At 3 pm on April 2, in the second phase of Babit's live online program She Knows, Cheng Xiaoming, a special observer and equity financing expert, said that IEO has improved the quality of the project to a certain extent. In other words, it can recommend some good to investors. Project, but the problem is that everyone has seen it. There is a saying on my PPT that protects the interests of investors. It is not to let the investment buy the company's stock, but to buy the stock at a reasonable price. For the same reason, to protect the blockchain investment. It is also not easy for everyone to buy the coins of the project, but to buy them at a reasonable price. So the key is the valuation model of the project token. At present, IEO is really hot, but there is still a gap from a well-regulated financial behavior, more like a marketing behavior.