1/ A quick thought on exchanges entering ( & probably dominating) the staking arena in PoS networks. The major advantage of staking with an exchange is not the 0 fees, it is the ability to trade while your asset is “locked” for staking!
2/ @binance, and other centralized exchanges, issues depositors a certificate of deposit (CD) that they freely trade while the asset itself is being locked on the network for staking. Users staking on their own or through STaaS validators don’t enjoy this advantage.
3/ Worst case scenarios include: a. Exchanges complete control of PoS networks dominating their governance and their monetary policy. b. Exchanges using STaaS providers as contractors and have a hidden control over the STaaS businesses and PoS networks
4/ There may be some possible ways to even the playing field: a. Decentralized CDs that can be traded on exchanges (CEXs or DEXs). I know @zmanian was considering building this. b. Partnerships between exchanges & STaaS providers to trade synthetics of the staked assets.
5/ Although these may also introduce different risks to PoS networks, it is better to work on solutions now before facing the day when most PoS networks are controlled by a handful of centralized exchanges and their CEOs.