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

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

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/