Since the FTX incident I have been traumatized about investing in exchange-based tokens for the long term except only BNB. which so far I still maintain as a long-term investment.
BNB is more than a exchange token. It is true that many people don't want to invest in any exchange token any more, but that is not the only reason behind the decreasing popularity of exchange based tokens. Only having discount on trading fees won't work to motivate people to buy those tokens, nor will the token sale be that attractive any more. There are countless other ways to conduct an ICO, and most of the projects are using multiple platforms for token sales. Exchange based token just lost their demands as utility based token.