Hive blockchain - KE should include HIVE and HBD holdings altogether
The Rewards/Stake Co-efficient (KE) on the Hive blockchain is a good indicator of how much an user is invested in this ecosystem. But in my opinion it should include also the HBD holdings besides staked HIVE Power. The value is still in this ecosystem and besides Hive Power also liquid HIVE and HBD should be counted from this point of view. In my case for example I am holding a hefty amount of HBD in HBD Savings, part which came from the rewards (50% HP and 50% HBD) and other part that I have bought into. I appreciate the KE metric, but I believe that in the current form it doesn't tell the entire story. Otherwise it is just a theoretical indicator considering that in some cases the rewards never leave this ecosystem, but they are in a different shape or form.
HBD holdings means commitment as well
One of the arguments for including HBD in the Rewards/Stake coefficient (KE) is that HBD represents a deliberate commitment to the Hive ecosystem. When users keep HBD in savings, they are not removing value from Hive; they are choosing to lock and store value within Hive's native financial layer. That funds remains available for future conversions, investments and participation in the network economy. Ignoring HBD therefore understates the real level of engagement and confidence that many users have in the blockchain.
Ecosystem participation implies multiple layers
HIVE Power certainly deserves a central role because it grants governance influence and locks the token for a long period (13 weeks). However, liquid HIVE and HBD also contribute to market liquidity, trading activity and economic stability. A user who holds a large balance of HBD savings may be just as committed to the ecosystem as someone who has the same value fully staked as Hive Power. The current KE formula captures only one dimension of participation, while an extended formula would reflect both governance commitment and financial one. And as long the assets remains within the ecosystem, they contribute to its activity one way or another.
Thinking of a more complete KE formula
A practical improvement could be a weighted approach. Hive Power would continue to receive the highest weight because of its governance and staking role, while liquid HIVE and HBD could receive partial weights that acknowledge the contribution to the ecosystem. Such a model would preserve the importance of staking without overlooking users who intentionally keep significant value in savings or liquid form. It would also reduce situations where two accounts with similar total exposure to Hive display dramatically different KE values. And actions like staking and trading for sure are beneficial to the Hive ecosystem as well as it is more than a content platform.
As I see it the purpose of KE should be to measure how invested a user is in the Hive ecosystem, not merely how much HIVE is currently staked. Since HBD holdings remain inside Hive and often originate from rewards that were never withdrawn from the blockchain, excluding them seems somehow unfair to me. A KE metric that combines HIVE Power, liquid HIVE and HBD (liquid or in Savings) would provide a fairer and more realistic representation of the long-term commitment to Hive.