Exchanges like Binance are making so much profit because their low fees allow people to trade more and they make up their losses with massive trade volume. The daily trading volume on Binance is close to 2 Billion USD even in this bear market. That's easily over a million dollars worth revenue every single day.

No listing fee is a great act of transparency. It'll be great if the exchange could ask users to vote for their favorite coins. Aggressive promotion to get enough traders on board at the beginning will mostly do the trick to make the exchange successful. With thi kind of fees, liquidity won't be that huge of an issue IMO.