In our article, The Devs Have Spoken, we discuss the number of total dApps that claim to be based on platforms. Today we take a closer look at the market share of the total amount raised by ICOs across platforms. 

BlockTest collected data from our database on August 162018. Each of the projects in this data set has ICO end dates that have been confirmed. The total raised by year figures are based on the ICO end dates for each of the three years. 

All projects included have been mapped to a valid platform. In total, our data includes 2,667 ICOs which have released tokens across 33 confirmed blockchain platforms. 

About 31 confirmed blockchain platforms are not included as part of this data because we don’t have any ICOs associated with them in our database. In total, 33 platforms are included. 

Of all the platforms that projects have released tokens on, in terms of total amount raised by ICOs, it should be no surprise that Ethereum ranks #1 by a longshot, with ICOs raising $15.7 billion ($15,522,952,732) to date. That’s a staggering 96.24 percent of the total ICO-to-platform market share to date (see chart below). Even Stellar, which ranks second, with ICOs held on its blockchain raising a total of $156,700,000 only makes up less than 1 percent of the total market share. Following Stellar is the Waves Platform, with associated ICOs raising a total of $111,641,490 (0.69 percent of the total market share). 

As seen in the charts below, although the number of blockchain platforms (Ethereum’s competition) grows each year, it’s notable that the Ethereum market share percentage of the total raised by ICOs still increases regardless of its growing competition (83.46 percent in 2016, 95.54 percent in 2017, 96.40 percent in 2018).

However, despite dominating the current market and being the current go-to platform for most ICOs, Ethereum is peppered with issues such as security and scalability. Being the mammoth of a platform that it is, Ethereum may not be able to solve those issues quickly. 

The answers could come by the means of emerging platforms like Neo, EOS, Cardano, and many others that are newer to or now entering the market. Once these and similar projects are further developed, the market will certainly become a lot more competitive. 

Currently, however, the combined market share of already existing platforms outside of Ethereum stands at less than 4 percent. Usually a project that launches its ICO on a platform other than Ethereum is somehow linked to the developers of that platform. The developers either have a partnership contract, know each other personally, or they could just reside in the same country. 

Another obvious reason is publicity. If a certain platform is in the publicity spotlight, some projects might choose it for their ICOs to jump on the bandwagon and raise some extra funds by being associated with a platform, which isn’t a bad strategy. 

So, what do you think? Will Ethereum continue to reign supreme and be the top ICO fundraising platform for much longer? Or will one if its competitors move up to the top? Let us know your opinions in the comments below. 

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