Ever since a new generation of blockchain startups started attracting wild valuations a few months ago observers have been waiting for the bubble to burst. Instead, it keeps inflating.

Initial Coin Offerings, where instead of issuing shares startups issue tokens that typically have no ownership or economic rights in the company, have proved incredibly popular. More than $1bn of tokens have been sold by blockchain startups so far this year, most of it in the last couple of months.