The value of HBD comes from HIVE. This is easy to prove because HBD was holding its peg before the the raise in the interest rate.

Yes, the HBD price tends to be slightly lower than $1.00. The easiest way to raise the HBD price to $1 would be to change the conversion formula so that it generated $1.01 in HIVE.

Originally the haircut hit at 10%. So, we just crossed the original haircut.

Implementing the 20% return on HBD enabled investors to achieve ROI without deranging curation,

That's what people thought would happen when they raised the rate.

The price of HIVE has been in steady decline since the decision.

HBD Interest Crashed HIVE-Engine

It is easy to prove that the 20% interest on HBD accelerated the decline of HIVE Engine.

If you look at the history of honey-swap; you would see that a large number of players pulled their funds from HE and put the funds into HBD. You will also see that 20% interest on HBD reduced the flow of funds into HE.

The 20% interest on HBD failed to bring in new investors. It managed to "derange" the curation of both HIVE and HE coins which is shown in the deep decline of the coins ever since.

!WINE