Many of the projects that raised millions during the initial coin offering (ICO) boom have struggled to maintain relevance or even survive. Here’s a look at the current status of 10 of the most notable ICO projects:

1. EOS

EOS was meant to revolutionize blockchain technology with fast, scalable solutions. Block.one, the company behind EOS, raised $4.2 billion, making it the largest ICO ever. However, they became sidetracked with other projects like the Bullish exchange and Voice, a social media platform. The EOS Network Foundation was later created to refocus efforts on EOS itself. Today, EOS is still active but has fallen significantly in value, with its price down 97.7% from its peak.

2. Telegram Open Network (TON)

TON aimed to integrate blockchain technology into the Telegram messaging app. After raising $1.7 billion, the SEC halted the project, and Telegram had to return the funds. The project was later revived by independent developers as "The Open Network," and it continues to operate under this new identity.

3. Tezos

Tezos raised $232 million with the promise of a “self-amending” blockchain, allowing users to vote on protocol changes. Internal conflicts and legal issues slowed its progress. Despite these setbacks, Tezos remains active with ongoing updates, but its token has dropped 92% from its all-time high.

4. Filecoin

Filecoin raised $233 million to build a decentralized storage network. While its initial hype has faded, Filecoin continues to function as a storage service. Its market cap is currently $2.2 billion, but its token price has dropped significantly from its peak.

5. Dragon Coin

Dragon Coin was designed as a gambling token for the Asian market, raising $320 million. However, its ties to organized crime and other scandals led to its downfall. Today, Dragon Coin is considered dead.

6. HDAC

Backed by Hyundai, HDAC raised $258 million to create an enterprise blockchain. The project initially showed promise but faded into obscurity, with no updates since 2020. It is presumed inactive.

7. Sirin Labs

Sirin Labs raised $157.9 million to develop a blockchain-based smartphone. Despite releasing the Finney phone, the project failed to gain traction in the competitive mobile market. Sirin Labs is now defunct.

8. Bancor

Bancor raised $153 million to create a decentralized exchange. It continues to operate today, focusing on its Carbon project, but it has restricted U.S. customers due to regulatory concerns. Bancor's token has lost 95% of its value from its peak.

9. Bankera

Bankera, which aimed to provide a crypto-friendly alternative to traditional banking, raised $153 million. Despite ongoing efforts, including a shift to the ERC-20 token standard, the project has seen limited success and currently has a very low market cap.

10. Polkadot

Founded by Ethereum co-founder Gavin Wood, Polkadot raised $145 million and continues to thrive. It provides a platform for building new blockchains (parachains) and has seen a growth in active users. However, its token is still down significantly from its all-time high.

In summary, while a few ICO-era projects like Polkadot have managed to remain relevant and active, most have struggled or failed to deliver on their initial promises. The ICO era was a learning experience for many in the cryptocurrency space, highlighting the challenges of sustaining long-term success.
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