The Hype cycle does apply, but differently. It covers hype about and around the new technology... not adoption and dissemination of the new tech... Right now blockchains and crypto are definitely on the steep curve in the hype cycle but they are still not widely adopted for the masses. Steemit is likely to accomplish greater penetration and wider adoption than anything before it.

https://steemit.com/writing/@gavvet/the-steemit-author-curator-hype-cycle