# kaal:claim:3406323-004

**Claim.** The ICO share of total blockchain startup fundraising collapsed from about 80% to roughly 35% by August 2018, recovered only marginally to 40% to 50% through February 2019, and then fell to 20% in March 2019.

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

**Holds when.**

- blockchain startup fundraising, March 2018 through March 2019

**Source quote.**

> The percentage of ICOs in relation to total fundraising of blockchain startups dropped from 80% to around 35% in August 2018 and only marginally recovered between September 2018 and February 2019 at around 40% to 50% before dropping to 20% in March 2019.

**From.** Wulf A. Kaal, *Decentralization - A Primer on the New Economy* (2019), II. Types of Decentralization, page 6

**Cite as.** Wulf A. Kaal, Decentralization - A Primer on the New Economy (2019). SSRN: https://ssrn.com/abstract=3406323

**Verify.** sha256 of source PDF `6293780b57a1ae1de17ec00f99cc94295d4f72ea4d08b17a5c08c44772b221db` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Decentralization%20-%20A%20Primer%20on%20the%20New%20Economy.pdf

**Topics.** securities-law, economics, blockchain, innovation

**Keywords.** ico-market, fundraising, blockchain-startups, market-decline

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3409548-032
- restated_by: https://wulfkaal.github.io/claims/3808852-022

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