According to Hackernoon, Cryptonities founder oussama Benjelloun stated that unless you have a fully operational and fully compliant prototype, unless you have an online transaction with a major exchange that is among the retail investor and trader community There is actual liquidity, otherwise you will not be able to conduct IEO successfully. Of all IEOs held in cryptocurrency exchanges in 2019, only a few projects can raise considerable capital and can only be carried out on selected exchanges. The article pointed out that the historical high point (ATH) average ROI of many exchanges is extremely high, with Binance, Gate, Huobi and OKEx leading the way, but the fact behind these indicators is that except for Binance and Gate, almost all exchanges currently have IEOs. The average ROI is all negative. On the one hand, it proves that the tokens of IEO in 2019 are highly volatile, and on the other hand, it proves that retail and private investors' skepticism about IEO is reasonable. There are three predictions for 2020: 1. Private token sale, private token sale platform and STO. It will witness the rise and birth of a new private token sales platform in 2020; the performance of private token sales is outstanding; STO will make a major breakthrough and squeeze out the classic venture investment model in a wider range. 2. More IEOs and IEO LaunchPads, but more market share is concentrated in Tier 1 exchanges. 3. More dollars raised through private and public token sales.