A group of researchers from the Erasmus University published a paper analyzing the determinants of success for 630 ICOs performed between August 2015 and December 2017. The researchers wanted to determine why some projects succeed in raising ICO funds while others do not. Their research found that successful ICOs have:
- Pre-ICO GitHub repositories.
- Presale for early investors.
- A shorter planned token sale duration.
- A large project team.