I don't know man - it does not look like the crypto fees are low - just look at Coinbase prospectus:

From Matt Levine newsletter:

"

Another way to look at it is that Coinbase touched $335 billion of crypto trades in the first quarter, and took about 0.54% of the value of those trades for itself. Just for being the exchange, the platform where cryptocurrencies were traded.

I think that if Goldman could collect $1 of every $1,000 of financial assets in the world, it would be incredibly pleased. As it is, the total market capitalization of the MSCI World Index — one index of one big asset class (equities) — is about $56 trillion; Goldman’s quarterly revenue was 0.03% of that. But only about $3.7 billion of Goldman’s revenue came from its equities division (plus another $1.6 billion from equities underwriting in investment banking); of all the money in equities in the world, Goldman collected considerably less than 0.01%. And Goldman is, you know, doing stuff for that money; it is taking on principal risk to do trades, it is writing and hedging complex derivatives, it is using its own balance sheet to finance client activities, it is underwriting and advising on initial public offerings. Coinbase is mostly just a computer platform where people can trade crypto among themselves.

"