HBD in the spotlight: 20% APR, pHBD and more interest
In the past couple of hours, I have been catching up on all the recent developments surrounding Hive backed Dollar(HBD). If you're a HBD holder, it's all good news coming through for you.
The recent development that has gotten the community excited is the increase in monthly revenue from HBD and Hive savings. This development instantly makes HBD the most profitable stable coin to stake, alongside UST.
At the time of writing, HBD offers up to 20% APR for saving. This is the highest interest rate in the land.
If you've never saved HBD before, you should be considering it in a bit. It is paying interest in pretty much the same way most farms and staking projects would.
For example, Staking SPS offers 26% APR but your income is a volatile token that has fluctuated between 10-12 cents in the past couple of weeks. WIth HBD, you're paid 20% on the dollar every month.
You can't find information about the total marketcap of HBD on either Coingecko or Coinmarketcap, so I had to do a little digging. After a few clicking about, I found a tool developed by @ausbitbank that tracks HBD activities.
At the time of writing, the total market capitalisation of HBD is only $9,548,447.549. Compared to most stable coins competing at the top, HBD is small fry.
This means that HBD is still a very scarce asset, and you'll need to go hard in the market to actually find it. Obviously, you also print more HBD from your publications.
The increase in interest rate translates to an increase in demand but seeing that it is a stable coin, Hive shouldn't be adversely affected in any capacity.
Thanks to this news, I've thrown my entire HBD collection into HBD savings because every second counts. In ideal condition, I'll be pulling roughly 121 HBD per month but the change took place 4 days into my savings.
In any case, the HBD in savings has an auto compounding feature, so whenever you claim your HBD interest, it goes straight into savings and that is used to generate your next interest in 28 days.
Polycub and HBD
Way before HBD interest was even discussed on Hive, the Leofinance team had already began preliminary conversations about a wrapped version of HBD getting involved.
@taskmaster4450 talked about it in this publication I recommend you read. He mentions the addition of a USDC/pHBD stable coin farm that will be added to Polycub.
The plan is to have the "deepest HBD liquidity pool", as Khal puts it. This is a really interesting move, as the knock-on effect will be an increase in the supply of HBD.
Right now, the number of routes to access HBD is very limited. You can either publish content and earn both HBD and Hive power.
You may also buy Hive and use the internal mechanism to automatically convert it to HBD. After converting to HBD, you can then throw the HBD into Savings.
Note that only half of your Hive is only a fraction of your Hive is converted to HBD, the rest is held as collateral for a couple of days and then returned to you.
pHBD is going to bring more attention to HBD, thereby increasing the demand for the stable coin. We're going to be having more eyes on HBD, and that loosely translates to more attention on Hive and that's a win in my books.
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Woa 20% nice! Since a couple of months I’ve been trying to increase the amount of HBD in savings. Mostly to get some stable stead passive income. Going from 12 to 20 percent interest is good news :-)
It is really awesome. With 100k in savings, you could be earnin $1670 per month.
Can I borrow 100K so I can get $1670 a month?
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It is very appealing.
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A big step forward. There is still a lot of work to do with HBD. We still have a lot of issues with getting people to convert.
That could be alleviated with time. However, we now have to get more HBD out there. Generating a higher return is certainly a first step.
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duplicate
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Interesting to see hbd at 20% apr. Na to go sell our house make I put the money for yeild remain like this.
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Looking forward to pHBD
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pHBD sounds like a very nice way to sell the HBD. I'm looking forward to that development.
It's great to see the moves the witnesses are making to help push HBD on its path to becoming a worthy stablecoin..
The 20% increase in HBD Savings is a great idea!..
It'll give people more reason to stake their Hive and also be more actively involved in creating content ..
How good is this :)
The move to increase the APR on Hive Backed Dollars in savings to 20% is something we've talked about here on LeoFinance for a while.
But I had no idea that the witnesses were actually considering it.
I wonder who the first external crypto news outlet to pick up the story will be.
Mark my words...
An algorithmic stablecoin that runs on a truly decentralised blockchain, offering 20% APR, is newsworthy!
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I can't wait to see the phbd come
20% is pretty amazing. I have started saving a percentage of my HIVE income in HBD. At last, it is an offer I cannot resist!
just came across this and curious about that SPS staking, it was near $1 now under .06... that high APR% really didn't do much for the token eh... 9 quadrillion total max supply and votes to keep utilizing it for more airdrop rewards seems to be pretty counter intuitive to raising its value eh... After the world ridiculed LUNA for their 20% APR before crashing to 0 is surprising to see us copy that same unsustainable %... I have heard that HBD limited supply makes it sustainable... if that is all we have then I am leaving my rank 102 witness node at 7.5% great article though, wonder how well we will hold up HBD now that the world has proven there is no such thing as a stable coin and just days ago saw some volatility on HBD...
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