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During the initial coin offering (ICO) boom, numerous projects raised substantial funds, yet many have struggled to maintain relevance or have become inactive. A notable ICO project reveals that significant capital does not always guarantee success.
EOS
Launched in 2017, {EOS}, developed by Brendan Blumer and Dan Larimer, aimed to provide a highly scalable blockchain platform. Block.one, the organization behind EOS, concluded its ICO in 2018, raising an unprecedented $4.2 billion. However, despite this massive funding, the project has faced challenges, including a shift in focus to unrelated ventures like the Bullish exchange and the Voice social media platform. In 2021, the EOS community established the EOS Network Foundation to support the project independently. As of August 2023, EOS has a market cap of $770 million, reflecting a significant decline from its previous highs.
Telegram Open Network (TON)
Pavel and Nikolai Durov’s Telegram Open Network sought to integrate blockchain with messaging and file-sharing services. The project raised $1.7 billion but faced regulatory obstacles from the U.S. Securities and Exchange Commission (SEC), which halted its launch and imposed fines. Despite these setbacks, an independent community later developed the "The Open Network," and Toncoin was introduced separately from Telegram.
Tezos
Tezos, founded by Arthur and Kathleen Breitman, aimed to create a self-amending blockchain to avoid hard forks. After raising $232 million in 2017, the project encountered internal conflicts and regulatory scrutiny. Despite initial challenges, Tezos persists with a market cap of $698 million, though it has experienced a significant decline from its peak value.
Filecoin
Filecoin, a decentralized storage network, raised $233 million in 2017. The project continues to operate and has seen fluctuating success, with its market cap reaching $2.2 billion despite a substantial drop from its peak value.
Dragon Coin
Dragon Coin, which raised $320 million for a gambling platform, became embroiled in controversy due to connections with criminal figures. The project is now considered inactive.
HDAC
Hyundai Digital Asset Company’s HDAC project aimed at integrating blockchain with the Internet of Things and automotive sectors but has since faded from prominence.
Sirin Labs
Sirin Labs launched a blockchain phone, the Finney, following its $158 million ICO. Despite delivering a working product, the project struggled in the competitive mobile market and is now inactive.
Bancor
Bancor raised $153 million in 2017 and remains operational with its decentralized exchange, Carbon. However, it has experienced a significant decrease in market value.
Bankera
Bankera, which aimed to offer banking services, raised $153 million but faced challenges with its token standards. The project remains active but with minimal market presence.
Polkadot
Polkadot, founded by Gavin Wood, raised $145 million and remains a thriving project with a high number of daily active addresses and a substantial market cap.
