Steemit is powered by blockchain technology and uses a new cryptocurrency to reward users who upload articles, images, commentary, etc. Other ways users can get paid is through sourcing and up-voting popular content. The earlier a person up-votes a post that becomes popular, the more is the reward. Users are paid half in ‘Steem Power’ (a vesting currency) and half in Steem Dollars, which can be exchanged for US Dollars. Source: The Cointelegraph
During the launch period Steemit had a market capitalisation of above 300m USD, end of Nov 2016 it was below 40m USD.