CoinList remains the dominant venue for capital raised in public token sales, with $1.37 billion secured through the platform to date. The headline figure, however, hides a structural shift underway: when measured by the number of launches, IDO platforms are running the show.
Fjord Foundry alone facilitated 202 token sales, dwarfing the 80 logged on CoinList. Gems and Jupiter LFG have also emerged among the most active fundraising venues in the space, signalling that the volume engine for new project issuance has migrated from the traditional ICO model toward faster, lighter IDO infrastructure.
Why it matters
The split matters because it captures two different stages of the token-sale cycle. ICOs still attract the largest individual checks and headline raises, but IDOs have become the default rail for the long tail of new projects entering the market. Capital concentration at the top, project volume at the bottom — a pattern that has held across the past several funding cycles.
Market impact
For issuers, the read is practical: CoinList remains the venue of choice when the goal is maximising dollars per round, while IDO platforms offer throughput and distribution. For allocators tracking where the next wave of token listings is coming from, the launch-count data points squarely at the IDO rails.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAI6lGoyqAcSY5dJ7TCSME1TbbNUpVMJAAJCI2sbmPuZSduEO-0q1KkBAQADAgADeQADPAQ)
Frequently asked questions
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Which platform has raised the most capital in public token sales?
CoinList leads with $1.37 billion raised through the platform, according to CryptoRank's research on the evolution of public token sales.
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Which platform has hosted the most token launches?
Fjord Foundry facilitated 202 token sales, the highest count tracked, compared with 80 on CoinList. Gems and Jupiter LFG also rank among the most active fundraising venues.
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What is the difference between ICOs and IDOs?
ICOs (Initial Coin Offerings) and IDOs (Initial DEX Offerings) are both public token sale formats; ICOs still attract the largest individual capital raises, while IDOs increasingly dominate by the number of new projects entering the market.
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Are IDOs replacing ICOs?
Not entirely. The data shows ICOs still lead by total capital raised, while IDOs have become the dominant format for the volume of new project launches.
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Where should issuers look to run a token sale in 2026?
The data points to a split strategy: CoinList for maximising dollars raised per round, and IDO platforms like Fjord Foundry for throughput and broader distribution.
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