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research articles

Original research, analysis and reports across the frontier of cryptoeconomics, blockchain technology, and digital assets.
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Analysis

October 11, 2019

Analysis

October 4, 2019

Analysis

September 26, 2019

Analysis

September 19, 2019

Update

September 12, 2019

Cryptoasset Report

September 5, 2019

Update

August 23, 2019

Report

August 2, 2019

Cryptoasset Report

May 23, 2019

Cryptoasset Report

May 9, 2019

Cryptoasset Report

April 25, 2019

Cryptoasset Report

March 1, 2019

Quarterly Report

February 26, 2019

Cryptoasset Report

December 20, 2018

Cryptoasset Report

December 18, 2018

Quarterly Report

August 20, 2018

Analysis

June 6, 2018

Analysis

April 4, 2018

Token-based fundraising

March 6, 2018

Analysis

March 2, 2018

Token-based fundraising

February 12, 2018

Token-based fundraising

February 4, 2018

Token Sales

December 29, 2017

Introduction

August 2, 2016

Introduction

July 13, 2016

Education

July 4, 2016

Introduction

June 21, 2016

Introduction

June 14, 2016

Introduction

June 7, 2016

Introduction

March 24, 2016

Introduction

March 17, 2016

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December 28, 2016

A look back the major ICOs of 2016

2016 had many highs and many lows for blockchain technology and cryptocurrencies. The growing crypto crowdsale industry was no different. This is a look back at the sales that made many call 2016 the year of ICOs.

2016 had many highs and many lows for blockchain technology and cryptocurrencies. The growing crypto crowdsale industry was no different. This is a look back at the sales that made many call 2016 the year of ICOs.

Update (1/3/2016): In a previous version of this article, we included The DAO and InChain in our calculations. In this version, we have removed them because InChain returned all funds to investors and with The DAO, investors still (nominally) retained control over their underlying funds. Including The DAO, the total raised crowdsale amount would be $232 million.

Total Major ICOs*: 64
Total amount raised (minus The DAO): $102,500,000
Average amount raised: $1,600,000
Median amount raised: $500,000
Number of ICOs launching tokens on Ethereum: 16

Methods: Smith + Crown calculates the total amount raised for an ICO based on the market prices of each currency on the day the sale ended. All non-BTC currencies are converted to BTC, and BTC is converted to USD. This represents the value held by the founding team. We apply this method to all projects. Some projects use different methods when reporting out the total amount raised. Any differences between our calculations and theirs likely reflects this different method.

For this analysis, Smith + Crown only included ICOs that raised over $75,000 in their crowdsale. We rounded up in the case of Omicron. In other publications, we have included a broader array of sales. We included ICOs that later turned out to be scams, such as deClouds. Many ICOs have public blockchain addresses at which funds can be verified, but for those that do not, we do not attempt to audit funds: we defer to self-reported total funds raised.

We did not include investments in ongoing ICOs (such as Agoras). For ICOs that will conclude at the end of the 2016, we include the total amount raised as of 12/28/2016.

All numbers have been rounded to the nearest $100,000.