Research

A look back the 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.

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.

Smith + Crown only included ICOs that raised over $40,000 in their crowdsale. We rounded up in the case of Bitpark. 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.

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