100% Successful ICOs 33% 60% 64% 74% Github commit activity Failed ICOs 75% BEFORE and AFTER 67% 50% fundraising start : 40% 36% 25% 26% Weekly ICO repository activity pre- and post- fundraising shows a clear increase in 0% the number of active repositories during the weeks leading up to the fundraising Over 12 months 6-12 months 3-6 months Less than date. For successful ICOs, code commits spiked typically between 2 - 4 weeks prior 3 months Source: Fabric Ventures analysis to the token sale date, suggesting many of these projects had a last minute push for Our analysis also shows, unsurprisingly, that the success of an ICO project is highly code finalisations prior to fundraising. For failed ICOs, in turn, the noticeable drop in dependent on the amount of time developers spend working on code - which is code commits over the fundraising period likely suggests a lack of funding and, as normally reflected in the Github repository activity. That is, the more mature the such, interest in the project. Failed projects with continued activity can be attributed Github project, the more likely it is to be successful when fundraising. 74% of projects to developers choosing to carry out the project despite insufficient funding. that created their repositories in 3 months or less before fundraising failed to raise money. Many of these projects did not have working code to show to investors, and failed initial investor due diligence. Code commits pre- and post- fundraising Along the same vein, ICO projects with less repository contributors have a drastically higher likelihood of failure. Of all analysed ICOs, 76% had 1- 3 contributors. This number raises to a staggering 89% viewed within the scope of failed ICOs. 60% Successful ICOs tend to have large communities of contributors s O C I l 40% a t o 60% t Failed ICO f o e g a Completed ICO t n 20% e s c O r C e I 40% P l a t o t f 0% o e g -5 0 5 10 a t n 20% e Number of weeks to fundraising start c r e P 0% Completed ICOs % Failed ICOs % 1 1-3 3-5 5-10 10-20 more than 20 Number of contributors Source: Fabric Ventures Github analysis of 140 ICOs (109 had <= 3 contributors, 31 had > 3 contributors) Source: Fabric Ventures analysis 26 27