If there was an exchange that issued their own token similar to how FTX has done and it buys back their token from the market using a meaningful percentage of their revenue, would you invest in this token?
Also, let us create an assumption that this exchange has very honest developers who are very much respected by the community and their exchange operation is transparent which can be verified by everyone.
On early phase if they show promising movement and they are doing great things to fulfill their promises then yes, there's good chance that we could earn some profit by investing on their token.
But I won't deal with them for long term because we already know the consequences brought up by doing this due to FTX collapsed incident. I don't want to experience losing my money that's why I'm more careful looking at those possibilities to invest on those tokens.
They are good for short term since Bitcoin still the best for long term.