Measured on money the project actually took from buyers: accepted proceeds, not commitments (oversubscription is refunded) and not redeemable deposits (see the Flying Tulip note). Sources: Sonar, MetaDAO, Uniswap CCA, CoinList, Binance Wallet, Legion/Kraken, Kaito, and the sale disclosures and contracts behind each. Ethos figures are read directly from the SettlementSale contract on Base.
USD accepted after refunds. Faded bars are capped or fixed-target sales where the final tally wasn't published and the cap is used as the ceiling. Gold marks a market-cleared price (auction); everything else was a fixed price set by the team.
Log–log. Bubble area is the share of supply sold. The upper-left is where a sale raised a lot of money at a modest valuation with a real float; the lower-right is a small raise against a large headline FDV. Ethos raised 20% of its FDV in cash; Zama 10%, USD.AI 6.5%, and the typical fixed-price sale under 2%.
Share of total supply sold to the public. The median 2026 sale sold 2% (mean 9.9%, pulled up by MetaDAO's 39–44% raises; 1.5% median excluding them): a sellout is easy when there's almost nothing to sell. Ethos put 20% on the block and cleared all of it at a market price.
Most fixed-price sales never published a participant count. Ethos's 1,560 is read from the sale contract; Umia's 2,700 and Credible's 1,180 are press figures.
Click a column header to sort. Italic values are caps, targets or implied figures where the final tally wasn't published. Excluded: Flying Tulip (redeemable deposits, not proceeds; see notes), institutional presales (Circle Arc, $222M), VC rounds, self-reported "presale" marketing raises (BlockDAG etc.), failed/refunded sales (Hurupay, Boardwalk BWS, Mycorealms), and two sales treated as rugs: Trove Markets (retained $9.4M against its own refund promise) and Space (advertised a $2.5M soft cap, kept $14M of $20M+, delayed TGE three months, then fell 97% on day one and ~99% since, $0.069 → ~$0.0009). Both are described below. Futardio micro-raises under $250k are summarised in the notes.
| Project | Platform | Format | Dates | Raised $M | Committed $M | Participants | FDV $M | % supply | Raise / FDV | Sources |
|---|
Accepted vs committed. Auctions and pro-rata sales refund everything above what clears. Rip Cars "raised $31.9M" in headlines and kept $250,000. Credible kept $4.0M of $32.7M. Ethos kept $8.40M of $8.68M because bids below $4.20 were the only ones refunded.
Ethos figures are computed from all 2,545 BidPlaced events on the SettlementSale contract (0xeE7B…D93c, Base): 1,560 positions, $8,683,153 committed, clearing $4.20, $6,668,737 with a max price at the $9.90 cap. Echo's feed reports 1,568 unique bidders (wallets/profiles) vs 1,560 Sonar entities. Ethos has published the $4.20 clearing price; the committed total and bidder count are contract-derived and not otherwise published.
Flagged rows. Zama combines its $44.0M Dutch auction (8%) with the $11M Binance Wallet pre-sale (2% at $0.05, plus a 1:1 bonus token at TGE); participants and committed figures are the auction's only. Binance Wallet Prime Sales (Fogo, Sentient, Espresso, Re) are hard-capped with automatic refunds, so the cap is the raise; their FDVs are derived from price × supply. Ranger accepted $8.0M ($6M minimum plus ~$2M excess for a buy wall) against ~$86M committed and was later liquidated by futarchy vote with $5.05M returned. USD.AI's $19.4M is CoinList's "committed" figure with refunds open to Mar 20. STRATO's USD figure is a third-party ETH conversion; STRATO itself quotes ~$0.95/token. Sonar fixed-price sales mostly did not publish final tallies; where the sale ran on Base they are read from the contracts instead (Pharos $630k committed against a $1M target, 421 bidders; Multipli $1.61M committed against a $1M target, 130 bidders). Fluent ($1.18M per The Block), BitFi (≤$500k cap) and TownSquare (≤$1M cap) settled on Ethereum and Monad and are shown at reported or cap figures.
Every Sonar sale, from the chain. Sonar deploys each sale through a factory contract (0x46b9…c124 on Base, deployed Mar 5, 2026). Scanning every deployment event it has ever emitted yields exactly four Base sales: Pharos (Apr), Multipli (Aug), Ethos (Sep) and Linera (opened Aug 31, still live at $370k). The other 2026 Sonar sales settled elsewhere: Fluent and BitFi on Ethereum, TownSquare on Monad, and Infinex ($491k, January) before this factory existed. By commitments, Ethos is 5.4× the next-largest Sonar sale of the year; by accepted proceeds, 7×.
Excluded by design: Flying Tulip. FT's open round (Feb 15–23, 2026, on flyingtulip.com) took in $70.9M from 2,396 addresses, verified from the 3,886 Invested events on its PutManager contract (0xbA49…ebaA, Ethereum) between the whitelist gate coming off and the sale closing. It is left off the charts because it is not a sale in the sense this page measures: per FT's own documentation, capital "is not distributed to the team as sale proceeds" but is held as backing for a perpetual put that lets every buyer redeem at par, at any time, indefinitely. That is a redeemable deposit, and the $70.9M never became money the project took. The $WHUF guarantee is a different thing: sale proceeds go to the project, and the 85–90% repurchase is a separate, capped, 12-month offer for vouched tokens. Including FT would rank it first; the number is here so the choice is visible.
Excluded rugs. Trove Markets (Hyperliquid, Jan 8–16): $11.9M gross against a $2.5M target with pro-rata refunds promised; the team refunded $2.5M and retained $9,397,403; the token fell ~98% at TGE and the sale is under investigation. Space (Solana, Dec 17 – Jan 16): a leveraged prediction market from the team behind UFO Gaming; advertised a $2.5M soft cap, took $20M+, kept $14M (19.6% of supply at $69M FDV) and refunded $7.3M through an opaque process; TGE slipped from January to Apr 29, when the token peaked near an $83M market cap and fell 97% the same day, before many sale buyers had received their tokens; it now trades around $0.0009 against a $0.069 sale price. Including either would put it above Ethos on dollars accepted; neither is a comparable outcome.
Futardio (MetaDAO's permissionless track) completed eight raises totalling ~$558k accepted against ~$43M committed, the largest being Jurassic Finance ($200k) and ordr.trade ($150k). Omitted from charts.
Uniswap CCA proceeds are token-cleared × clearing price from the auction contracts; ETH-denominated auctions (Octra, STRATO, Interfold 1, idOS, Boardwalk) are converted at the ETH price on the close date.
Not 2026. Aztec ($59–61M, Nov–Dec 2025), Monad (Coinbase, Nov 2025), MegaETH, Plasma, Umbra, Solomon are excluded as 2025 sales.