The changes to the platform now means that in order for those who want to get a foot into the utility potential of Steem, it is more likely they will have to buy off exchanges. This increases volume and decreases liquidity as prices increase and Steem gets vested. While this process is going to take time for the 120 million liquid Steem, while this is going on SMTs are going to be at the forefront of the tokenized internet and appeasing the needs of creators and consumers.
A large proportion of STEEM will always remain liquid on exchanges to exploit the volatility. The smaller the slice of STEEM powered down and on exchanges, the less volume it takes to move the price of STEEM a certain percentage. On the other hand, the less is powered up and voting, the smaller the amount of STEEM that can control a certain percentage of the reward pool. What this means is that there will always be an equilibrium. At present, approximately one third of all STEEM is liquid and on exchanges.