Exchanges and marketplaces are coming onchain through a variety of mediums.

Coinbase - Base (ETH L2)

Kraken - Ink (ETH L2)

ByBit - Solana DEX

Magic Eden - Spark (Bitcoin L2)

Expecting more middle of the funnel type M&A from these traditional crypto rails.

-DeFi

-NFTfi

-Bridges

-L2

Whereas tradfi and tech is engaging in top of the funnel M&A.

-Options

-Perps

-Stablecoin

-Wallets