The Telegram and EOS token sales have been the subject of much controversy. The team behind the EOS blockchain (Block One) ran a token sale that started in June 2017 and concluded in June 2018, raising $1 billion in 2017 and more than $3 billion over 5 months of 2018. The team behind Telegram raised $1.7 billion in two private rounds and canceled their initial plans for a public token sale in Q1 2018. Token Returns and Model Portfolio The following graph maps the performance of ICO-issued tokens with sufficient historical data against investments in ETH and BTC. Since January 2017 inception, a portfolio Only 1/3 of invested in ICO-issued tokens would have, on average, outperformed a portfolio holding only ETH or BTC in dollar terms as of Q2 2018. Compared to 2017 year end and Q1 2018 performance, however, the relative outperformance of ICOs has become marginal as a result of the market correction. all 319 tokens actually 4000 outperformed 3000 2000 both ETH 1000 and BTC 0 1/1/2017 4/1/2017 7/1/2017 10/1/2017 1/1/2018 4/1/2018 BTC ETH Tokens USD invested Crypto Returns Analysis from their Listing Time Source: Token Data We analyzed close to 2,000 cryptocurrencies from their public market perspective, looking *Dataset consists of all ICOs that have raised over $1m since 2017 and have publicly available at their returns behaviour from the first day of being listed on crypto exchanges, and issuance and trading data (319 tokens in total). aggregating tokens into cohorts based on their listing year (Graph 1) and highest market **Returns are calculated assuming an investment of $1 in each ICO, and $1 in ETH and BTC at capitalisation ever achieved by the token (Graph 2). the same time as each ICO. No rebalancing or weighting has been applied. 10 11