Exchanges should become a Cosmos Validator
This is an interesting idea that parties are likely going to run on the cosmos network.
A centralized exchange will hold your atoms which you have trusted with them. Those atoms will be mostly but not entirely bonded. If you want to withdraw atoms within a certain small ratio you will be able to accomplish this with them as they keep a certain amount of liquid atoms for those who wish to withdraw. The remainder of the atoms can be traded internally with the network no problem. Additionally if you are holding atoms in your account on their network you also receive the validation provisioned atoms as well as multi-token fee rewards. All of this probably with a commission from the validator exchange, but hey you get massively more liquidity.
Conclusion: we can probably increase the goal bond ratio to 90+ % once the validator exchanges become prevalent