The First Yearlong ICO for EOS Raised $4 Billion. The Second? Just $2.8 Million

Published on by Coindesk | Published on

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One's yearlong initial coin offering for the EOS blockchain raised a record-breaking $4.1 billion in 2018.

LiquidApps created a second-layer protocol for EOS to offload computing expenses for dapps, which became very expensive just a few months after EOS launched.

One had sold $700 million worth of EOS. 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 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.

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.

The LiquidApps solution is meant to take pressure off the EOS blockchain's RAM system, which has gotten bogged down as computing resources have proven to be the scarce asset on the fourth-largest blockchain by market cap.

"If $4 billion was not enough to yield an EOS network that is functioning smoothly, the thing to do is not to seek additional funds for more work in the same vein, but to question what went wrong with the original design of the RAM market in EOS.".

The first product from LiquidApps was vRAM, a way for EOS dapps to offload most of their RAM needs to a second, less expensive layer.

"We believe The DAPP Network should be a separate, complementary ecosystem to EOS. While EOS Mainnet is where the consensus is established, the DAPP Network is a secondary trustless layer; and having a unique token, the DAPP token, will allow this ecosystem to flourish."

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