Decentralized social media platform Steemit has announced the completion of a successful hardfork to modify its 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 received well by the community and the network has gone on to adopt the software. Following this, the trading value of the token rose 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. In the hours following the hard fork, the market cap valuation of Steem jumped to over $50 million USD, an over 200% increase in under three weeks.