Over a long enough time horizon, Binance faces the risk of being unbundled.

New token generation and liquidity are increasingly forming and growing on chain. Liquidity for on chain perps is also gaining traction.

Eventually, Binance and other centralized exchanges may be forced to shift focus evolving into the Chrome of the web, or in this case, becoming wallets or on chain terminals.

Some may have a shot at becoming L2s but it has yet to be proven out.