Steemit, the world’s fastest growing decentralized social media platform, has completed a successful hardfork to modify the economic model and enhance investor accessibility.
The hardfork, which drew unanimous community approval, saw the inflation rate of the Steem token reduced and the Steem Power holding requirements curtailed from an average of one year to an average of one and a half months.
The move was applauded by the community and the network rallied to adopt the software. In a matter of days the trading value of the token rose in parallel with increased demand from short and mid term investors of Steem.
When the impending hardfork proposal was announced by the Steemit executive, the total market cap valuation of Steem rested at $22 million USD. The price quickly rose thereafter and kept climbing. In the hours following the hard fork, the market cap valuation of Steem jumped to over $50 million USD, an over 200% increase in less than three weeks.
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