Greetings to you all!
Whales 🐳 in steem blockchain have a lot of influence and I am going to talk about them today.
"Whales" are defined as those users that stake a significant amount of Steem Power (SP), which shows their governance and use it for voting users content.Whales have significant value at steemit.
| Whales are divided into three groups |
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| Top 10 Whales | They stake over 1 million SP and have great voting power. |
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| Medium Whales | Medium Whales stake between 500,000 and 1 million SP, still staking their considerable impact. |
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| Small Whales | Small whale stake equal to 500,000 SP but are still considered significant contributors. |
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| Responsibilities to the community |
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| Leadership | Whales are expected as leaders.Forexample, In promotion for positive and innovative project. |
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| Voting | Whales have high amount of holdings that can effect at platform's governance, and their votes are such kind of valuable that they can make or break proposals and new initiatives. |
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| Mentorship | Whales are also approached for purpose of providing guidance and advice to users that are new specifically and whales are also expected in sharing their knowledge and experiences with new users. |
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| Content Curation | Whales are helpful in curation of high-quality content through upvoting posts and support of deserving authors. |
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| Community Engagement | Whales also willingly participate in important discussions,show their significant engagement with other users, and help in resolving conflicts. |
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- @berniesanders is amongst top 10 whales he has his influence in promoting social and political awareness and support relevant content and innovative initiatives.
- @steemcafe is a medium level whale that engages with the community in active way so he is offering guidance and support to new users, and in curation of quality content through His curation trail.
Whales at steemit potentially effect value of STEEM. There are different ways in which whales can impact value of STEEM and role of whales at STEEM I am going to discuss.
| Market Volatility | Whales may cause price volatility by buying or selling significant amounts of cryptocurrency which may impact market sentiment and for trigger price fluctuations. |
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| Liquidity | Whales also play their role in providing liquidity, in enabling little investors for buying and selling easily, that can stabilize market. |
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Trend Setting|Whales can start any trends, and other little investors also follow that actions so they are helpful in amplifying market fluctuations.
| Voting Power | Whales have significant voting power so they are helpful in shaping direction of the Steem blockchain and its development. |
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| Content Curation | Whales show their role in curating quality content so they support high quality posts and authors so they helps in maintainence of platform quality. |
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| Ecosystem Support | Whales can also support Steem based projects and initiatives that fosters development,innovation and growth at steemit. |
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- In past in 2017, there was a single but large whale who sold a large amount of Bitcoin so it cause a significant price drop from $2,700 to $2,300.
- @steemcafe was a medium whale that curates content in active manner so he support authors and promote engaging posts.
There are different phases which can impact the platform and other users. Here are some phases.
| Accumulation | Whales can buy and hold Steem so it may enhance their stake and influence at steemit and this phase can cause more price stability and more steemit growth that may also benefit other users. |
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In top 10 whales,there is a big name of @berniesanders who have accumulated significant amount of Steem, becoming a top whale and has also gained high voting power.
| Consolidation | Whales stake their Steem for maintainence of their influence and for waiting for market volatilities to subside. This phase can cause market stability so it's a way of permitting other users to participate without particular price fluctuations. |
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When there was a market downturn, @steemcafe at that time hold his Steem, providing liquidity and stability to the market.
| Distribution | When whales power down their Steem then it definitely cause reduction in their influence and significantly cause market fluctuations. This phase can lead to price downtrend so it is also affecting other users in this phase. |
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When in past there was a whale @patrice and he power down his Steem account, then in market there was a significant price drop that were also impactful on other users holdings of STEEM assets particularly.
| Re-accumulation | Whales can purchase back Steem for the purpose of regaining their influence and for significantly starting a new accumulation phase. This can cause market to growth and to enhance user engagement. |
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After a market bearish trend, @steemitblog (a small whale) re-accumulated Steem for support of the platform and for showing its contribution for its growth.
There are different challenges that users at STEEM can face due to the presence of whales.
| Market Volatility | Whale actions can cause significant price fluctuations either it's positive or negative it can affect users investments. |
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| Voting Power | Whale significant voting power can impact the platform directions so it significantly marginalize smaller users voices. |
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Content Curation|Whale can curate content by giving preferences to particular content so in this way it can effect visibility of smaller users content, making it difficult to attaining traction.
| To protect their investments and navigation of these challenges users can easily adopt the following strategies |
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| Diversification of assets | It's crucial to distribute your investments in various cryptocurrencies for reducing exposure to Steem market trends. |
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| Community Engagement | In development of relationships with other users and in engagements in different discussions for amplifications of your voice and influence. |
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| Content Quality | You should be focused on creation of high-quality content which may resonates with wider audience to minimize their dependency at whales curation. |
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| Voting Strategies | Using voting bots or joining for voting trails for amplifications of your voting power and counterbalance whales' overall impact. |
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| Steem Power Management | This is significant to manage Steem Power in efficient way by usage of tools like SteemWorld or SteemitTools for optimizing your influence. |
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- @steemcommunity (a group of users) created a community for amplifications of their voices and impact , countering whales' dominance.
- @steemauthor is a content creator who is much focused in production of bhigh-quality content, gaining recognition and support from a broader audience.
The presence of whales on Steem can impact ordinary user participation and engagement in several ways:
- Intimidation factor: Whales' significant influence and voting power can intimidate smaller users, discouraging them from participating or sharing their opinions.
- Dominance of popular topics: Whales' content curation preferences can create an echo chamber, where only popular topics and established authors receive visibility, marginalizing diverse perspectives.
- Lack of representation: Whales' voting power can overshadow smaller users' voices, making it difficult for new or niche topics to gain traction.
To encourage a greater diversity of voices and contributions, we can:
- Promote community engagement: Encourage users to participate in discussions, engage with others' content, and build relationships to amplify their influence.
- Support niche topics: Use voting bots or manual curation to highlight unique perspectives and topics, promoting diversity and inclusivity.
- Empower smaller users: Offer resources, mentorship, and support to help smaller users grow their influence and contribute meaningfully.
- Foster a culture of inclusivity: Encourage whales and established users to engage with and support new or marginalized voices, promoting a more diverse and vibrant community.
Practical Examples:
- @steemdiversity is a voting robot thar curates content from niche topics and new users, hence promotes diversity and inclusivity at steemit.
- @steemmentor is an experienced user that is offering mentorship and guidance to new users, for empower them in showing their contribution in meaningful way.
I want to invite
@paholags
@shahid2030
@sduttaskitchen
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Thank you so much friend for sharing your participation in this engagement challenge. I agree with you that having 500000 SP makes you a whale of small level and definitely with the increase in STEEM power you get more influence at steemit when you properly distribute your VP among users.
Good luck in this engagement challenge....
Assalamu Alaikum dear sister you have described the topic very well and also give a detailed breakdown of The whales and how they are role is the important in the growth of platform.
You have explained it from the top to bottom which is the highly acknowledgeable and it shows your knowledge in the given topic and Exploration moreover you describe very well how their role can impact on different projects and different innovative and how their positive role can impact on the growth of steemit platform.
I wish you success
Assalamualaikum
Your explanation of whales impact on Steem is enlightening I appreciate your breakdown of their roles and responsibilities especially in governance and content curation. Your insights into market dynamics and the phases whales go through are valuable for users navigating Steem. Good luck with the contest
Is so amazing to see how creative and unique your content is it shows that you are standing and in excellent mind. Yo explanation and definition is of outstanding class and I really hope to see more of you
Thanks for sharing so high quality content
TEAM 5
Congratulations! Your post has been upvoted through steemcurator08.Hello dear sister
Assalamualaikum you explain very well on the topic of whales. As you mentioned some big medium and small whales on steemit they all work very well. And they all have good amount of sp and curated others post with great engagement. They all have many responsibilities to work on steemit. We also try our best to achieve this position if we power up 100 percent our author and curation rewards. So best of luck.
Hey shahar ,
Whales , from being a sea domineering creature to a tag that dominates this platform too . Every single steemian dreams of becoming a whale one day and being a whale marks the hard work and success of any steemian.
For me its still a dream to become a whale and the day i will become , will be the day I will be extremely happy .
Well the discouragement depends on the person itself too , but yes i agree that a 100% powered upvote by a whale really marks a lot the growth of the user .
I never knew about this , this is a new thing for me to encounter. Thanks for such an informative and amazing article . I am glad to read .
Blessings to you .