My 2022 assessment is that we’ve seen peak crypto exchange dominance.
2023 the prime broker services centralized crypto intermediaries will be unbundled into various functions:
* custody
* fiat ramps 
* OTC
* order books
* compliance. 
These services will become interoperable

Fiat ramps - most users used exchanges as a fiat ramp, given the new services such as Stripe/RH retail won’t be forced to depend on exchanges just for fiat transfers to/from bank accounts.
Historically exchanges were almost the only option which is why they became shadow banks

Custody - for those investors that didn’t want the inconvenience of self custody wallets or had access to institutional solutions such as FB/Copper, exchanges were an easy solution, even if they didn’t have insurance, PoR or regulation.
I think we’ll see exchanges start offering/

Interoperable solutions where investors don’t need to transfer funds to the exchange to trade or use a “regulated custodian” that can link them to th exchange.
Easy to envision a Plaid like solution but on-chain so everything is verifiable