The main obstacle for building layer 2 apps is that there is no monetization model. Without Smart Media Tokens apps are not able to create new ecosystems, experiment with new tokenomics, and build communities. Hive blockchain has a lot of advantages (speed, free transactions, usernames, etc.), but we are two years behind all other projects in launching tokens.

At the time of publishing of the initial white paper, SMTs were a great concept, pioneering Automatic Market Maker and customization of token rules. Sure, we can blame Steemit for not doing their job for all these years, but when I am looking at the DHF, there is noting to suggest we might see SMTs any time soon.