Research into the top ten crypto deals in 2017 based on their investment returns (ROI) has revealed that on average each returned over 136,000 percent, according to data shared with Cointelegraph by Crypto Finance Conference (CFC) analysts July 27.

Out of all the crypto projects that raised a minimum of $1 million in 2017, IOTA (MIOTA) clinched a staggering 614,934 percent return for investors, sealing the top spot in the researchers’ rankings.

IOTA is an Internet of Things (IoT)-focused crypto platform that uses a so-called Tangle system. The protocol is different from blockchain, in that it does not use “blocks” or mining, but rather is built upon a directed acyclic graph (DAG) — a topologically ordered system in which different types of transactions run on different chains in the network simultaneously. CFC notes that the project is “expected to reach 75 billion connected devices by 2025.”

In second place is Nxt, a blockchain-powered, decentralized ecosystem that focuses on crowdfunding, governance, cloud services and digital asset exchange. Investors in the project’s native NXT token saw returns of over 500,000 percent.

Open-source blockchain platform Ethereum (ETH) — co-founded by Vitalik Buterin, who has characterized the project’s ambition as nothing short of becoming a “world computer” — ranks third, after bringing over 141,000 percent returns to its investors.

Andrea-Franco Stöhr, co-founder and CEO of CFC, said of the research findings:

“No project in the top ten had an ROI that was less than 6,000%—gains that are unfathomable for investors in many other markets. These numbers demonstrate the strong upside and myriad real-world applications for cryptocurrency. Also, the extreme success of infrastructure projects suggests investors should be seeking foundational companies that will redefine the internet in the next 10 to 15 years.”

ROI-Driven Crypto Research Findings. Source: Crypto Finance Conference

Earlier this week, Reddit co-founder Alexis Ohanian — whose VC firm Initialized Capital was one of Coinbase’s first investors — gave his own perspective on crypto investments. Ohanian said his bets are on “the picks and shovels” of the nascent space — in other words, those projects that are building the “robust” but admittedly “unsexy” infrastructure that will cement the industry’s foundations.