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Gnosis $300M ICO Valuation

Published April 24, 2017

Last week we wrote on the Ethereum ICO ecosystem in the lead up to the Gnosis token sale. Gnosis, which aims to revolutionise prediction markets using the Ethereum blockchain and the “wisdom of the crowd”, opted for a reverse Dutch auction for their ICO. To put it simply, this style of auction meant that the faster Gnosis tokens (GNO) sold, the higher the proportion of total token supply would remain with the developers and the higher the price per token – investors were therefore incentivised to wait for a lower price as time went on.

In the previous article, I conservatively anticipated that the ICO would last no longer than a week. Embarrassingly, the ICO lasted no more than 12 minutes, exhausting the full 250,000 ETH target in record time. The result? Thanks to the reverse Dutch auction format, investors now hold just 4.2% of the total GNO supply, with the remaining amount set aside for the Gnosis developers. The total valuation of the Gnosis platform now stands at – quite obscenely – $313M.

To put this into perspective; Facebook with 5.5 million active users in 2005 was valued at $87.5M. More closely related, the competing prediction market Augur, with an established beta platform and an existing userbase, was valued at $130M ahead of the ICO. Interestingly, Augur’s price increased by nearly 40% in the hours following the end of the Gnosis ICO.

With the upmost respect for blockchain investors, this latest ICO has highlighted a craze that may well indicate the beginnings of a “Dot Com” style bubble. Whilst it would be fair to anticipate that this may be some years off (investing and securing coins/tokens eludes the vast majority of traditional investors), such a high valuation of a company with no working product is unprecedented.

Now that the ICO has completed, we are very excited to feature GNO on this site once it hits the exchanges. Stay tuned.

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Ethereum’s ICO Economy

Published April 12, 2017

Initial Coin Offerings (ICO) or “token sales” have raised in excess of $80M so far this year. An ICO allows startups and established businesses (although the latter is far less common) to raise funds through a token sale. Willing investors purchase the token with the expectation that the value of the token will rise; later selling the token on an exchange for profit. Each startup will set their own rules about the supply (often fixed) and distribution of each token. The value of each token is partly driven by the platform (Dapp), where the token is required to interact with it. For example, the prediction market platform Gnosis (whose token sale launches on 24th April) is offering up GNO tokens in return for Ether which will be used to fund the platform. These GNO tokens will then be used to create WIZ – the currency of the platform – allowing users to engage with applications built on Gnosis. The value of GNO (at least in the long run) will therefore be a direct reflection of the adoption of the Gnosis platform.

But the hype surrounding token sales is rapidly reaching fever-pitch levels. Earlier this month, Blockchain Capital raised $10M in 2 days during their venture capital fund token sale – reaching their cap and closing 26 days earlier than planned. A much lesser known brand TaaS (another blockchain based fund) has so far raised $4M with 2 weeks remaining in their ICO. Many other token sales have also raised 7 and 8 figure sums, including Chronobank, Melon and Golem to name a few.

The one thing all of these ICOs have in common? They don’t have a product yet. Tens of millions of dollars are flowing into ICOs in speculation not seen since the Dot Com Bubble, and all despite the fact that for many, entering the cryptocurrency space is filled with barriers – technical knowledge being the greatest. As the market matures and these barriers inevitably fall, it is possible that we will see the bubble of the decade. Repeating that of what was seen when the Internet began entering the mainstream in the late 1990s.

ICO Hype Proxy

Gnosis opted for a modified Dutch auction in their token sale; dramatically decreasing the incentive for investors to get in early. There would be no better signal for “hype” than if this token sale reaches its $12.5M cap and closes in a matter of days. My money is on it not passing the first week of its 1 month duration.

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Ethereum’s Dramatic Rise in Value and V1.2 Release Notes

Published March 29, 2017

For some time now, Ethereum has been more than a single currency blockchain. The past 12 months have seen huge changes in the Ethereum ecosystem, and a number of Ethereum-based tokens have launched with many becoming enormously successful. The price of Ether is now reflecting the value of the network as a whole. Whether it’s increased adoption of the public Ethereum blockchain, or private blockchain initiatives operating alongside, there is clearly an increasing demand for currencies beyond just Ether. Whilst Ether will always be the “gas” that keeps the Ethereum Virtual Machine running, these other tokens are becoming of enormous interest to investors and users alike.

Following the expansion of Ethereum, I decided to add in a number of ERC20 tokens. Here are the latest release notes for v1.2:

Release notes:

  • 3 new tokens added: Digix, Golem, Augur
  • Several new pairs added for these tokens, including ETH, BTC and fiat pairs
  • Now taking feedback and suggestions at – please don’t hesitate to get in touch, I’ll do my best to respond to everyone

Please note that historical data is not available for these tokens. This data will be collected from today.

Thanks for enjoying the site!


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V1.1 Release Notes

Published February 27, 2017

Following our poll last week, I spent the last several days developing some features to integrate additional exchanges and ETH pairs to make this dashboard more useful. We have launched with 4 new exchanges, and a range of currency pairs including ETH/JPY. By default this website will display ETH/USD using weighted average exchange data from

Release notes:

  • 4 new exchanges added: Kraken, Poloniex, Bittrex, Bitfinex
  • 5 new ETH pairs added: ETH/BTC, ETH/EUR, ETH/GBP, ETH/CAD, ETH/JPY
  • Decimal granularity also available, allowing a display of values in up to 6 decimal places
  • Slight UI changes

Please note that historical data (for graphing) is currently only available for the weighted average ETH/USD pair.

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