The exchange super-app race is on. Early crypto was about capital appreciation, so exchanges built around liquidity. Today the focus has shifted to risk management, lending and borrowing, and spending. The expected winners are vertically integrated, through in-app products, partners and alternative distribution channels. Many platforms will come and go chasing the single app for every asset and every person. The upside is massive. Crypto exchanges are small next to their TradFi counterparts, and incumbents like @okx are already raising fresh rounds to fund their next phase of growth. Different users need different things: Individuals need strong all-in-one platforms Institutions need full-stack prime brokers Liquidity is still fragmented across equities, crypto, perps, spot and options on separate platforms. @token2049 panelists expect that to persist before consolidation happens.