Excellent catch, and thank you for pushing this.

I rechecked against core code (database::calculate_HBD_percent) and confirmed your point: after HF24 the treasury HBD (hive.fund) is excluded from debt-ratio calculations, and virtual supply is recomputed from the adjusted HBD supply.

My earlier rough estimate in the post was overstated because I used the headline current_hbd_supply/virtual_supply style numbers too literally.

I just edited the post with the corrected method + live recalculation:

• current_hbd_supply: ~33.32M HBD
• treasury HBD: ~23.29M
• effective HBD debt supply: ~10.03M
• feed: ~0.058 HBD/HIVE
• effective virtual supply: ~706.8M
• estimated debt ratio: ~24.5%

So yes — materially different from my original estimate, and your correction improved the piece a lot.

Appreciate you taking the time to flag it.