It would have been better if you clarified your question. But I think there were many exchanges during the time when ICO was at its peak. The competition between exchanges were vibrant. During the times when ICO was so strong and many even reach their hard caps easily, what everyone anticipated with so much excitement afterwards was when the coins or tokens are listed on exchanges. When the announcement comes, everybody would flock to the exchange and either buy or sell the coins or tokens. It wasn't even surprising to see a coin pump hard upon listing.

When the time came when ICO slowly died, the tendency for people to follow the coins to their exchange are also slowly dying. Exchanges must have lost a lot of revenue ever since.