Invest in newborn projects is risky. For example, we can not fully and correctly assess potential of a new-born exchange, certainly. We can spend our time to read their whitepapers, join their exchanges to get experience, with thrown-away emails, then assess their quality and potential but at beginnings, we have limited data sources to assess them. You are right that within last three months, there are so many new born exchanges, that create another new trend in crypto, but generally be careful with them.