This feels like a return to the mean in getting ventures funded. ICOs first rose in popularity as a way to end-run institutional investors who had rigorous due diligence processes and had pulled in their horns gradually over the last decade. Just as water finds the easiest path to the sea, so ventures found an easier path to funding, and rushed in. That was 2017. In 2018 the funds are harder to come by via “traditional” ICO, and institutional funders are stepping back in to their previous role as arbiters. This will dampen volatility, as the crazier schemes will find that more rigorous scrutiny exposes their shakier business plans. So: a regression to the mean!