CoinDesk’s Q2 ‘State of Blockchain’ Report Shows Project Funding Holds Strong as Markets Remain Flat

Bitcoin on-chain transactions have fallen 28 percent following the Lightning Nework’s beta launch in late Q1

CoinDesk, the world’s leading digital media company focused on crypto assets and blockchain, today released its Q2 2018 State of Blockchain Report, widely considered the leading authority on blockchain trends research and analysis since its inception in 2014.

The quarterly report covers market interest in public blockchains with a snapshot of the ten largest cryptocurrencies compared to Bitcoin at the end of each quarter.

The Q2 2018 Report highlights several major trends which has a major impact on the industry during the quarter:

• Markets remained flat, as Bitcoin’s activity on exchanges dipped over the quarter, with total exchange volume down 11%;
• Lighting network grew significantly- at the start of Q2, USD network capacity was $70,275.71, and increased 171% by the end of Q2 to $190,705.99;
• Bitcoin’s hashrate growth slowed- going from 47% growth in Q1 to 26% growth in Q2;
• Simple Agreements for Future Tokens (SAFTs) funding increased. Data from the SEC’s EDGAR database revealed that 37 companies filed regulatory documents pertaining to SAFTs, combining to raise $304mn over the three month period;
• EOS closed its record-breaking ICO of $4.2bn, which was raised over 350 unique events occuring every 23 hours;
• ICOs outperformed traditional VC funding and SAFT growth in Q2, with more than $7.3bn raised across 92 ICOs. The haul raised the cumulative total of ICO funding to $19bn;
• Q2 witnessed continued cryptocurrency hacks and scams, bringing the all-time total to $1.6bn lost as of 6/30/18.

CoinDesk Director of Research Nolan Bauerle said: “We are proud to release our latest installment of the State of Blockchain Report. The data captures the second straight quarter of listless top-line indicators, with significance declines in exchange and transaction volumes. However, the ‘Buidl’ motto has driven an incredible amount of development in the industry over the past quarter despite stagnant prices, and it doesn’t show any signs of stopping going into Q3 2018.”

CoinDesk’s Q2 2018 State of Blockchain Report also includes a user sentiment survey, with more than 1,200 cryptocurrency investors and experts participating in the polling. Notable findings from the survey include:

• Binance leading as the most used exchange at 37%, followed by Coinbase at 23%, Kraken 8%, Bitfinex 5%, Poloniex 4%, Gemini 3%, HitBTC 1%, and all others combing for the remaining 19%.
• 27% of respondents view Malta as the country which is “getting crypto-regulation regulation right”
• 63% of participants believe regulated institutions will tokenize securities (stocks, real estate etc.) within the next five years.

The entire 111-page Q2 2018 State of Blockchain Report is now available to the public, and can be found here.

Bitcoin on-chain transactions have fallen 28 percent following the Lightning Nework’s beta launch in late Q1

CoinDesk, the world’s leading digital media company focused on crypto assets and blockchain, today released its Q2 2018 State of Blockchain Report, widely considered the leading authority on blockchain trends research and analysis since its inception in 2014.

The quarterly report covers market interest in public blockchains with a snapshot of the ten largest cryptocurrencies compared to Bitcoin at the end of each quarter.

The Q2 2018 Report highlights several major trends which has a major impact on the industry during the quarter:

• Markets remained flat, as Bitcoin’s activity on exchanges dipped over the quarter, with total exchange volume down 11%;
• Lighting network grew significantly- at the start of Q2, USD network capacity was $70,275.71, and increased 171% by the end of Q2 to $190,705.99;
• Bitcoin’s hashrate growth slowed- going from 47% growth in Q1 to 26% growth in Q2;
• Simple Agreements for Future Tokens (SAFTs) funding increased. Data from the SEC’s EDGAR database revealed that 37 companies filed regulatory documents pertaining to SAFTs, combining to raise $304mn over the three month period;
• EOS closed its record-breaking ICO of $4.2bn, which was raised over 350 unique events occuring every 23 hours;
• ICOs outperformed traditional VC funding and SAFT growth in Q2, with more than $7.3bn raised across 92 ICOs. The haul raised the cumulative total of ICO funding to $19bn;
• Q2 witnessed continued cryptocurrency hacks and scams, bringing the all-time total to $1.6bn lost as of 6/30/18.

CoinDesk Director of Research Nolan Bauerle said: “We are proud to release our latest installment of the State of Blockchain Report. The data captures the second straight quarter of listless top-line indicators, with significance declines in exchange and transaction volumes. However, the ‘Buidl’ motto has driven an incredible amount of development in the industry over the past quarter despite stagnant prices, and it doesn’t show any signs of stopping going into Q3 2018.”

CoinDesk’s Q2 2018 State of Blockchain Report also includes a user sentiment survey, with more than 1,200 cryptocurrency investors and experts participating in the polling. Notable findings from the survey include:

• Binance leading as the most used exchange at 37%, followed by Coinbase at 23%, Kraken 8%, Bitfinex 5%, Poloniex 4%, Gemini 3%, HitBTC 1%, and all others combing for the remaining 19%.
• 27% of respondents view Malta as the country which is “getting crypto-regulation regulation right”
• 63% of participants believe regulated institutions will tokenize securities (stocks, real estate etc.) within the next five years.

The entire 111-page Q2 2018 State of Blockchain Report is now available to the public, and can be found here.