No I believe HBD is part of the virtual supply of Hive. Yes is it a project just under the 100M mark, hopefully it will grow.
Second layer are independant SPS(splinterlands) for example has a 4M in market cap, used to be event bigger, you will see it is an interesting ecosystem to study in my opinion. I am sure we will see interesting new projects that need a blockchain develop on Hive, it does have some competitive advance, just missing a bigger community and MAU users.