People flocked to certain compliant platforms mainly for one thing: turning crypto into fiat. That was their golden ticket. Fast forward to today? You can convert and spend crypto almost anywhere now. Literally everywhere. So what's left? The original moat? It's gone. Those platforms filled a gap when there was no other way. Solved a real problem back then. Not elegant, but it worked. They were the gateway. Now? They're becoming yesterday's news. Like watching a once-dominant portal lose relevance when the web grew up. The game has fundamentally changed.