This just came to my mind today as ive never think about it before, since bullrun happened in 2017 and ICO became popular and successful in that year too aren't you guy curious how IEO projects would have performed if bullrun was ongoing? IEO became popular after bull market of 2017 right? The reason why ICO was so profitable in 2017 was because of the altcoin season don't you think? What about IEO in altcoin season? We are yet to see this
There are not many IEOs going on but as we are into defi trend most projects have converted themselves into defis and they are now raising funds on decentralized platforms that has reduced the need for IEOs significantly although i want to see more good IEOs so lets see how the market goes.