# kaal:claim:3808852-022

**Claim.** The ICO share of blockchain startup fundraising collapsed from 80 percent to around 35 percent by August 2018, recovered only marginally to 40 to 50 percent between September 2018 and February 2019, and then fell to 20 percent in March 2019.

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

**Holds when.**

- measured as percentage of total fundraising of blockchain startups

**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 and Feedback Effects* (2021), IV. Market Decentralization, page 15

**Cite as.** Wulf A. Kaal, Decentralization and Feedback Effects (2021). SSRN: https://ssrn.com/abstract=3808852

**Verify.** sha256 of source PDF `31e91158fdeefebc2f0be54ebf89751f7cdd4c89ecea932888f5ba9be6b1caba` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Decentralization%20and%20Feedback%20Effects.pdf

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

**Keywords.** ico-market, blockchain-fundraising, market-data, venture-funding

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3406323-004
- restates: https://wulfkaal.github.io/claims/3409548-032

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