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ICO Watch

A curated list of upcoming public token sales.
These projects are not vetted by Bankless — always do your own research.

Project Registration / Sale Date Category Sale Mechanism Raise Target Target Valuation Latest Valuation Total Raised
Flying Tulip
Feb 2nd, 2026 — Feb 6th, 2026 Infrastructure Fixed Price Sale on Coinlist $200M $1B $1B $225M

Flying Tulip is a unified onchain financial system founded by Andre Cronje that allows users to deploy the same collateral across multiple DeFi primitives within a single protocol architecture, including spot trading (AMM + CLOB), lending, perpetual futures, insurance, and a native stablecoin (ftUSD); details about the $FT token remain largely undisclosed, though it is expected to serve as a governance token with protocol revenues potentially supporting ecosystem development and certainly supporting token buybacks according to protocol rules. NOTE: Primary raise contributors receive FT tokens wrapped in an NFT with a "Perpetual PUT" — a standing redemption right that allows them to redeem their original contribution at par at any time, though this right is permanently forfeited if tokens are unlocked for trading.

KYC Required US Restricted Min: $100
Vesting:Fully unlocked at TGE
Cap
Feb 9th, 2026 DeFi Uniswap CCA $15M ($15M-$25M) $150M (Starting $150M, ceiling of $250M) $75M (Last raise Feb. 2025)

CAP is the first stablecoin protocol to outsource yield generation in a programmatically and fully covered manner. Whitelisted wallets can participate in early bidding. The public can participate after the early bidding period. Whitelist will include top Cap points holders and strategic partners.

KYC Required US Allowed
Vesting:100% unlocked at TGE
Notable Investors
Octra
Privacy Fixed Price Sale $20M (10% of supply allocated to sale) $200M (Implied FDV) $100M (From previous Echo sale) $8M

Octra is an upcoming, general-purpose confidential computing L1 that allows computations on data while keeping that data fully private using fully homomorphic encryption (FHE); the $OCT token will serve as a gas token for computations and transactions on the network. As of Dec. 19th, 2025, the Octra public sale has been postponed indefinitely.

KYC Required US Allowed
Vesting:Fully unlocked (Dec. 25, 2026)
Zama
Ended Jan 21st, 2026 — Jan 24th, 2026 Privacy Sealed-Bid Dutch Auction $300M (Implied FDV) $1B (From Series B) $150M

Zama is a crosschain confidentiality layer that uses fully homomorphic encryption (FHE) to power confidential smart contracts and assets on existing public blockchains, with the $ZAMA token used to pay USD-denominated protocol fees and to secure and govern the network via staking. The raise is starting at a $55M Floor FDV.

KYC Required US Allowed
Immunefi
Ended Jan 19th, 2026 — Jan 21st, 2026 Infrastructure Fixed Price Sale on Gate.io $2.5M $117.7M $500M

Immunefi is building a full-stack security platform for crypto, an AI-powered protection platform that unifies audits, bug bounties, monitoring, and threat detection to stop hacks before they happen; since 2020, it has prevented $25 billion in losses while securing 650+ protocols. The $IMU token aims to align incentives across protocols, security researchers, and community members, intending to power the entire Immunefi ecosystem.

KYC Required US Restricted
Vesting:Fully unlocked at TGE
Trove
Ended Jan 8th, 2026 — Jan 11th, 2026 DeFi Overflow $2.5M $20M (Implied FDV)

Trove is a perp DEX for collectibles, RWAs, equities, and prediction markets. Users with 250,000 - 10,000,000 Trove points get 10% - 20% more filled on their contributions, than users without Trove points.

No KYC US Allowed
Vesting:100% unlocked TGE
Infinex
Ended Jan 3rd, 2026 — Jan 10th, 2026 DeFi Sonar Sale $5M (5% of supply allocated to sale) $100M $400M (From Patron NFTs sale)

Infinex is a crosschain, non-custodial "crypto superapp" that offers CEX-like UX around trading and portfolio management while keeping assets fully onchain under user control; the $INX token will facilitate governance, incentives, and revenue sharing. Registrations begin December 27th. Post sale, a further 2% will be sold via Uniswap CCA.

KYC Required US Allowed Min: $200
Vesting:1-year lockup, or 300m valuation
Ranger
Ended Jan 6th, 2026 — Jan 10th, 2026 DeFi MetaDAO ICO $6M (10M RNGR tokens (39.02% of total supply)) $1.9M (Seed round on January 23, 2025)

Ranger Finance is a decentralized finance trading infrastructure platform built on Solana.

No KYC US Restricted
Vesting:100% liquid at TGE
Solstice Finance
Ended Dec 22nd, 2025 — Dec 25th, 2025 DeFi Merit-based Allocation $130M

Solstice is a yield stablecoin protocol on Solana, anchored by USX, a Solana-native stablecoin with $325m+ TVL, and YieldVault, which offers institutional-grade delta-neutral strategies to users; the $SLX token will be used for governance, enabling holders to vote on protocol parameters including risk budgets, incentive allocations, and ecosystem decisions as the protocol decentralizes over time.

KYC Required US Restricted Lockup Terms
Vesting:Fully unlocked at TGE
Gensynai
Ended Dec 15th, 2025 — Dec 20th, 2025 AI English Auction $1M ($1M floor to $1B FDV cap) $1B (From previous funding round) $50M

Gensyn is a decentralized compute L2 purpose-built for machine learning, allowing independent computers to jointly train and run AI models without centralized cloud providers; details about the $AI token are scarce for now, but presumably it will be used for to pay for machine learning tasks and beyond.

KYC Required US Allowed Min: $100
Vesting:1-year lockup optional with a 10% bonus multiplier for non-U.S. buyers; 1-year lockup mandatory for U.S. buyers
Rainbow
Ended Dec 11th, 2025 — Dec 18th, 2025 Wallet Bottom-Up CoinList Sale $3M (3% of supply allocated to sale)
Target$3M
Actual$3M
100% raised
$100M (Implied FDV) $150M (From previous funding round) $21M

Rainbow is a popular self-custodial wallet for EVM networks that offers user-friendly mobile and desktop experiences; the $RNBW token will be used for rewards and revenue-sharing via buybacks.

KYC Required US Allowed Lockup Terms Min: $100
Vesting:1-year lockup mandatory for U.S. investors; 100% unlocked at TGE for others
Football.fun
Ended Dec 16th, 2025 — Dec 18th, 2025 Consumer Merit-based Allocation $3M (5% of supply allocated to sale)
Target$3M
Actual$10M
333% raised
$60M (Implied FDV) $2M

Football.fun (part of the broader Sport.Fun ecosystem) is an onchain fantasy sports platform on Base where users collect, trade, and own shares of real-world football (soccer) players as tokenized assets; the $FUN token will power utilities like buybacks and player rewards across multiple sports.

No KYC US Allowed Lockup Terms Min: $100
Vesting:50% unlocked at TGE, 50% vested linearly over 6 months
Aztec
Ended Dec 2nd, 2025 — Dec 6th, 2025 L2 Uniswap CCA $489.7M (Exceed Floor FDV of $300M) $525M (Implied as floor price was at an estimated 75% from latest network valuation) $119M (Raised over $119M)

Aztec is a privacy-first Layer 2 on Ethereum that enables fully encrypted smart contracts and private transactions through zero-knowledge proofs (ZKPs) and client-side proving, ensuring user data remains confidential while retaining network auditability; the $AZTEC token will be used to incentivize the decentralized network of sequencers and provers while enabling protocol governance.​

KYC Required US Allowed
Vesting:Potential 1-year lockup subject to governance vote.
Monad
Ended Nov 17th, 2025 — Nov 24th, 2025 L1 Fixed Price Sale $187.5M
Target$187.5M
Actual$216M
115% raised
$2.1B $2.1B $225M

Monad is a high-performance Layer 1 blockchain that utilizes parallel execution and highly technical optimization to supercharge the Ethereum Virtual Machine (EVM), offering developers full EVM compatibility with substantially higher throughput; the $MON token is used to pay for transaction gas fees and to secure the network via Proof-of-Stake consensus.

KYC Required US Allowed
Vesting:Fully unlocked
MegaETH
Ended Oct 27th, 2025 — Oct 30th, 2025 L2 English Auction $50M
Target$50M
Actual$1.4B
2800% raised
$30M

MegaETH is a high-performance, EVM-compatible Layer 2 that brands itself as the "first Real-Time Blockchain," capable of processing over 100,000 transactions per second with millisecond latency by decoupling transaction execution from state updates; the $MEGA token is expected to serve as the native gas token for the network and facilitate decentralized governance. For the sale: U.S. accredited investors only.

KYC Required US Allowed Lockup Terms
Vesting:1-year lockup for U.S. accredited investors.
Notable Investors

Disclaimer: The information on this page is for informational purposes only and is not financial advice. Bankless has not vetted these projects. Always do your own research.

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