In this scenario the inflation coming from the reward pool would be much lower and the incentives for holding Steempower are much more clear and valuable. But still there will be selling pressure coming from the SMT / Steem pairs of content creators that earned SMT Tokens and than convert them to Steem and Sell it.
The SMT community leaders than need to figure out how they want to incentives their users to hold on to their Tokens. One idea is that the main Account of an SMT should hold a large portion of Steempower (which gives them some revenue from the Reward Pool) to give their Token a more base level Value.
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