It's only deflationary when there is high demand for HBD, which there was in 2021, but so far we haven't seen a lot of demand in 2022, despite offering a very attractive APR, and also despite a third party system (polycub) adopting it and offering an even higher return. But sometimes these things take time, so we will see.
RE: Is The HBD Stabilizer Frontrunning Everyone Else For HIVE to HBD Conversions?