Exchanges Everywhere All At Once

Crypto companies and protocols often succeed as exchanges, and the author argues this is under-appreciated when evaluating them. The author suggests that apps close to transactions, such as wallets, social apps, oracles, rollup providers and wallet-as-a-service providers, can grow into exchanges. Examples include MetaMask Swaps turning wallets into exchanges, Telegram bots operating as exchanges, and Pyth creating auctions that bundle transactions with oracle updates.