This all goes back to the very origin and the inception of the chain with its predessesor in 2016 and the 80% ninja mine that is skewing the Hive tokenomics. Its effects are much lower now but still present.

The DHF funding that are the biggest source of aditional inflation, would have been much lower and capped by the programatic inflation if the initial tokens were not there. The programatic inflation, if say on average is 25M HIVE per year, alocates 10% to the DHF, or 2.5M HIVE and if say aplied average price of 0.2 USD per year equals 500k HBD. And that would have been the natural and programatic cap of the DHF spendinig.

The 3M HBD per year for the DHF that we are aproximatly running to in the last three years are only possible due to the ninja mine. On the inflation side for 2025 up to now we are at 40M HIVE, probably will end up somewhere around 47M, that is almost double the nominal 25M. This will be a record amount of HIVE put in circulation in a single year!

Long story short, we are spending for funding more than our means, made possible by a pre mine. Another note is this would not have been so damaging, if we had some growth in the last years. The lack of growth and the extra spending is what is putting us in the curent situation. Going into maintaince mode is certainly welcomed. Meanwhile if we can make some quick wins on the growth side that will be amazing.