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.
The secret to the success of IEO is that the exchange itself artificially inflates the price of a new coin after the listing starts. This gives investors the opportunity to profit and the desire to participate in the next IEO on the same exchange.
Small exchanges do not have such a large amount of money for artificially inflating prices, so not all projects bring profit to their investors.