Study of ICO projects that issued tokens on Waves

Waves is a blockchain platform that enables users to create, distribute and manage digital tokens. These capabilities have been used by a number of organisations that have run crowdsales on the platform.

In December 2017, the Waves platform launched the Waves Lab incubator, which selects and supports blockchain startups. The incubator team has studied one hundred projects that have either already completed their crowdsales, are currently raising funds, or are planning to hold a tokensale on Waves.

The authors’ study included information only on projects that submitted data to the ICObench ICO tracker. Information on projects that submitted incomplete data to their ICObench profile was clarified using CoinMarketCap, official website pages, social networks and blogs.

Tokensale status

100 projects have either used or are going to use the Waves blockchain platform to issue and sell tokens between April 2016 and March 2018.*

Out of these 100 projects, 65 have already completed their crowdsales, 20 are in the process of fundraising, and another 15 are planning their tokensales on Waves. ICObench has necessarily presented an incomplete list of projects that have issued or are going to issue tokens on Waves, so in reality there are more than 100 crowdsales on Waves.

Categories of completed tokensales

According to the ICObench tracker, there are 19 categories of project that have completed their tokensale campaigns:*

Categories for all tokensales

According to the ICObench tracker, there are 25 categories of project that have completed an tokensale, are in the process of fundraising, or are planning a tokensale on Waves (i.e., all tokensales):*

Top 5 categories of tokensales

The five most popular categories for all projects (i.e. completed, in the process of conducting their tokensale, or planning a tokensale on Waves) are:*

Top 5 tokensales by funds raised

The five largest tokensale on Waves platform are:*

  • MobileGo: Mobile gaming platform
  • PeerBanks: Cryptographic pension asset platform
  • Wagerr: Bookmaking smart contract system
  • Primalbase: Commercial real estate project
  • ZrCoin: Zirconium dioxide production based on processing of industrial waste

The average funding raised by projects with published data is $5,102,982. The known total for projects that have issued tokens on Waves is around $158.2 million.

Top 10 countries for project registration

The ten countries with highest number of registered projects using tokens on the Waves platform are:*

Projects from Russia, the US, Canada, Singapore, the UK, the Netherlands, Ukraine, Australia, Bulgaria and Estonia make up 67% of all the projects that have issued tokens on Waves.

The registered countries of the remaining 33% of projects are listed below: Panama, Spain, Belarus, Belgium, Belize, Brazil, British, Virgin Islands,Chile, Cyprus, Georgia, Germany, Greece, Isle of Man, Israel, Kazakhstan, Lithuania, Malaysia, Malta, Mexico, Pakistan, Poland, Serbia, Switzerland, Taiwan.

Dual token on Waves and Ethereum

10 out of 100 projects have issued or are going to issue tokens on both Waves and Ethereum. Waves-Ethereum is the only example of a dual token on ICObench (i.e., no other blockchain platforms are involved at this point).

The Waves blockchain platform will introduce Atomic Swap technology in summer 2018. This will help users directly exchange Waves tokens for tokens on other blockchain platforms — for example, Ethereum. Atomic Swaps will significantly simplify and improve operations with dual token projects.

Participants of crowdsales that have issued assets on two blockchain platforms will convert their Waves tokens to Ethereum tokens and vice versa through Atomic Swap functionality. Ultimately, the users will not need exchanges — only the wallets of the sender and the recipient will be involved in the exchange operation.

Study Conclusions

  • Projects offering solutions for the cryptocurrency community, platform models and investment are most in-demand by participants of tokensale. Startups that provide services for businesses and the entertainment industry are also popular.
  • Waves-Ethereum is the only example of a dual token on ICObench.
  • The Waves platform is most popular among Russian and North American projects. The combined share of startups from Russia, the US and Canada is 40% of the total number of companies that have already issued or will issue tokens on Waves.
  • Projects from 25 industries and 34 countries have already run or will run their tokensales on Waves.
  • The five largest crowdsale campaigns on Waves account for 76% of total funds raised by all projects that have publicly reported results of their Waves-based tokensales.

*This study is based on data provided by the ICObench tracker. Some of the data on projects that provided incomplete information to ICObench was derived by the authors from official websites, blog pages and social networks, as well as from ICOdata, ICOholder and TokenMarket ICO trackers.

This research has been prepared by Vitaliy Tsigulev, Alexander Tabernakulov and Yulia Zhukova.

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