Now, the reason is not that STEEM is worth more. (Even though SBD is way above peg and 100% Powerup posts also earn TRX for some additional ~4% APR).
I think that this probably is the reason. If SBD is at $3 then a 50/50 post value is doubled:
- 50% value in Steem + 3 x 50% value in SBD = 200% value, compared to
- 50% value in Steem + 1 x 50% value in SBD = 100% value.
So it makes sense for people to pay twice as much for the lease.
That said, I'm not opposed to alternative solutions for rewards. One of the good things we're seeing with layer 2 community tokens is the trials of alternative approaches, such as flat curation, with such success that they are now being proposed for the main chain.
I think that's the way forwards for proposed reward changes. Trial them to see their effects. Some of the layer 2 communities are big enough now for a valid trial to take place.
Yes, of course, the amount might also be higher due to SBD rewards being paid out are way above peg. But then it would even be more skewed for people curating on Hive, or am I missing something?
The steem APR has been 25% for months, and reached 22% only two months after we left for hive. SBD is not the reason, since it was at 1$ or even less.
@miniature-tiger
I would guess that the dLease market on Hive is also driven by something close to 100% of vote. People can obtain that by leasing as a group and circular voting. Since this is the most profitable strategy it will drive the market price even if not everyone uses dLease for that purpose.
I think most people won't do it due to the risk of getting downvoted.