The year-long, ongoing ICO for EOS is now projected to give the network a value of over $10.4 billion. The sale has so far raised around $700 million, with 680 million out of 1 billion total supply sold so far.
Tokens are trading at $10.65 which means the market cap based on the current supply is $6.7 billion – making it the twelth largest cryptocurrency by market cap.
If EOS continues to trade at $10.65 after all one billion tokens have been sold, it will be the eighth most valuable cryptocurrency of the 1300 or so currently in existence.
Controversial, Unconventional, Popular
The EOS network which is being developed by Block.one is controversial, unconventional and incredibly popular with investors. The code has yet to be written and the white paper even goes so far as to say the token may have no real purpose – and yet it has raised more money than any other ICO of the 1600 thought to be in existence.
EOS is a blockchain that aims to be a more developer-friendly blockchain than Ethereum, and with more functionality. While the ICO is being run on Ethereum, it will ultimately have its own blockchain.
Much of the popularity of the token seems to stem from simple faith in the team behind Block.one. The CEO is well-known internet entrepreneur Brendan Blumer and the CTO is Daniel Larimer who was involved with Steem and BitShares.
Brock Pierce, Chairman of the Bitcoin Foundation and co-founder of Blockchain Capital, is also an advisor and partner.
The ICO is unique, not just because it lasts for almost a year, but because of the way tokens are allocated. Every day for 350 days, 2 million tokens are made available. They are then awarded in proportion to the total ETH contributions received.
While contributions for the current sale period can only be made in ETH, those who buy EOS tokens can use them to contribute to future sale periods. The unconventional and drawn out token sale seems to building a cult-like following around the project, despite sharp criticism from some quarters.
For a grounded understanding of the EOS project, you can consult our feature article on the subject here.