The document contains data on cryptocurrency transaction volumes and prices from Q1 2016 to Q2 2017. It shows: - Bitcoin, Ethereum, Litecoin and other cryptocurrency daily transaction volumes and average transaction fees increased substantially over this period. - The price and market capitalization of Bitcoin and Ethereum significantly increased, with Ethereum's market cap exceeding $35 billion in Q2 2017, up from $4.6 billion on April 1, 2017.

16. Quarter BTC LTC ETH ETC DASH XMR ZEC Total
Q1 '16 201,633 4,453 20,242 20,242 1,582 580 248,733
Q2 '16 220,659 5,519 40,895 40,895 1,184 434 309,586
Q3 '16 218,831 3,432 45,109 21,324 1,549 1,038 291,283
Q4 '16 260,987 3,455 42,908 14,658 1,238 1,600 324,846
Q1 '17 286,052 3,345 58,291 19,890 3,118 2,720 2,582 375,996
Q2 '17 290,845 11,707 154,176 27,524 4,893 2,796 4,071 496,013
Average Daily Cryptocurrency Transactions

17. Quarter BTC LTC ETH ETC DASH XMR
Q1 '16 $0.08 $0.05 $0.01 $0.04 $0.07
Q2 '16 $0.13 $0.02 $0.01 $0.08 $0.11
Q3 '16 $0.18 $0.02 $0.01 $0.00 $0.09 $0.33
Q4 '16 $0.24 $0.02 $0.01 $0.00 $0.13 $0.13
Q1 '17 $0.62 $0.03 $0.01 $0.00 $0.12 $0.38
Q2 '17 $2.40 $0.11 $0.22 $0.01 $0.10 $1.09
Average Cryptocurrency Transaction Fees

20. Decentralized
Exchange
Interoperability

21. Bitcoin was created with the start of open mining. ≈16.5 million BTC has been
mined out of the 21 million that will ever be mined (≈79%).
Ether was created with a crowdsale before the start of open mining. ≈60
million ETH (≈83%) was sold to the public and ≈12 million ETH was created for
the Ethereum Foundation (≈17%). Since, ≈22 million ETH has been mined out
of the currently known amount that will ever been mined.
Zcash was created with the start of open mining after the Zcash Electric Coin
Company received investment funding in exchange for corporate ownership
and a portion of future block rewards. ≈2 million ZEC has been mined out of
the 21 million that will ever be mined (≈10%).
Ripple XRP was created by allocating 100 billion XRP to Ripple Labs (80%) and
the 3 founders (20% total). ≈38 billion XRP has been sold and distributed to
the public since. No additional XRP will ever be mined or created.
Golem Network Tokens were created with a crowdsale. 820 million GNT
(82%) was sold to the public and 180 million GNT (18%) was created for the
Golem Factory, team members, and early contributors. No additional GNT
will ever be mined or created.
Augur Reputation was created with a crowdsale. 8.8 million REP (80%) was
sold to the public and 2.2 million REP (20%) was created for the Forecast
Foundation and founders. No additional REP will ever be mined or created.
Gnosis GNO was created with a crowdsale. ≈0.4 million GNO (≈4%) was sold
to the public and ≈9.6 million was created for Gnosis (≈96%). No additional
GNO will ever be mined or created.

22. -- New CoinDesk ICO Website Tool:
Market Center (beta version)
Markets Center New Individual Asset Pages
Anl:t .,,,,... Ori� 2:4hP.rtce� '2Ch Trading v..._, Ouncntxwr 0...1cnl! V.lu•tii:fl
Ripple (XRP) Price Closing Price C. OHLC
Bittwl BTC tl;.l'l.92 32 Sl,!r'..3,!,110,000 l&,501.387 SE<!-479,759,6 •
1h 12h Id 1w 1m 3m 1y All May 15, 2017 to Aug 15, 2017
Etherem ETH SU'l.2:? .3a� $1,040.a&O.OOO �.01UM S2',.Sl<l,i6�oa1
.c RIPJII• XRP $0.• ....,- $il0,i,�J00 38.�:l.S-!1.= $i,_wgJ;9'HJ:l
i0.35
0 Ui�CHl"I BCH •=.3 -0 57"' si135, 73.000 16-.4-92.350 s.:,a;L01s..322
$03
Litttoin LTC �2..;.s, .539� s-203.os.,.ooo E2.�.582 S'2.22i.1"".9&D
S0.25
fO MO S,,1.57 -100-'A: s2•0.se,.ooo M.000.000 Sl.072.678.420
$0.2
D D,..., DAS $»>-,o 3 r,a $11.612.600 7.49..617 $1"$33.9<2.,,,
$0.15
• 1;0•11reumOl11ic ETC $13..36 -us,; si52,06.2.600 9'.&4ll.829 $1.26]."89,919
°"'"' a '5R.:.I -1.67!! -S65;isa.roo Ei,000,000 S850,3E0,1i8 29. May 12.Jun '.le.Jun 10.Jul 24.Jul 7.Aug
� M'onero XMR s,,,.,. ,I) o,,. $15,!�100 ,0'.!!1,179 $7'13,301,091
$0.17 "'$-0.01
$0.16
Today's Open Change
T-7.84% Today's High $0.17 Market Cap $6B
Omis-tGo OMG S659 121'li S7a.S&0.200 94.31,.02• s�a.s,,g_e.., Today1
slow $0.16 Supply 38,343,841,883
SUiUI STRAT S6:U s19,; ,>29.21>'.100 11U0-'.19-l S613.6il.Sff2
.. WiMU WAVES S,1_99 511;'5 S,;,B(Kl,-16(1 100,000,000 5'99,'.!0'l,302
• EOS EOS su;., u.. S62,ll3,a00 1.a;,1oQ1,€JU S,70,S0,<,16<
Ci,) ?Q<h ZEC 91 1�2'115 S21. i-'.300 '-�',», S:03.130.161
Btcsll�rt:5 a-, i0. _,_n� .$5St2i9.700 ..S9i.660.000 $]7ti,,S .�1
9 Te- USDT S0.99 O.OS"l -!>200,U,1,000 "]19.501,302 5319.�69,152
Coming soon! a S.tm.is S T S0.0-9 o,;, S:l51,9a-7.ZOO '3,47(1,.:a3,,1aS 7.blS.!.5'2
coindesk 0 Nn l,(l(T $0.IO 387'1 $ ·.31•..SOO m.PG-9.983 $'109.073.•91 State of Blockchain - Q2 2017 22

27. CNY

28. CNYUSD
JPY
USD
CNY
JPY

30. Q2 ’11:
4,253% Q4 ’13:
1,049%
Q2 ’17:
$1,929
Q4 ’13:
$1,047
Q1 ’13:
683%

33. Transaction volumes on the bitcoin network
have very limited room to grow.
The current state of the bitcoin blockchain:
- Average transaction sizes (≈ 500 bytes)
- Maximum block size limit (≈ 1 MB)
- Average block times (≈ 10 minutes)
Thus:
- ≈ 2,000 transactions fit in each block
- ≈ 144 blocks are found each day
- ≈ 288,000 transactions can be added
to its blockchain each day

38. ---
$40bn
$3Sbn
$30bn
$2Sbn
$20bn
$1Sbn
$10bn
$Sbn
�
,_,,e<Q'
Data Source: 1r
�
cJ
<:l
· coindesk
Ether
Historical Market Cap
"'<o "'<o ..._<o �
� � ,_,,e<t cJ
�'lf ...,-:s Q
e
i(
�
�'lf
Ethereum Skyrockets to All-Time High,
Exceeds $35bn in Market Cap
Ethereum
02 2017 Market Cap Jun. 30:
$40bn $28.4bn
$35bn
$30bn
$25bn
$20bn
$15bn
Apr. 1:
$10bn
$4.6bn
$5bn*
�
...,-s Apr May Jun
2017
State of Blockchain - Q2 2017 I 38

43. ---
Data Source:
*-
(1)
E
:::J
>
0
f-
0
(1)
..c
Poloniex Continues to Lead Volume by Large Margin in BTC Markets,
Coinbase Leads Narrowly with USD
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
April
Ether Exchange Trading Volume (BTC)
Share of Total Volume Across Exchanges
• Poloniex Bittrex Gemini Kraken Bitfinex
Poloniex
May June
2017
Ether Exchange Trading Volume (BTC)
Share of Total Volume Across Exchanges
• Poloniex Bittrex Gemini Kraken Bitfinex
*-
(1)
:::J
>
ro
f-
4----
0
(1)
..c
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
April
Ether Exchange Trading Volume (USD)
Share of Total Volume Across Exchanges
• Gemini Coinbase Bitfinex Kraken Poloniex
Coinbase
May June
Ether Exchange Trading Volume (USD)
Share of Total Volume Across Exchanges
• Gemini Coinbase Bitfinex Kraken Poloniex
2017
+ r ,ri r
coindesk State of Blockchain - Q2 2017 43

45. ₵
₵

58. A glimpse into Q3:
Filecoin raises $200m+ from accredited investors
and in a pre-sale and using the Coinlist platform

59. ICO
VC

60. ---
VC Date Project
5/8/2017 Canaan
5/11/2017 Axoni
5/22/2017 RSK
5/22/2017 LedgerX
5/23/2017 R3
5/25/2017 BTCS
6/2/2017 OB1
6/8/2017 Stratumn
6/22/2017 Blockchain
6/29/2017 POSaBIT
Total
Data Sources: ,
VC Round ($m)
$43.60
$20.00
$3.50
$11.40
$107.00
$1.00
$0.20
$7.00
$40.00
$1.50
$235.20
Blockchain ICOs Dramatically Outweighed VC Funding
in Both Size and Quantity
Date Project
4/3/2017 Matchpool (GUP)
4/6/2017 Aeternity (XAE)
4/6/2017 Cosmos Network (ATOM)
4/10/2017 Blockchain Capital (BCAP)
4/12/2017 WeTrust (TRST)
4/19/2017 IEX.EC (RLC)
4/24/2017 Gnosis (GNO)
4/27/2017 Humaniq (HMQ)
4/27/2017 TaaS (TAAS)
4/28/2017 Back to Earth (SRC)
4/28/2017 Lunyr (LUN)
4/30/2017 Apptrade (APPX)
5/1/2017 Creativechain (CREA)
5/2/2017 TokenCard (TKN)
5n/2017 Quantum Resistant Ledger (QRL)
5/10/2017 BOScoin (BOS)
5/15/2017 Ethbits (ETB)
5/15/2017 Legends Room (LGD)
5/15/2017 Peerplays (PEERPLAYS)
5/17/2017 BitcoinGrowthFund (MCAP)
5/17/2017 Aragon (ANT)
5/22/2017 E4ROW (E4ROW)
5/25/2017 MobileGo (MOBILEGO)
5/25/2017 Storj (STORJ)
5/26/2017 Metal (METAL)
5/26/2017 Veritaseum (VER)
5/30/2017 Suretly (SUR)
ICO Round ($m)
$5.63
$22.63
$16.80
$10.00
$4.66
$12.12
$12.25
$5.16
$7.57
$0.97
$5.32
$0.24
$0.35
$12.70
$4.16
$17.92
$1.28
$1.23
$1.46
$19.35
$24.75
$0.86
$53.07
$29.22
$0.03
$9.58
$1.68
02 2017 ICOs
Date Project ICO Round ($m)
5/30/2017 Mysterium Network (MYST) $14.10
5/31/2017 Basic Attention Token (BAT) $35.00
5/31/2017 Exscudo (EON) $5.30
6/1/2017 Adel (ADL) $1.21
6/2/2017 Embermine (EMB) $0.08
6/3/2017 Patientory (PTOY) $6.52
6/6/2017 Cofound.it (CFI) $11.34
6/6/2017 VOISE (VSM) $0.41
6/8/2017 EcoBit (ECOB) $3.49
6/9/2017 Zrcoin (ZRC) $7.01
6/11/2017 Aira (AIR) $1.02
6/12/2017 Bancor (BNT) $153.00
6/18/2017 Monaco (MCO) $10.29
6/21/2017 Internet of Coins (HYBRID) $1.10
6/21/2017 Status (SNT) $95.00
6/22/2017 Civic (CVC) $33.00
6/23/2017 FootballCoin (XFC) $2.42
6/23/2017 OmiseGO (OMG) $21.00
6/24/2017 TenX (PAY) $83.11
6/25/2017 Wagerr (WGR) $9.92
6/25/2017 CryptoPing (PING) $0.39
6/26/2017 iDice (ICE) $2.02
6/27/2017 SilverCoin (SVC) $0.21
6/28/2017 21 Million (21M) $0.38
6/29/2017 DCORP (DRP) $5.05
6/30/2017 AdEx (ADX) $12.31
6/30/2017 BlockPool (BPL) $1.75
Total $797.42
Notes: Deals under $100,000 excluded, $ amount at time raised, including only fundraisers ending in '02 2017' (4/1/17 - 6/30/17)
coindesk State of Blockchain - Q2 2017 60
ICO

61. ICO
VC

62. Institutional Capital Continues to Flow in,
Now Directed Towards Investment into Tokens
A growing wave of new cryptocurrency focused hedge
funds must still deal with traditional enterprises including:
Law firms
Audit firms
Banks.
Many of these firms have limited expertise, familiarity, and comfort in
dealing with blockchain technology and assets. They are pioneers and
writing new rules on what key price indicators for coins are. Hundreds of
millions if not billions of dollars are working through the hurdles of
deploying institutional and managed capital into blockchain tokens.
Data sources:
Note: Some of the above announced in 03 2017
· coindesk
20 Institutional Crypto Funds
Alphabit Fund
Auryn Capital
Block View Capital
Blockchain Capital
BlockTower Capital
Brian Kelly Capital Management
Coinshares 1 LP
Crypto Asset Fund
Crypto Assets Fund
Crypto Lotus
Cryptocurrency Fund LLP
General Crypto
Global Advisors
Grasshopper Capital
Metastable Capital
Pantera Capital
Placeholder Capital
Pollinate Capital
Polychain Capital
SuperBloom Capital
State of Blockchain - Q2 2017 I 62

64. All-Time ICO Funding Monthly ICO Funding Individual ICO Explorer
Download the underlying data or tell us about a previous, ongoing, or upcoming deal!

66. A glimpse into Q3:
The SEC declares The DAO tokens were securities and the
crowdsale was an illegal securities offering

78. --
'30%
25%
20%
Community Most Confident in Decentralized Exchanges,
Privacy Based Applications
What sector of blockchain applications are
you most bullish on?
26.17%
20.21%
18.60%
11.76%
9.26%
7.33% 6.68%
Decentralized Privc1Cy Asset Identity Computation Prediction Storage
exch.:,nges focused management markets
transactions tools

79. Q1 2017 State of Blockchain response:
Overall state of ethereum response:
Overall Sentiment Towards Bitcoin More Positive than Negative

80. Q1 2017 State of Blockchain response:
More chose a ‘digital gold’ than a ‘digital currency’

81. A glimpse into Q3:
Bitcoin Cash splits bitcoin into two blockchains –
one with blocks above 1 MB

82. Ethereum’s Raiden Network response:
76% by the end of 2018

83. Q1 2017 State of Blockchain response:
Overall state of bitcoin response:

84. Q1 2017 State of Blockchain response:

86. Bitcoin’s Lightning Network response:
80% by the end of 2018

89. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

90. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

91. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

92. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

93. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

94. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

95. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

96. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

97. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

98. See how sentiment around ICOs has shifted
since our ICO sentiment study we conducted
alongside our Q4 2016 State of Blockchain

101. Like surveys? We just started featuring them right in the sidebar of all our website pages!
After you’ve answered a question, you can see the current results!

103. --
Data Source: 1r �J ck
· coindesk
00N"t lil$S A S1NGU STOOIV
----
.............._...,.w......
-W f 8• ii in :
r
G:l consensus
Registration 11 Open!
Only 43 lld<.it ovallable ot
- �Rrciimiii Hfi;,
CoinDesk - News, Events, Research and Data
for Blockchain Technology
Headquarters: Midtown, New York City
News: 25 million online readers since 2013
Events: 3,000+ attended our 2017 '"'nn ens and
Constru conferences in New York City and San Francisco
Data: Industry reference points including i i and ther
prices and ti I ure l.,ap1 c and databases
Paid Research: 'Blockchains for lnsuranc and � ,;::anr:es in
Blockcna1n Privacy and Confidentiality launched YTD
State of Blockchain - Q2 2017 I 103

104. --
Data Source: 1r �J ck
· coindesk
About the 'State of Blockchain'
For three years, CoinDesk has analyzed the 'State of Blockchain'
in our quarterly industry overview reports
We cover:
- Technical trends within the top open-source developer
communities
- Major product updates from well-funded startups
- Digital currency market data, utilization rates, public sentiment
and network performance metrics
- Enterprise adoption rates and new proofs-of-concept
- Venture capital, corporate, and public investment trends
- Public policy updates from around the globe
State of Blockchain - Q2 2017 I 104

106. --
Data Source: 1r �J ck
· coindesk
C construct
consensus
: invest
CoinDesk Events
- We are the leading events firm in blockchain
Our annual ()n�tn 1r and '"'"1�Pn�1 events
have attracted thousands of entrepreneurs,
investors, executives, regulators, journalists
and more to San Francisco and New York City
- Join us in November for the debut of our
newest event, .u �e �u� ve�d
State of Blockchain - Q2 2017 I 106