Declining Number of ICOs Coudn’t Dethrone Ethereum
Graph showing the breakdown in ICO platform adoption (Source: CoinGecko)
Nonetheless, the 80 percent drop in the number of funds ICOs raised in Q3 did very little to dethrone Ethereum as the top ICO platform.
The report indicates that the ICO market is still predominantly dependant on the Ethereum ERC20 token standard, with over 85 percent of successful ICOs issued on Ethereum.
However, the report showed an increasing trend of token issuance on other platforms. And while the difference between the number of ICOs issued on Ethereum and its second contestant Stellar is astounding, it demonstrates a bright future for upcoming platforms.
Just under 6.5 percent of the 193 ICOs were launched on Stellar, while NEO, coming in third, hosted 3.6 percent of the ICO market. NEM, a platform that pitches faster transaction speed with a lower transaction cost saw a rise in ICOs issued, coming in fourth with 2.4 percent.
However, EOS is yet to take off with only one successful ICO issued using the platform.
The Current State of the ICO Market
Related: ICO Funding Falls to Lowest Point in a Year Due to Crypto Bear Market
The ICO market has been continuously shrinking from quarter to quarter, the report shows that the slow downward trend of cryptocurrency prices and market value that has characterized 2018 continued into the third quarter.