kaal:claim:3606663-006

By 2019 the ICO market had lost its defining advantage over venture capital: because most ICOs between 2018 and 2019 imposed one to three year lockups, neither market offered early liquidity to investors or issuers, making the two substantively similar.

Most ICOs during that period required one to three-year lockup period for their investors. Accordingly, the ICO market in 2019 is very similar to the venture market in the sense that neither of these markets offers early liquidity to investors and issuers.

Kaal, Digital Asset Market Evolution (2020), 2. Initial Coin Offerings, p. 16
https://ssrn.com/abstract=3606663 · source PDF

Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

• ICOs conducted between 2018 and 2019
• lockup periods of one to three years

failuresupport: arguedfailure: lockups erase the early liquidity advantage of ICOsfamily: token-transferability-defectsecurities-lawinnovationdefieconomics

• supersedes kaal:claim:3406323-005 ICOs changed the venture funding market because they provide investors liquidity far faster than the tradition...
• supports kaal:claim:3406323-006 During the ICO boom years the venture capital market in the decentralized technology sector ground to a halt, ...

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