ETHL will be successful as it offers many advantages. The product that they are developing will have lower transaction costs, faster turnaround, automation and immutability.
If the project team can implement their plans properly, then this project can really become innovative. However, there are a lot of competitors in this sphere now. This must be taken into account.
The challenges are mainly of two types. First of all, there are so many similar projects around. So the ETHL team must be able to defend the uniqueness of the project. Secondly, the market conditions are not looking good, despite the recent spike.