From 1 July through 25 September, 59% ICOs failed to meet their own objectives of collected funding, while in June there was only one project which did not meet its funding aim.

Such results were discovered during research made by the California-based consulting firm Architects Partners. According to their findings, the level of capital raised from a failed token distribution is rapidly declining, from a median of $4 million in July 2017 to $2 million in September 2017. 21 ICOs (43% of the total) raised $1 million or less.

46 projects have completed an ICO in line with their stated objectives, raising over $1.6 billion. On average these projects have raised $36 million.

"We are clearly seeing a first step in the maturation of the ICO market. While each token distribution success and failure requires its own analysis, it’s clear that the market is doing what markets do best: make efficient decisions," writes Eric Risley from Architect Partners.

Architect Partners evaluated over 100 project white papers augmented by data published by Smith + Crown and