[Analysis] Initial Exchange Offerings - BitMEX Research

IEO's may have swapped the C for the E from ICOs, but they kept the iffy investment returns, according to BitMEX Research. To date, $38.9 million has been raised from IEOs with Binance Launchpad leading the pack. Smaller exchanges are picking up where bigger ones left off, reaping strong initial sale results only to find secondary-trading significantly lower. With an average of only 4.4% of coins being released during an IEO and the implied market cap standing at $907.7 million from the sum of unsold and sold IEO tokens, projects are generally sitting on piles of cash.