2/18/2024 0 Comments Steem tunesmith“It is clear that the intention is to ‘dissolve’ Steem,” wrote community member Anthony Davis on Steemit. What happened next was a little like what occurs when Wall Street investors find out about a hostile takeover: When the deal was announced on February 14, the price of Steem tokens rose to $0.30, doubling the value of Sun’s newly acquired stash of 65 million Steem tokens-the ninjamined stake-to $19 million. His plan was to have the Steem token keep its name but run on the Tron network instead. Sun had one condition, however: He said he would only pay 70% upfront, with the balance due once the Steem token was transferred to the Tron blockchain. Though the number of tokens had dwindled and the stake now represented some 30% of the total token supply, it was easily enough to establish a massive voting share in Steem's on-chain governance system. (Sun declined to be interviewed for this story, as did Larimer and Scott.) Larimer was long gone by this point, so Sun made a deal with Scott: He offered just shy of $8 million to buy the company and the ninjamined stake, according to sources with knowledge of the deal. Tron Foundation CEO Justin Sun, who bought Steemit. ![]() The move seemed like a clever way to expand his own growing crypto empire. He decided to buy Steemit with the hope of bringing the social network, its cryptocurrency and community to his Tron blockchain ecosystem. In late 2019, Tron Foundation CEO Justin Sun, a young Chinese millionaire and outrageous marketer, best known for paying $4.6 million to dine with billionaire investor Warren Buffett, saw how valuable the burgeoning community could be to Tron, a cryptocurrency platform largely made up of gambling apps. In the Web 3.0 world, where very few consumer-facing projects ever get traction, Steemit was a success story. Splinterlands is a collectible card game on the Steem blockchain. More than a million people joined, with around 4,000 of them posting daily on everything from technical analysis to discussing Steem’s most popular game Splinterlands-“Steem Monsters.” The blockchain grew in value too, reaching a peak market cap of $1.9 billion. A secret sale and another bad beginningĭespite its awkward birth, Steemit quickly blossomed into a bustling, active community. ![]() This is the story of Steem and its brutal fight for survival. The Steem Wars also raised disturbing questions-about how blockchains should be governed, the role of “whales” with venal interests, and whether crypto exchanges who trade in the tokens affected have any right to get involved in these sorts of community disputes. $0.00038327 -0.69% Terra Classic (Wormhole)Īt the end of it all, Steem would be riven in two.
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