HBD Transfers To Savings | Data by date and users

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(Edited)

The latest Hardfork has introduced interest on HBD but only if it is transferred in the savings account. The interest on the HBD was always an option as it is a parameter set by the witnesses. Witnesses have introduced interest before the HF but it was applied to all the HBD holders, including the exchanges.

With the latest changes, only HBD that is in the savings is receiving interest. The withdrawal from the savings account is three days, that is a reasonable period. It’s like staking with three days unlocking period.

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When the interest on HBD was first set by the witnesses a few months back, it was only 3%. Now it is 7% with more witnesses setting it up to 10% or even 12%. You can see what the interest rate is set by the witnesses here https://peakd.com/me/witnesses.

At the moment of writing this there is different interest set by the top 20 witnesses. Half of them, or 10 witnesses have 7%, 6 have 10%, 3 have 12% and one have set interest of 5%. Not totally sure what is the final % under these conditions, but Peakd is showing 7%.


Now lets 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.

The period that we will be looking at is January 1st, 2021 to July 12, 2021 , with focus on the latest period after the Hardfork was introduced, July 30, 2021.

We will be looking at the following:

  • Daily transfers to savings
  • Monthly transfers to savings
  • Top accounts that made the transfers

Daily HBD Transfers To Savings

Here is the chart for the daily HBD transfers to savings.

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As we can see in the chart, prior to June 2021, transfers to savings were almost non existent with few spikes. Then in June prior to the hardfork HBD started to be transferred to the savings accounts. There was few big spikes with more than 100k moved in a day, and the trend continued in the first days of July.

The monthly chart looks like this.

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Note that July is not over yet and the bar will be higher at the end of the month.

A total of 350k HBD was transferred to savings account in June and almost 400k in the first days of July, resulting in almost 800k HBD moved to savings since the hardfork. At this rate there will be one million in the savings accounts soon.

There is a total of 10M HBD supply at the moment, out of which 4.5M HBD in the dev fund, meaning 5.5M HBD in circulation. 3.7M HBD is in the exchanges wallet, that leave us with 1.8M HBD in users account. This means that 800k out of the 1.8M, or almost 50% of the HBD in users accounts was moved to savings in this short period.

I expect the trend to continue in the next months and more HBD to be moved to savings. Will update the data in the next period to see how things are going.

Top Accounts That Transferred HBD To Savings

Who has transferred the most funds to savings? Here is the chart.

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The @mika account is dominant here with almost 600k HBD moved to savings. Next is @fullalt.dhf with 33k, and then @alpha. The numbers goes down fast and the no.15 on the list has around 2k HBD.


Overall quite an impressive start for the HBD savings with almost 1M HBD now in these accounts earing interest on HBD. These numbers are still relatively low compared to the big defi stablecoins farms, meaning that there is a lot of room for growth. HBD is more stable now, but still needs to prove itself. If in the next period HBD keeps it peg relatively close to the dollar it can grow even more. Off course the marketcap of HIVE in general needs to increase as there is a limit of HBD printing as 10% debt. If there is demand for HBD that will push the price of HIVE as well.

All the best
@dalz

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30 comments
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There is an error in the image regarding wallets who transferred to savings. The title of the images reads “to Exchanges”.

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Hey, thanks ... I will corect it

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(Edited)

Something is wrong with those calculations as HiveSQL shows currently 581,779.274 HBD on savings accounts.

SELECT SUM(savings_hbd_balance)
FROM Accounts

Results in 581779.274

Screenshot from 2021-07-14 22-51-15.png

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Hm ... well that is interesting ...maybe some big player withdraw some ... not sure ...

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Yeah, looks like you didn't count withdrawals.

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Yep, deposits only ... but still most of them are in the last few weeks ... just looked at the withdrawals ... the mika account has 280k withdrawal on July 1st. Those are some fast moves, in and out, didn't expect that. Need to calculate net deposits going forward.

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Very interesting stuff.

The HBD peg is looking good of late. We are now sitting between .95-1.00. That is a decent range. So we made progress in this area. As you mentioned, we need to see if it holds. Time is going to tell if it can prove itself.

If we can pull off theHBD peg, then we might have one of the most amazing stablecoins in crypto. It is going to awesome if we can pull this off.

We will see in 90-120 days.

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Thanks task!
It seems that the stabilization is working nice for now, especialy with the two ways conversions possible for hive-hbd.

The dao acts as a peg incetivizer in this direction as well. The one thing that is missing is liquidity for HBD. In time the liquidity should grow and making it more usable.

Just to note here that HBD is a special stablecoin, it is not collateralized with crypto (DAI), or with fiat (USDT, USDC... ), neither it is a algorithmic stablecoin. The closest to it is the FEI stablecoin, that is a few months old project, and it uses a DAO to incetivize trading around the peg on a DEX (Uniswap).

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In general, it is smart. Hive will be staying in years too IMO, this makes it a rock-solid stable coin with a really nice APR.

The next step should be to create ETH-HBD, BSC-HBD, Matic-HBD, and so on.

If the demand for HBD should increase, we also increase the demand for Hive.

And Bull or bear run. people love stables :) So it should stable hive a lot too, if the demand is big enough :)

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Interest on stables is one of the safest bet in crypto. It make difference when you play with large ammounts.

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Not totally sure what is the final % under these conditions...

The HBD interest rate is computed for each block production round and is the median value from the 21 scheduled block producers (20 top witnesses + 1 backup).

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This means, the 7% showed by Peakd is lower, as the median would be a bit higher, somewhere around 8.5% ... also its a dynamic value ... not sure what would be the proper way to follow it

cc. @jarvie @asgarth

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The value shown on PeakD wallet page is fetched directly by the API nodes using this API call: https://developers.hive.io/apidefinitions/#condenser_api.get_dynamic_global_properties
As you can see there is a hbd_interest_rate field that give the current value.

But you are right, the value is dynamic and may change. As far as I know according to the followings:

  • if top 20 witnesses change
  • if one of the top 20 witnesses update his parameters
  • according to what value is defined by the 21st backup witness
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(Edited)

Median of the list you gave is 7%. https://en.wikipedia.org/wiki/Median

The backup witness also factors in each round, but with the current top 20 votes, has no effect. IMO the backup witness should be removed from the voting in some future hard fork.

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Do not confuse median and average. The first one is less prone to changes.

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I have started taking half of my HBD rewards each week or so and putting them in savings. I think it is a great way to earn some money. Especially at the 7% rate. You can't beat that in any traditional savings account that I know of.

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At first it wont matter much, but if you give it some time (few years :) ... it can do wonders.

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I am looking forward to seeing that. Right now I am just tucking it away and thinking "out of sight, out of mind". Until the big payoff!

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What is not very clear to me is what is the period in which they pay that 7% return. For example, if I put 100 HBD in Savings, when will I get 7%?

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At the end of the month!

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Maximum of one payment every 30 days, made any time the balance changes.

So if you haven't received interest in 30 days and do some operation that changes your balance, you get all accrued interest up to that point, and then the 30 day timer resets.

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We will move our witness server to a higher apr but we hope for some associated PR. I would like to do some myself but will be without internet for a week... so we will see if it it stays at 7 through the week

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No internet for a week!
Thats quite impresive :) About the apr, 7% looks reasanable, 10% is already very attractive, hope it is sustainable as well

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the supply of the HBD is 10 million? what will happen for example if all the HBDs are blocked in the Saving wallet?

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They will all earn interest

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Sure, but when all HBDs are blocked, will other HBDs be printed?

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Not sure what do you mean by blocked .... HBD is issued to authors as authors rewards and to DHF worker, the proposal system, that is not connected to hbd in savings in any way

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