Following weeks of conflict between Steem community and Justin Sun, community-led Hive hard fork was successful
After weeks of conflict between the Steem community (STEEM) and Justin Sun, the community-led Hive hard fork was successful.
Community starts fighting back
According to the Hive hard fork announcement, Steem users will receive their balances through a 1: 1 airdrop taken from a snapshot of the blockchain at 10 a.m. EST on March 20. However, the drop will purposely ignore Steemit’s “ninja-mined” stake, currently worth around $ 9.25 million – which is more than 20% of its $ 46 million market capitalization.
— Hive Lover India (@hive_lover) March 21, 2020
Several exchanges seem supportive of the Hive project, with Binance being one of the first firms to back the upcoming airdrop.
David Jefferys, director of business development of V.systems, who has previously worked a similar job at Steemit for two years and now partakes in the Hive hard fork, said:
“Leveraging the great news from Binance early on in the day myself and a handful of other Hive (formerly Steem) community members worked to coordinate exchange communications with other key industry exchanges.”
Besides, eight exchanges have announced their intention to support the Hive airdrop: Binance, Huobi, Bithumb, GOPAX, Ionomy, KuCoin, ProBit, and Upbit, with more contacting the Hive team daily.
The Steem community-led Hive hard fork was successful
On March 20, the Steem Hive hard fork was a huge success. In particular, airdropping HIVE tokens to STEEM holders 1:1, excluding the founder’s reward.
Founder’s rewards include 20% of the total STEEM supply. The tokens were acquired by Tron’s founder, Justin Sun, when he purchased Steemit Inc – the most extensive front-end interface for the decentralized blog platform – on February 14.
Earlier today, Scott Jarvie, co-founder of Steempeak, revealed the upcoming launch of a Hive-based platform:
“We plan to keep steempeak.com alive for some time depending on if there are 3rd party systems that we need and users. However, we expect a Hive to be the main chain going forward.”
Jarvie emphasized almost unanimous support for Hive among the hundreds of Steem community members.
“I have read through every post and am hard-pressed to find anyone who doesn’t want to move to Hive,” he stated, adding: “We asked them to be honest and we would make sure they wouldn’t get attacked on comments if they were firm in their resolution to stay on Steem.”
STEEM has experienced extreme upheaval in recent weeks, with Sun’s takeover of the Steem network seemingly driving prices down 60% between February 14 and March 18.
STEEM four-hour price chart. Source: TradingView
Hive announced that it would be online on March 18, causing a price increase of more than 200% in 18 hours. However, prices have fallen more than 50% since yesterday’s high – suggesting that most of STEEM’s buying pressure comes from investors seeking to buy HIVE.
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