How crypto exchanges survive when the volume disappears

The crypto exchange is dead. Retail traders have fled, and giants like Gemini and Kraken now make over 60% of their revenue from interest income, not trading. They’ve pivoted from disrupting finance to becoming the "plumbing" for traditional banks and tokenized stocks. If these platforms no longer rely on crypto trading to survive, has the industry officially sold out to the system it tried to replace? Is this evolution or a total surrender? What’s your take?
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