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The ICO market is not collapsing. It's maturing.

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This graphic shows every token sale that successfully raised at least $100k from the beginning of 2014 through the end of last month, August 2018. The bar chart at the bottom displays the total dollar amount raised in each month (details below).

Token Sales: August, 2018
The state of the ICO market as of 31-August-2018

Key takeaways:

Despite a rash of claims to the contrary, the ICO market remains quite robust with $1.4 billion raised in August -- an increase of 44% over the prior month
All signs point to a maturing ICO market: fundraising grows more competitive, more established companies wade in, and security tokens show their first signs of life.
For the first time, Singapore hosted more ICOs than the U.S.
How much has really been raised by ICOs so far?
Most token sale statistics available online rely strictly on third-party reported figures, which may be outdated and in most cases exclude projects that do not report their fundraising publicly. There is no consensus among them as the numbers vary between $14 billion and $21 billion as of August 2018.

Paradoxically, accurate information about fundraising occurring on the most open, transparent database in the world remains stubbornly difficult to find.

Although blockchains are technically transparent, they are functionally opaque. Elementus collects, organizes and analyzes data directly from the blockchain. Our technology enables us to read the Ethereum transaction ledger like an open book. By identifying the various wallets controlled by ICO projects, we are able to calculate their fundraising totals with a high level of precision.

In total, we estimate ICOs have raised $28.4 billion as of the end of August, 2018.

While investor appetite for tokens has fallen significantly from its peak last February, the picture is not nearly as bleak as the market collapse many are reporting.

In August, ICOs raised nearly $1.5 billion, on par with the amount raised during the bull markets of last November. In fact, the majority of historical ICO fundraising occurred during the current bear market. Of the total $28 billion raised to date, $15.9 billion occurred between February, 2018 and August, 2018.

Furthermore, much of the sharp rise-and-fall trend exhibited in the chart above can be attributed to just three ICOs -- EOS ($4.2bn, Jun17-Jun18), Telegram ($1.7bn, Feb18-Mar18), and Tatatu ($575m, Jun18). With these outliers removed, the picture looks reasonably stable, particularly given the wild fluctuations seen in the crypto markets over the same period.

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