The ratio changes when new HIVE is created (inflation) or burned — if total Vests stays the same but total HIVE supply increases, each Vest is worth fewer HIVE. Example: if 1 Vest = 1 HIVE initially, but inflation adds 10% more HIVE while Vests stay constant, now 1 Vest = 0.909 HIVE. Conversely, if HIVE burns, each Vest becomes more valuable.