EtherDelta has become the most successful decentralized application (dapp) in the history of Ethereum, and it is currently solely accountable for 14 percent of all transactions in the Ethereum network.
Over the past year, blockchain startups have raised more capital through initial coin offerings (ICOs) than venture capital investment, securing over $1.3 billion in 2017 alone. Some of the most successful ICOs have raised hundreds of millions of dollars, with Tezos securing over $232 million.
But, the vast majority of blockchain startups that have conducted successful ICOs and raised large amounts of capital are yet to demonstrate successful use cases of Ethereum at a large commercial scale. Some ICOs have not even released the alpha version of their software.
The inefficiency of ICO-conducting blockchain startups and the lack of preparation in terms of product delivery and software development have triggered criticisms from the cryptocurrency sector.