How is HBD doing these days? The market just took a turn for the worst and having a stable HBD is a real gift. In the past years HBD has improved and it has maintained its peg better than ever.
The HBD interest rate was set to 20% by the top Hive witnesses back in April 2022. More than a year has passed since then, in which HBD is paying out 20% interest on the HBD in savings.
The withdrawal from the savings account is three days. A reasonable period. It’s like staking with three days unlocking period.
When the interest on HBD was set for a first time by the witnesses, in March 2021, it started at 3%, then they push it to 10%, 12% and now a 20%! You can see what the interest rate is set by the witnesses here https://peakd.com/me/witnesses.
With the latest Hardfork the debt limit for HBD was pushed to 20%, allowing more HBD to be printed before the haircut rule is applied and HBD is devaluated.
Now let’s take a look at the data and see how much HBD has been transferred to savings and who is taking advantage of the HBD interest rate.
We will be looking at the following:
- HBD balance in savings
- HBD savings VS liquid balance
- Daily and monthly interest rewarded
- Cumulative interest
- Top accounts that hold HBD in savings
- Top accounts earning interest
HBD Balance In Savings
Here is the chart for the HBD balance in savings in time.
A clear uptrend here with continues growth!
The HBD balance in savings stated growing in July 2021 and continue an aggressive expansion up until March 2022, with some bumps in the way. In the summer of 2022 there seems to be some stagnation in the growth, but then it started growing more aggressively at the end of 2022 and the being of 2023.
When we zoom in 2023 we get this:
In 2023 we have seen a more aggressive growth at the beginning of the year up to February, and then a bit moderate growth in the next months. Some uptrend at the end of July as well, and a slow down in the recent weeks. HIVE has dropped in price, so maybe some of the users are pulling HBD and buying HIVE.
At the moment there is 7.5M HBD in savings. At the beginning of the year this number was around 5M, even a bit lower then that, so more than 2.5M HBD was put in savings this year, or a 50% growth up until now.
HBD Interest Rate [%]
Historically the interest rate for HBD has been as follows:
- Mar 2021 - 3%
- Jun 2021 - 7%
- Jul 2021 - 10%
- Dec 2021 - 12%
- Apr 2022 – 20%
We are now a full year with the 20% interest rate, and it is the longest period in the Hive history to hold this percent.
HBD Balance In Savings VS Liquid HBD
Here is the long term chart.
This is a long-term chart, starting back from 2016 for context.
We can see that HBD in saving started to accumulate only after the introduction of interest in 2021. Since then, it has kept growing and we are now at ATH for HBD in savings, and at the same time the liquid HBD is at all time low.
For 2023 we get this:
We can see some ups and downs in the liquid HBD supply, while the HBD in savings keeps on growing. At the beginning of the year the total supply was at 9.5M HBD, out of which 5M were in savings and 4.5M liquid. Now the total supply is at 11.4M, out of which 7.5M is in savings.
In terms of share of the liquid HBD we have this:
A constant downtrend here with some bumps on the way. We are now at 66% HBD in savings (staked), and only a 34% liquid supply.
At the beginning of 2023 this share was around 50%-50%.
We can clearly see the trend here where more and more HBD share is locked in savings.
Daily Interest Rewarded
How much interest is paid to the HBD in savings? Here is the chart.
At first in 2021 the interest was paid to all the accounts that hold HBD, without the need to be put in savings. Then after the HF in June 2021, HBD interest is paid only for HBD in savings. We can notice the sharp drop at that time.
Since then, the daily interest payouts depends on the amount of HBD in savings and the interest rate for HBD APR.
A constant growth here and we are mow at 4k HBD daily earned from HBD interest.
The monthly chart for the HBD interest looks like this:
On a monthly level we are now more than 100k HBD interest per month, since March 2023.
July was the highest month with HBD interest paid at 120k HBD.
On a yearly level there was 137k HBD interest paid in 2021, a 616k HBD interest paid in 2022, and in 2023 we are now at around 800k HBD, and the year will probably end somewhere at 1.3M HBD in interest paid.
Top Accounts That Hold HBD In Savings
Who has the most HBD put in savings? Here is the chart.
The @lazy-panda account has been staking a lot of HBD in the last period, especially in 2023 and it is now dominant on the chart with 1.1M HBD in savings. @newsflash is on the second spot with 433k, followed by @alpha.
Almost 8k accounts now have at least $1 HBD in savings.
Top Accounts That Earned HBD Interest
The above was the current situation for accounts that hold HBD in savings. Some might have added and others removed. Who has earned the most in the past?
Here is the chart for interest earned.
Here is the chart for the all time interest earned from HBD in savings.
@lazy-pands is on the top here as well, @mika is second and @newsflash on the third spot.
The Hive debt currently looks like this:
An overall uptrend for the HBD in savings that has continued in 2023. The liquid HBD supply is at all time low. The debt limit is now at 30% since the last fardfork in October 2023, up from the previous 10%, meaning there is more room for HBD expansion.
All the best
@dalz