Another aspect of the token mechanics was to decide on the soft cap and the hard cap. Some even had no cap at all! These caps are effectively fundraising goals.
An uncapped ICO is where there is no upper limit to the amount being raised. What the company is effectively saying is that no matter what the demand is, tokens will be created to cater for it. The Ethereum ICO was uncapped and sold approximately 60 million ETH.
What was interesting about the Ethereum ICO was that over the 62 days that it ran for, the price of bitcoin dropped from about $618 USD to $398 USD. This is a 36% drop in value. This meant that those who invested at the very last minute, ended up paying about the same rate of $0.33/ETH as those that invested early.
This highlights two important points. Firstly, the volatile nature of the cryptocurrencies being collected in an ICO can play havoc with the expected calculations and secondly, the duration of the ICO plays a part...