Thanks, I'm curious if you have any predictions for how this plays out or evolves?  Especially if altcoins (and their fees) trend away in favor of Bitcoin/LN?

andyleroy

I think it's generically true of any business that long term profits get compressed due to competition and technological innovation, so all companies are constantly having to refresh and reinvent themselves.

BitcoinPierre

bitcoin

Hello! Pierre Rochard, VP of Research at Riot. AMA.

I am curious how you think the business model for exchanges evolves over time?  If any of the [fees and trading models for altcoins](https://dailyhodl.com/2022/06/01/kraken-ceo-jesse-powell-defends-listing-of-new-terra-luna-after-50-crash-in-just-a-few-days/) that have historically funded many new operations go away with time, what do you see as the main profit drivers for offering bitcoin and lightning services?