Token Offerings Research Database
Published:
The Token Offerings Research Database (TORD) consists of hand-collected ICOs, IEOs, and STOs. As of March 2025, the TORD is more comprehensive than any other publicly available token offerings database. The TORD partly resolves a number of issues with commercially available data, such as the pronounced survivorship bias. However, neither is the TORD 100% complete nor is it 100% correct (presumably). Therefore, caveat emptor: If you use the data, be aware of these potential issues, and if you spot a mistake, please email me.
The TORD (since version 4) contains more than 10,800 ICOs, IEOs, and STOs in an integrated data file. It is work in progress. Both the number of rows as well as the number of columns will expand over time.
If you use the data, please cite as follows: Momtaz, P.P. (2025) Token Offerings Research Database (TORD), available at: https://www.paulmomtaz.com/data/tord
Version control:
- V1: all token offerings until 12/2020
- V2: Update includes links to Github and LinkedIn websites, the average project rating, the team size, and a Coinmarketcap identifier (enabling you to link more than 1,000 offerings to post-offering token price performance data)
- V3 (live since Oct 2, 2021): Update includes token standard (ERC20).
- V4 (live since Sep 13, 2025): Updates include new token offerings (now 10,807 offerings through 03/2025), updated coinmarketcap codes, and newly matched ERC20 addresses.
TORD_V3_VariableDefinitions.xlsx
Note that, since V4, the rating variables have been collected from various rating providers whose rating scales might have changed over time. Therefore, please take a look at the rating variable and standardized where applicable.
Acknowledgements: Many colleagues have helped to contribute to the TORD, either by rectifying data entries or by providing additional data. I am particularly grateful to Alessandro Bitetto, Niclas Dombrowski, Daniel Liebau, and Johannes Fuchs.