The simplest solution, I think, for a crypto currency to eliminate the exchange as an achilles heel, is to become what was called in the stable coins discussion as a "mordor coin".

i.e. no issuance limit. coin issue being tagged to energy use. i.e. coins being issued as long as it is certain to burn a certain amount of energy. The currency experiences atleast 3 drops in value when the technology transitions from  CPU to GPU, GPU to FPGA, FPGA to ASIC and then stablilizes forever.

The name mordor coin comes from the wasteland of mordor since the incentive is to keep running the mines as long as you have access to energy. It is not a pretty picture, but it is a solution to incentivize people to run their own mines instead of approaching exchanges, whenever the price of the coin increases too much from what people can gain by just running their own machines.