Correct. In fact this proposal wasn't intended in response to the current pump at all. I started some private discussions of it prior to the pump even happening. The timing is a bit of a strange coincidence. The original concept goes back to last year with this post of mine, which was then implemented in the last Hive hard fork (AFAIK it was never implemented in Steem).

This is more of a longer term proposal to stabilize the price over time, and create a clear linkage between demand for HBD and demand for HIVE.

Shorter term pumps and liquidity issues need to be addressed different ways, including by improving the number of platforms where the assets can be traded. That's obviously also a longer term challenge and effort.