it's a fully up and running project and pre-HF20 steem fork, or graphene fork with elements from Busy.org and huge amounts of their own code in fact. SMOKE token has no 'SBD' just SMOKE and SP in the system, is listed on CMC, has swaps/gateways open to BitShares DEX (another platform based on graphene, as is Steem).
It's the future of web based forums, expect more on all topics wide and broad. This is how Steem like technology is changing the web, I'm a believer it will happen to all social media/forum websites having their own tokens and rewards systems utilizing decentralized blockchains. Read up a bit around the DAC concept... this is one. WhaleShares is another worth looking into. All these sites address the 'free for all' problem on Steem, and try to implement the behavioral rewards so that genuine efforts grow, and spam is restricted.