Blockchain-based social media platform Steemit has laid off over 70% of its staff due to the weakness of the cryptocurrency market, the diminishing fiat returns on the automated selling of STEEM, and the growing costs of running full Steem nodes.

Steemit CEO Ned Scott announced that the platform would also be undergoing a fundamental restructuring.

Steemit Platform runs a decentralized application on the Steem blockchain, at the same time, its framework works around network driven posting, assessment, and overseeing of the script. Steemit rewards content and members in the alleged ‘attention economy’ with the fundamental token STEEM.
As per the confirmation, the recent fall in cryptocurrency exchanges has brought about a downturn in fiat cash coming back from the organization’s mechanized STEEM deals. Also, the expense of running Steem’s hubs has expanded.

From November 14, the cryptocurrency market has encountered a gigantic decline, Bitcoin (BTC) falling from its normal cost of around $6,400 to as low as $5,506. Since last week, its sunk has been considerably further, beneath $4,000. The plunge has denoted another instability record for business sectors this year.

Steemit is purportedly organizing cost reduction methodologies, following the layoffs. For example, “restoring steemed modules with hivemind, pitchforking. Steem to prune the chain state estimate from 160gb to 0gb, AWS utilization projections, DevOps solutions, testing hubs, and staging reduction and wiping out redundancies.”

Since its establishment, the STEEM token savored the experience of mind-boggling success. In July 2016, it grew over 2,000% to achieve more than $400 million in market capitalization within just 14 days. In the meantime, its cost additionally developed from $0.24 to $4.63.
STEEM is exchanging around $0.382, about 19% on the day, as indicated by Coin Market Capital. The coin’s market capitalization is over $115 million, and its every day exchanging volume is around $1.8 million.