Q: Does it matter that exchanges are growing their share of LN public capacity? A: Has channel count increased also? Capacity is just one side of the coin.

Q: Is there a limit at which their market share becomes “too much”? A: My guess is the larger public nodes might end getting pressured to do KYC/AML. If so the smaller LN nodes would have a market advantage in attracting LN Payments.

Q: What are the risks of centralizing most of the public capacity between a few dozen large nodes? A: Privacy, might be easier for a few large nodes to coordinate sharing information to triangulate the sender and receiver.

Good Topic.