Initial offerings are not what they were. Even IEOs never really reached the highs of ICOs during 2017. That looks like a bit of a bubble now, when it seemed any new project could raise many millions and hit hard cap without even trying. Whilst on one hand it is disappointing that we don't have that hugely bullish sentiment any more, on the other hand sentiment is more realistic now, and if it means that we don't have mega-cap ICOs , then that is for the benefit of crypto in the long-term.