This report covers data on ICO market trends of 2018, with special attention given to the analysis of market movements in September 2018, most notably September 17-23, 2018.
Information as of September 24, 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 17-23, 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 17-23, 2018)
|№||Factors and events|
(link to source)
|Date of news||Description||Type of impact|
|1.||Two Premier League Football Clubs Double Down on Cryptocurrency Integration|
|September 18, 2018||After Brazil’s Avai FC, two English Premier League teams are now planning to hold their own ICOs. They need to collect funds to pay off their debts.||Favorable ICO ⇑|
|2.||China C-Bank Issues Fresh Warning on Crypto, ICO Risks|
|September 19, 2018||The Chinese authorities are trying to persuade citizens not to use cryptocurrencies and to refrain from participating in ICOs. The latest news shows that the official bans are easily circumvented.||Unfavorable ICO ⇓|
|3.||Japanese Messaging Giant Line to Build LINK-Powered Ecosystem by Year End|
|September 20, 2018||The LINK token recently announced by the company will serve as the foundation for the launch of a wide range of applications — users will be able to pay in cryptocurrencies in restaurants, stores, and for online content, the company assures.||Favorable ICO ⇑|
|4.||As reported in the South China Morning Post, the founding partners of the blockchain fund supported by the authorities of the Chinese city of Hangzhou plan to issue a stable coin tied to the Japanese yen.||September 18, 2018||A blockchain fund with assets of $1 billion will issue a stable coin tied to the yen.||Favorable ICO ⇑|
|5.||Bakkt uses the existing, time-tested regulatory infrastructure of the futures market to provide a new type of contract that provides a “physical” bitcoin.||September 18, 2018||The Bakkt cryptocurrency platform will issue a guarantee fund that should exclude default.||Favorable ICO ⇑|
|6.||Waves will issue a decentralized exchange for security tokens.||September 21, 2018||The Russian blockchain startup Waves Platform will issue a decentralized exchange (DEX) for security tokens. The founder of Waves, Alexander Ivanov, announced this during a broadcast on YouTube.||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
|Total amount of funds collected, USD million||1 747||1 499||926||1 087||78||129,6||64,2|
|Number of companies that completed an ICO1||118||79||99||55||12||11||7|
|Maximum collected, USD million (ICO name)||72 (Flashmoni)& 118 (Orbs)|
|68.3 (Crypto-solartech)||134 (TZERO),|
|21 (You42)||46.62 (Alchemy)||18.7 (Ankr Network)|
|Average collected funds, USD million||14.8||19.0||9.3||19.8||6.5||11.8||9.2|
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 23, 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 previous period (September 17-23, 2018) the amount of funds collected via ICOs equaled $64.2 million. This amount consists of the results of 7 ICOs that disclosed their data, with the largest amount of funds collected equaling $18.7 million by the Ankr Network ICO. The average collected funds per ICO project equaled $9.2 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|
|September 17-23, 2018||64.2||7||9.2|
|Total for 2018***||18 088||748||24.2|
* 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.
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 23, 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 7 ICOs by the amount of funds collected (September 17-23, 2018)*
|№||Name of ICO***||Category**||Collected, $ million||Date|
|1||Ankr Network||Infrastructure||18.7||September 22, 2018|
|2||Caspian||Trading & Investing||16||September 17, 2018|
|3||Infinitus Token||Data Storage||11||September 19, 2018|
|4||Metadium||Identity & Reputation||10.5||September 22, 2018|
|5||Tolar HashNET||Payments||6||September 20, 2018|
|6||Kheper||Gambling & Betting||1||September 20, 2018|
|7||Vernam||Finance||1||September 20, 2018|
|Top 7 ICOs*||64.2|
* 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 17-23, 2018) may be adjusted as information on the amounts of funds collected by completed ICOs is finalized.
Last week’s leader was the Ankr Network project, which aims to create a blockchain platform in the area of cloud computing. The project will give participants incentives to introduce their computing resources into the network to reduce the cost and improve the efficiency of computing operations. All the transaction fees in subsidiary chains will be paid exclusively in network tokens, and users will be able to earn them by providing their computing capacity. This solution is expected to be less expensive than centralized solutions such as Amazon or Google cloud services. It is similar to the projects Golem (market capitalization of $136 million) and SONM (market capitalization of $20 million).
Figure 1.2 shows the top 7 ICOs.
Figure 1.2. Top 7 ICOs by the amount of funds collected (September 17-23, 2018)
During the analyzed period (September 17-23, 2018) more than 30 ICO projects were completed, and at least 7 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 $64 million. Last week’s leader was the Ankr Network project, which collected $18.7 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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