The Fate of the Top 10 ICO Projects
Overview of ICO Projects
During the initial coin offering (ICO) era, several projects raised significant capital. However, many of these initiatives have struggled to maintain their relevance or achieve their original goals.
EOS: A Promising Start, A Rocky Journey
In 2017, Brendan Blumer and Dan Larimer introduced EOS, an ultra-fast blockchain aiming to scale decentralized applications both vertically and horizontally. Block.one, the company behind EOS, raised a record $4.2 billion in a yearlong ICO by 2018. Despite this promising start, EOS did not revolutionize the crypto world as expected. Block.one diverted its attention to other projects, including the centralized exchange Bullish and the social media platform Voice, with $180 million invested in the latter.
By 2021, the EOS community established the EOS Network Foundation to steer the project independently. In May 2024, the Foundation announced a new token model, transitioning to a fixed supply of 2.1 billion tokens. As of August 2023, EOS has a market cap of $770 million with a token price of $0.52, down significantly from its peak of $22.71 in April 2018.
Status: Active
Telegram Open Network: From Ambition to Regulatory Hurdles
The Telegram Open Network (TON) was the brainchild of Russian brothers Pavel and Nikolai Durov. The network aimed to integrate messaging, file sharing, and an anonymizing layer, supported by its native Toncoin. Despite raising $1.7 billion, the project faced severe regulatory challenges. The U.S. Securities and Exchange Commission (SEC) barred the launch of TON’s token and imposed an $18.5 million fine, alongside ordering Telegram to return the funds to investors.
Unfazed, the Durov brothers launched “The Open Network” with similar features initially proposed for TON. An independent team later launched Toncoin, maintaining the project’s core vision.
Status: Reborn and Active
Tezos: Innovation Marred by Internal Conflict
Tezos, led by Arthur and Kathleen Breitman, proposed a self-amending cryptocurrency to allow stakeholders to influence the blockchain’s future direction democratically. The project raised $232 million in July 2017, setting a new record. However, internal conflicts between the Breitmans and Johann Gevers, the president of the Tezos Foundation, stalled progress. Although Gevers eventually stepped down, the project’s momentum was lost, compounded by SEC scrutiny and a class-action lawsuit.
Despite these challenges, Tezos continues to operate. As of June 2024, the company released “Tezos X,” promising enhanced scalability and faster blocks. The current market cap stands at $698 million, with a token price of $0.70, significantly down from its peak of $9.12 in October 2021.
Status: Active
Filecoin: Sustained Efforts in Decentralized Storage
Filecoin, a decentralized storage project, raised $233 million in 2017. Despite the initial hype fading, the project continues to offer decentralized file hosting services. Decentralized physical infrastructure networks (DePINs) like Filecoin were a hot topic in 2024. In March, Filecoin’s price peaked at $11.46 but has since declined. The current market cap is $2.2 billion, with a token price of $3.90, down from its $236.84 peak in April 2021.
Status: Active
Dragon Coin: A Controversial Venture
Dragon Coin (DRG) aimed to revolutionize the Asian online casino market with a gambling token and payment system. The ICO raised $320 million in 2018. However, the project’s ties to Wan Kuok-koi, a notorious figure in the Macau triad, and the Thai movie industry led to its downfall. Actor Jiratpisit Jaravijit, involved in the project, was arrested after funds were discovered in his account.
Status: Dead
HDAC: Fading from Existence
The Hyundai Digital Asset Company (HDAC), a subsidiary of Hyundai, entered the blockchain space with a $258 million ICO in December 2017. HDAC planned to integrate blockchain with the Internet of Things and motor vehicle production lines. Despite initial activity, updates ceased after 2020, and
