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.
Investors have now become smarter before deciding to invest, and they only choose good liquidity exchanges to join IEO because those exchanges can bring big profits to them. I have never participated in exchanges where many IEO projects have failed because if you choose to invest, the risk will be very high.
Of course, it all depends a lot on how the project develops because if the project development team doesn't have enough money, then it will be very difficult to succeed.