kaal:claim:3606663-011

Capped ICO raises, adopted by the crypto community to reduce investor uncertainty about platform valuation in uncapped raises, backfire because the cap creates strong incentives for investors to get in first, raising the likelihood of retail investor frenzy.

However, capped ICO raises create significant incentives for investors to attempt to get in first, raising the likelihood of retail investor frenzy.

Kaal, Digital Asset Market Evolution (2020), 4. Regulatory Uncertainty, p. 36
https://ssrn.com/abstract=3606663 · source PDF

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

• capped ICO raises
• retail investor participation

failuresupport: arguedfailure: capped raise induces investor frenzyfamily: staking-and-incentive-misalignmentsecurities-law

• extends kaal:claim:3067615-035 Capped token issuances became the dominant structure between 2016 and 2017 because a cap increases the likelih...

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