collected via ICOs equaled $335.3 million. This amount is made up of the results of 31 successfully completed ICOs.
The leader of the week was the Hedera Hashgraph project, which collected $100 million from institutional and other major individual backers. As reported by coindesk, Hedera Hashgraph had already previously collected $18 million through a private token sale, and in the future the startup plans to hold another public ICO (crowdsale) with a hard cap of $20 million for accredited backers.
The Hedera Hashgraph project stipulates the use of hashgraph technology, which is based on a distributed consensus algorithm. Hashgraph technology differs in a number of ways from blockchain technology, and is aimed at solving the following problems: productivity; security; stability; management and compliance with regulatory requirements. “The platform is lightning fast, fair, and secure and, unlike some blockchain-based platforms, doesn’t require compute-heavy proof-of-work. Hedera enables and empowers developers to build an entirely new class of decentralized applications that were never before possible.” In the future the platform will enable the launch of DApps and smart contracts.
Figure 1.3 presents the ten largest ICOs completed during the past week.
Figure 1.3. Top 10 ICOs by the amount of funds collected (July 30-August 5, 2018)
1.4. 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 month and the week. The Hedera Hashgraph project was among the top 10 largest projects by the amount of funds collected in the Infrastructure category (Table 1.6).
Table 1.6. Top 10 ICOs by the amount of funds collected, Infrastructure category
|№||Name of ICO||Category*||Collected, $ million||Date||Token performance|
|1||EOS||Infrastructure||4000||June 1, 2018||7.07x|
|2||TON Pre-ICO-1,2||Infrastructure||1700||March 31, 2018||n/a|
|3||Hdac||Infrastructure||258||December 23, 2017||0.11x|
|4||Tezos||Infrastructure||230.5||July 13, 2017||3.99x|
|5||Sirin Labs||Infrastructure||157.9||December 26, 2017||0.23x|
|6||Bancor||Infrastructure||153||June 12, 2017||0.51x|
|7||Polkadot||Infrastructure||144.4||October 28, 2017||n/a|
|8||Orbs (ORBIS)||Infrastructure||118||May 15, 2018||n/a|
|9||Status||Infrastructure||107.7||June 20, 2017||1.51x|
|10||Hedera Hashgraph||Infrastructure||100||August 1, 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.
** EOS, which collected $4 billion or 7.12 million ETH over the year from June 26, 2017, to June 1, 2018.
*** The top 10 was compiled without The DAO, which collected $168 million (the project failed, see the publication ICO Success and Performance. The Pareto Principle [80/20 Rule])
**** The top ICOs in this category completed in August 2018 are highlighted in red (Hedera Hashgraph).
At present, all projects from the top 10 in this category have a token performance indicator of 0.11x to 7.07x. The most successful ICO by the amount of funds collected and the most successful exchange listing among the ten presented is the EOS project, as its collected funds are estimated to exceed $4 billion and it has a current token price to token sale price ratio of 7.07x. When analyzing this project, it is important to remember the long duration of the EOS ICO (from June 26, 2017, to June 1, 2018) and the fact that the token price was constantly changing during the ICO. Over the first five days of the ICO 200,000,000 EOS tokens were sold, and another 2,000,000 coins were sold every 23 hours thereafter. The token performance indicator for EOS in Table 1.6 was determined based on a calculation in which the token sale price of 1 EOS during the ICO equaled USD 0.99, and the current token price of 1 EOS was equal to USD 7. EOS’s market capitalization currently exceeds $6.3 billion.
Figure 1.4. Top 10 ICOs by the amount of funds collected, Infrastructure category
During July 2018 more than $926 million were collected (made up of the results of 99 successfully completed ICOs), and over the first five days of August nearly another $150 million has been collected. July’s leader was the Cryptosolartech project, which collected $68.3 million. The completion of a new round of financing of the blockchain startup Hedera Hashgraph, which collected $100 million, was announced on August 1. 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). The total number of ICOs held during the analyzed period was more than 200.
|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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