I think the biggest argument against that is that Steem is distributed badly as Steemit.inc sits on such a large stake of the entire pool. However, there is much going on directly on Steem and there will be much more to come. But SMTs can redistribute the economy power and create liquidity that way for the projects. To run anything on Steem you need to have whale power.
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ok that makes sense, I think that many of the whales need to be more generous with their upvotes for minnows. Right now I am noticing that once your voting power runs down you don't have to rest to get a recharge, it just automatically fills it up for you.