The Initial Coin Offering boom turned Ethereum from a research project into a speculation engine. Projects with whitepapers and no code raised tens of millions in hours. By 2020, studies found 80%+ of 2017 ICOs had either been rug-pulls or quietly failed. The era ended with SEC enforcement and the Chinese government's September 2017 ban.
market·June 1, 2017
ICO Boom Peak
ERC-20 token sales raise $5.6B in 2017. Most projects have no product. Many are outright scams.