New cryptocurrencies aren’t raising money like they once did, even during marathon sales.
In the first half of 2018, the average initial coin offering (ICO) raised $25.5 million, based on data reported by PwC. The biggest ICO of them all, the yearlong EOS offering, closed during that era and raised a whopping $4.1 billion.
But a second ICO that aimed to make EOS more usable and also opted for a yearlong approach hasn’t drawn as much investor interest.
LiquidApps is building a second-layer solution for EOS that runs on the company’s DAPP token, which has been sold in daily auctions since February 2019. At the end of its 233rd auction cycle on Aug. 19, the DAPP sale had raised just $2.8 million worth of cryptocurrency.
A source with knowledge of the LiquidApps fundraise told CoinDesk:
“They’ve done an interesting job and [have been] innovative in learning from the Block.One sale and mechanics in crafting how a fundraise for a project should be done. Where they’ve struggled is, not just different market conditions, but finding the right investors and participants for their sale that fully understand the value proposition for the project.” Source...