# kaal:claim:3249860-021

**Claim.** Of the top 100 tokens, fifty-six held an ICO and thirty-eight did not.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- n=94 for the ICO figure; six ICO holders are excluded from the figure

**Source quote.**

> Of the top 100 tokens, fifty-six tokens held an ICO and thirty-eight tokens did not.

**From.** Wulf A. Kaal, *Crypto Economics - The Top 100 Token Models Compared* (2018), IV.2 Use of ICO, page 13

**Cite as.** Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**Verify.** sha256 of source PDF `72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Crypto%20Economics%20-%20The%20Top%20100%20Token%20Models%20Compared.pdf

**Topics.** securities-law, empirical-evidence, tokenomics

**Keywords.** ico, empirical-findings, token-issuance

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