I really think these IEO thing is only good for the top exchanges and these is because they have the liquidity and the traders to pump a coin after listing, which is why their IEO projects are usually successful.
But the smaller exchange don't have the same and their IEO success rate is no way near the top exchanges. Maybe 2 out of 10 IEOs conducted on the small exchanges would succeed, while top exchanges boast of a success rate of like 9 out of 10.
indeed a large volume of trade is more favored in IEO because they have the ability to increase the liquidity of new tokens. but a large exchange does not guarantee that a successful project might even increase in price for a short time. better analyze first before investing IEO don't overly trust exchanges I am personally more interested in seeing real products and innovations even though they are on a small exchange