My thesis is that exchanges are all fighting each other for the same mindshare right now, attention gets fragmented, and eventually everyone rotates back to Solana.

Binance, Robinhood, Coinbase, etc. are listing coins left and right, but what actually happens AFTER the spot listing? So far, a lot of them have just bled out once the listing hype disappears.

Food for thought: why does a memecoin NEED Coinbase anymore when someone can discover it socially and buy it instantly with Apple Pay through Fomo? The distribution moat exchanges used to have is getting smaller. Fomo already lets users fund through Apple Pay and trade onchain without manually dealing with gas or seed phrases.