[smoldesu]

There was (and still is, to an extent) a concept of self-custody, but for both greed and regulatory reasons most people have turned to L2 chains and managed custody. It's a real conundrum, but also pretty funny to watch exchanges increasingly pivot to bank-like structures to appease their users while undermining the values of crypto in the first place. It's one of those things that reflects the inevitability of cryptocurrency's downfall.