I'm in full agreement to the fact that the success of an IEO lies in the exchange. This is simply because the trust has shifted from the project in the case of ICO, to the exchange in the case of IEO. A large portion of investors in a projects IEO are the normal traders of the exchange.
Yes, and everyone clearly agrees on that, because there has been much evidence that the average IEO is successful through a good exchange, because if the IEO fails, then certainly the exchange is less clear, so investors and traders don't dare to use that exchange.