New, but growing
Since catapulting in value to over $400m, Steem has cooled to an approximate market-cap of $157m, but this still makes it one of the six largest cryptocurrencies on the space.
While there are certainly naysayers, the reality is that Steemit continues to see more people signing up and participating.
However, it’s not simply Steemit the social media site, but also the blockchain that has experienced tremendous growth. Scott said that entrepreneurs and developers have already created 50 different tools, such as Catch a Whale (which tracks where whales have recently voted) and SteemMarket (which lets users buy, sell and rent goods with Steem).
Ned said:
"The people showing up to use this are going directly to the blockchain. We don't have the authority to tell them not to. In fact, we implore it. What we set out to do is build an ecosystem and that’s exactly what’s happening."
Whether they stick around past the excitement, though, remains to be seen.
If the stories of people paying off bills, buying family members washing machines and going on vacations is any indication, Steemit might have found a niche for content creators looking for ways to generate income.