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<p>While Initial Coin Offerings (ICOs) have revolutionized digital fundraising, academic research into their effectiveness remains fragmented. This study synthesizes a decade of literature (2014–2024) by analyzing 322 peer-reviewed articles to map the field s evolution from its technical origins to its current focus on governance and long-term survival. We identify five ’pillars’ that drive project success: high-quality technical documentation, transparent code activity on platforms like GitHub, independent expert ratings, diverse team expertise, and active community engagement. Crucially, the research uncovers a ’sustainability paradox’ where ESG-focused projects attract high initial funding but often struggle to survive long-term due to structural constraints and high capital demands. These findings provide a strategic framework for regulators to move beyond simple fraud detection toward enforcing structural accountability, while offering developers a practical roadmap for creating sustainable, utility-driven token models.</p>

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Initial coin offerings: a systematic literature review and bibliometric analysis

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年5月30日

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  • Alireza Hassanzadeh,
  • Mohammad Hossein Jalali,
  • Mohammad Jahanbakht

摘要

While Initial Coin Offerings (ICOs) have revolutionized digital fundraising, academic research into their effectiveness remains fragmented. This study synthesizes a decade of literature (2014–2024) by analyzing 322 peer-reviewed articles to map the field s evolution from its technical origins to its current focus on governance and long-term survival. We identify five ’pillars’ that drive project success: high-quality technical documentation, transparent code activity on platforms like GitHub, independent expert ratings, diverse team expertise, and active community engagement. Crucially, the research uncovers a ’sustainability paradox’ where ESG-focused projects attract high initial funding but often struggle to survive long-term due to structural constraints and high capital demands. These findings provide a strategic framework for regulators to move beyond simple fraud detection toward enforcing structural accountability, while offering developers a practical roadmap for creating sustainable, utility-driven token models.