Your thoughts on IEO (for my thesis)?

The current average ROI of IEO on Binance is reported at 14100%, which I find crazy so I thought it would be an interesting topic, especially that my supervisor has never heard of ICO and also finds it intriguing. Which point do you think should be studied/mentioned? If you think I shouldn’t write about IEO at all, I’m also open for other suggestions :D

Also for the empirical study of it, not sure if a comparison between investing in ICO and IEO would be more interesting or which factors make an IEO more success than another (IEO). What do you think? In terms of factors, I’m not sure what or how can I find the data, especially that they are all already fulfilled certain requirements of the exchanges already, so please feel free to add your thoughts.

Back story: Initially I planned to write about ICO, also from an investor perspective, since I came across a study that mentioned a ROI of 13.2x if you invested in every projects including the ones that failed. But I feel like it’s not so relevant anymore? And I struggled to find data to study for “what signals a successful ICO, from an investor perspective”.

I would be very glad to hear all your opinions!