2. General analysis of the ICO market (per week, month).

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1 2. General analysis of the ICO market (per week, month). 2.1 Brief overview of the Cryptocurrency market and events (for the week) Ethereum's Next Hard Fork Is Now Officially Being Tested Charlie Lee: China Bitcoin Mining Ban Rumors are False China Should Issue State-Backed Digital Currency As Soon as Possible : PBoC Researcher Russian Central Bank Officials Question Plans to Legalize Cryptocurrency Vitalik Buterin: Ethereum Will Have Visa-Scale Transaction Capacity in 2 Years SEC Advisory Committee to Discuss Blockchain's Investor Impact Aggregated trends and performance indicators of the past (completed) ICOs A new set of tools is proposed to assess the trends and performance of the successfully completed and/or listed ICOs: Table 2.1. New tools to access the trends and performance of the successfully completed and/or listed ICOs Indicator Characteristics Average collected Average amount of funds collected per ICO project over funds (ACF) the period (a month, a quarter, a year); Average token Average performance of funds spent on buying tokens or performance (ATP) average ratio between the current token price and token sale price over the period (a month, a quarter, a year), i.e. an average reward on $1 spent on buying tokens during the Weighted average current reward on ICO funds (WACRF) token sale, if they are traded on exchanges for USD. Average weighted current performance of funds spent on buying tokens over the period (a month, a quarter, a year). This indicator is like the previous indicator "average token performance" (ATP) but is calculated taking into consideration the weight. As a weight the "average collected funds" parameter (ACF) is used.

2 Weighted average monthly reward on ICO funds (WAMRF) Average weighted monthly performance of funds spent on buying tokens over the period (a month, a quarter, a year). This indicator is like the previous indicator "weighted average current reward on funds" (WACRF) but is calculated based on recalculated average monthly performance. Table 2.2. Aggregated trends and performance indicators of the past (completed) ICOs Indicator January- August **** August **** September 3-10, September 11-17, September 18-24, Total amount of funds collected, * USD million Number of companies which completed an ICO* 2, *** Max collected, USD million (ICO name) ** 347 (EOS) 252 (Filecoin) 20 (Aventus) 49,3 (Kyber Network) 32,0(ChainLink) Average collected funds, USD million Max token reward (ICO name) х (Spectrecoin) 6.39х (0х) 0.50x (Aventus) 0.74x (Blackmoon) 1.45x (ChainLink) Average token reward (ATR) Weighted average current reward on funds (WACRF) ,50 n/a n/a ,50 n/a n/a *Data source: tokendata.io, only for popular and/or successfully completed ICOs (i.e. ICOs which were able to collect the minimum set amount of funds and/or ICOs listed on exchanges. For some ICOs the information may be incomplete (for instance, the amount of funds collected). ** Data source: eos.io, Eosscan.io *** Not counting Filecoin ICO, which has been accounted for in August. Over the past week (September 18-24, ), the total amount of funds collected was 45 million. It resulted from six most successful ICOs, among which the highest collected amount was around $32 million (ChainLink). The average amount of funds collected per project was $7.5 million, which is equal to the numbers for the week of September 3-10, and is half of the $15.9 million collected over the week of September 11-17,. The data for the previous week (September 11-17, ) were adjusted, which resulted

3 in the Kyber Network project taking the lead in the amount of funds collected, at $49.3 million. Please see Table 2.5 for further details. ****Note: An average token reward for completed between January and August was (calculations were made as of the start of September). Consequently, the efficiency of contributions or the ratio between the current token price and the token sale price, i.e. an average reward on 1 USD spent on tokens during its ICO, provided they are currently traded for USD at cryptocurrency exchanges, is $15.71 To calculate this ratio as of September 1,, the authors used the data from 168 ICOs completed between January 1 and September 1,. The maximum token reward for the period in review was for Spectrecoin ICO. The data on contribution efficiency for many ICOs completed after September 1, is incomplete or non-existent Aggregated indicators to assess the market of active and planned ICOs Table 2.3. Aggregated indicators to assess the market of active and planned ICOs Indicator name Value The number of projects conducting an active ICO as of the date (September 24, ) 180 The number of projects planning an ICO as of the date (September 24, ) 265 The number of projects planning an ICO between September 25, and October 1, 24 Data source: tokendata.io, coinschedule.com, coingecko.com and icoalert.com The number of projects currently conducting their ICOs (Active) grew significantly and by the date of the preparation of this report (September 24, ) reached 180. There is information available at present that at least 265 ICOs are planned to be conducted after September 24,, including the 24 ICOs which will start next week Quantitative analysis of the ICO market 1. Amount of funds collected and the number of ICOs Table 2.4. The amount of funds collected and the number of ICOs Month Collected, USD Average collected million The number of ICOs* funds, USD million January February March April May June July August September 3-10, ** September 11-17, last week September 18-24,

4 *Data for funds collected is not available for all ICOs (August, last week) ** Not counting Filecoin ICO, which has been accounted for in August. Table 2.4 that the greatest amount of funds was collected via ICOs in June. In the same month the average amount of funds collected per ICO was $33.17 million. The data for last week (September 18-24, ) may be adjusted as the information on the amounts of funds collected via ICOs is finalized. Figure 2.1. The trends in the amount of funds collected and the number of ICOs conducted from the start of the year 2. Top ICOs Table 2.5. Top 6 ICOs in terms of the amount of funds collected (last week September 18-24, ) # ICO Name Category Collected, USD million 1 ChainLink Infrastructure* Enjin Pre-Sale Gaming & VibeHub Gaming & * cubits Infrastructure* Blocklancer Recruitment* Rakugo Social Network* 0.1 Average collected 7.5 funds, $ Total amount of funds collected** 45.0 * The was defined based on the expert opinions.

5 **Data source: tokendata.io, only popular and/or successfully completed ICOs (i.e. ICOs which were able to collect the minimum set amount of funds and/or ICOs listed on exchanges. For some ICOs information may be incomplete (for instance, the amount of funds collected). Table 2.5 shows top 6 ICOs which successfully completed last week and collected the greatest amounts of funds. In the lead was the ChainLink project which has a relatively narrow specialization providing better interaction between smart contracts and the physical world. The essence of the project is that creates a protected network of oracles which will be providing precise information through blockchain (for example, information on trading at cryptocurrency exchanges). Figure 2.2. Top ICOs in terms of the amount of funds collected (last week September 18-24, )

6 3. Top ICOs in their categories Table 2.6. Top 10 ICOs in terms of the amount of funds collected, Infrastructure ICO Name Category Collected, USD million Date Token Performance Tezos Infrastructure July 13, n/a EOS Stage 1 Infrastructure July 1, 0.66x The DAO Infrastructure May 28, 2016 n/a Bancor Infrastructure June 12, 0.56x Status Infrastructure 90.0 June 20, 0.62x Sonm Infrastructure 42.0 June 17, 0.69x Aeternity Infrastructure 37.0 June 9, 1.19x ChainLink Infrastructure 32.0 September 19, 1.45x Tierion Infrastructure 25.0 July 28, 1.35x Aragon Infrastructure 24.8 May 17, 2.50x Table 2.6 lists top 10 ICOs in the Infrastructure. Virtually all these projects have been conducted in, and some of them are presently getting ready to enter cryptocurrency exchanges and list their tokens. The biggest ICO overall and, specifically, in this is the Tezos project which has collected the highest amount of funds to date $232.3 million. This Swiss blockchain startup positions itself as an independent smart contract platform with a secure network protocol alternative to Ethereum. However, the Token Performance indicators are relatively low for all projects in the Infrastructure. One of the most successful results was achieved when the Aragon's ICO entered the exchange: their Current Token Price to Token Sale Price ratio was 2.5. When considering this indicator, it is important to remember that Aragon's ICO ended on May 17,, so their efficiency grew 2.5 times over the course of about 3.5 months.

7 Figure 2.3. Top 10 ICOs in terms of the amount of funds collected, Infrastructure Table 2.7. Top 10 ICOs in terms of the amount of funds collected, Gaming & ICO Name Category Collected, USD million Date Token Performanc e MobileGO Gaming & 53.0 May 24, 0.59x Decentraland Gaming & 26.2 August 17, 0.62x DMarket Gaming & 10.9 August 21, n/a Enjin Pre-Sale Gaming & 10.8 September 18, n/a FirstBlood Gaming & 5.5 September 25, 4.71x 2016 VibeHub Gaming & 1.4 September 21, n/a Augmentors Gaming & 1.1 February 28, 30.77x Back to Earth Gaming & 1.0 April 28, 0.63x Beyond the Void Gaming & 0.4 November 30, x Gilgam Gaming & July 18, n/a Table 2.7 lists top 10 ICOs in the Gaming &. Virtually all these projects have been conducted in, and some of them are also getting ready to enter

8 cryptocurrency exchanges. Beyond the Void project is currently in the lead in this. Its token performance Current Token Price к Token Sale Price is 104.7, i.e. its rate grew 100-fold over the past 10.5 months. This demonstrates the high popularity of the multiplayer online game which is styled as an outer space battleground in which Ethereum token Nexium (NxC) buy additional game features. Figure 2.4. Top 10 ICOs in terms of the amount of funds collected, Gaming & Table 2.8. Top 3 ICOs in terms of the amount of funds collected, Recruitment ICO Name Category Collected, USD million Date Token Performan ce Indorse Recruitment 9.0 September n/a 7, ChronoBank Recruitment 5.4 February 2.17x 14, Blocklancer Recruitment 0.3 March 26, n/a Table 2.8 lists the three ICOs completed in this. All these projects have been conducted in.

9 Figure 2.5. Top-3 ICOs in terms of the amount of funds collected, Recruitment Table 2.9. Top 4 ICOs in terms of the amount of funds collected, Social Network ICO Name Category Collected, USD million Date Token Performan ce Nexus Social Network 6.5 September n/a 15, Matchpool Social Network 5.6 April 4, 1.80x Golos Social Network 0.5 December 5.57x 3, 2016 Rakugo Social Network 0.1 September 19, n/a Table 2.9 lists the four ICOs completed in this since late 2016.

10 Figure 2.6. Top 4 ICOs in terms of the amount of funds collected, Social Network