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 news||Description||Type of impact|
|1.||Malta Stock Exchange Signs MoU With Binance to Launch Security Tokens Trading Platform|
|September 11, 2018||The 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|
|2.||US Judge Says Initial Coin Offering Covered by Securities Law|
|September 11, 2018||When 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|
|3.||ICO-Generated Tokens to Be Classified as Securities in the UAE|
|September 12, 2018||Tokens 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|
|4.||France Finalizes New ICO Framework to Attract Innovators Globally|
|September 14, 2018||According 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|
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
|Total amount of funds collected, USD million||1 747||1 499||926||1 087||78||129.6|
|Number of companies that completed an ICO1||118||79||99||55||12||11|
|Maximum collected, USD million (ICO name)||72 (Flashmoni)& 118 (Orbs)|
|68.3 (Cryptosolartech)||134 (TZERO),|
|21 (You42)||46.62 (Alchemy)|
|Average collected funds, USD million||14.8||19.0||9.3||19.8||6.5||11.8|
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
|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 2018||1 087||55||19.8|
|September 1-9, 2018||78||12||6.5|
|September 10-16, 2018||129.6||11||11.8|
|Total for 2018***||18 024||741||24.3|
* 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, $ million||Date|
|1||Alchemy||Finance||46.62||September 10, 2018|
|2||GENEXI||Drugs & Healthcare||37||September 10, 2018|
|3||Neon Exchange||Finance||21.82||September 14, 2018|
|4||eHarvestHub||Supply & Logistics||8.18||September 15, 2018|
|5||Excoins Exchange||Finance||5.82||September 10, 2018|
|6||Bgogo****||Finance||3.29||September 16, 2018|
|7||DAEX||Trading & Investing||1.62||September 14, 2018|
|8||GIG9||Recruitment||1.513||September 15, 2018|
|9||ELPIS||Trading & Investing||1.3||September 15, 2018|
|10||Plasmium||infrastructure||1.23||September 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 ICO||Category*||Collected, $ million||Date||Token performance|
|1||Bankera||Finance||151.8||February 28, 2018||0.18x|
|2||Basis (previously Basecoin)||Finance||133||April 18, 2018||Failed|
|3||KitToken||Finance||117.4||August 31, 2018||n/a|
|4||Bankex||Finance||70.6||December 28, 2017||0.04x|
|5||Olympus Labs||Finance||60.3||January 14, 2018||0.12x|
|6||SALT||Finance||54.6||August 22, 2017||0.44x|
|7||SwissBorg||Finance||50.9||January 9, 2018||0.09x|
|8||Nexo||Finance||50.1||April 1, 2018||0.49x|
|9||Celsius||Finance||50||March 23, 2018||n/a|
|10||DCC||Finance||49||May 29, 2018||0.21x|
* 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
|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 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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