Another ERC20 Initial Coin Offering (ICO), another ridiculous amount of money, in another ridiculously short period of time. This time around, it’s with the Aragon Project, a play at making “unstoppable organizations on the blockchain.”

Not gonna lie, I played with their Alpha release, and enjoyed it. It has potential to do some cool stuff. The goal of this article is not to critique the platform, but only to look at the distribution of Ethereum ICOs to help people see the trends of the space. You can draw your own conclusions and make your own speculations.

ICO Details:

Started May 17, ~6pm GMT

Started on block 3,723,000

Ended on block 3,723,134 (Last successful valued tx)

(Last successful valued tx) Investment window 33.5 min ((3723134–3723000) * 15 / 60)

((3723134–3723000) * 15 / 60) See here for more specific details of how they plan to use the money and its vesting schedule, etc.

How’d I do it?

This was all done using Project Jupyter notebooks and the Pandas package. The transactions were retrieved using my Python bindings to the Etherscan.io API (tagging Matthew Tan). The methodology is very similar to my previous articles on Gnosis and TokenCard, and the jupyter notebooks of all of it can be found in a new Github repo.

In particular, I retrieved all transactions from the AragonContract address from Etherscan.io, and parsed out the ones that had an error or had a value of 0 ETH. This is my dataset. All conclusions and numbers are derived from that. That being said, the plots include all transactions, included the ones that had an error. I find it interesting to see the behavior of the contract with those that try and interact with it.

The Data!

Ok, from the dataset, we have the following:

Total ETH raised: 274,989.993538

Total Transactions: 6593

Total non-zero txs: 2915

Total zero txs: 1830

Total error txs: 2093

Total unique addresses: 2616

Total out of gas txs: 651 ( worth 30509.78876345497 ETH )

No need to do a token breakdown, because they only accepted ETH. Other tokens were pushed through ShapeShift.io first if someone desired to use them. In fact, there were two addresses that showed an abnormally high number of zero value transactions calling the transfer function of the Aragon contract, listed below:

address: num_txs:

0x5e575279bf9f4acf0a130c186861454247394c06 139

0xfbb1b73c4f0bda4f67dca266ce6ef42f520fbb98 134 (Bittrex)

The second address listed is the Bittrex exchange, and the first isn’t listed on Etherscan. It is plausible to assign this address to another exchange, my bet would be Shapeshift. A more detailed analysis would show what portion of people invested through these two addresses, I didn’t look much further than what you see here.