Back in 2021, major exchanges like certain leading platforms built their entire revenue model around trading fees—simple, direct, and entirely dependent on market volatility. Fast forward to Q3 2025, and the picture has shifted dramatically. Now roughly 40% of revenue streams from subscriptions, services, and other diversified channels rather than trading alone. It's a telling sign of how the industry matured. Platforms that survived the downturn learned a hard lesson: relying on a single revenue pillar is fragile. The ones scaling today? They're the ones who evolved, adapted, and built multiple income layers.