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Executive
summary
In December 2017,we analyzed the top ICOsthat represented 87% ICO funding in
2017. In that report, we found high risks of fraud, theft and major problems with the
accuracy of representations made by start-ups seeking funding.
In this follow-up study,we revisit the same group of companies to analyze their
progress and investment return:
The performance of ICOs from The Class of 2017 did little to inspire
confidence.1
86% are now below their listing2price; 30% have lost substantially all value.
An investor purchasing a portfolio of The Class of 2017 ICOs on 1 January 2018
would most likely have lost 66% of their investment.
Of the ICO start-ups we looked at from The Class of 2017, only29% (25) have
working products or prototypes, up by just 13% from the end of last year.
Of those 25, seven companies accept payment in both traditional fiat currency
(dollars) as well as ICO tokens, a decision that reduces the value of the tokens to
the holders.
There were gains among The Class of 2017, concentrated in 10 ICO tokens,
most of which are in the blockchain infrastructure category.However, there
is no sign that these new projects have had any success in reducing the
dominance of Ethereum as the industry’s main platform.
1See methodology in appendix.
2Defined as when first available to trade on a cryptocurrency exchange.
ICO performance update02
Page 4EY research: initial coin offerings
ICOs broke out in 2017. Demand continues to grow with claims of over US$15b
raised in the first half of 2018.
2015First half of 201820162017
2,231
6,358
21,931
+4,127
+2,221
52%
10 ICOs
48%
475 ICOs
Cumulative ICO amounts
US$mmTop 10 ICOs raised 52% of the total claimed funds in 2018
5061,043
1,823
3,538
Cumulative VC funding of
blockchain projectsUS$mm
Sources:
Amounts claimed by projects are reflected on their websites and ICO rating sites.
VC funding based on Techcrunch, Crunchbase, Coindesk.
EY is currently matching the amounts claimed to be raised with amounts verifiable on
the blockchain and expects to report on how well those figures match.。。。以上简介无排版格式，详细内容请下载查看