Sounds like an interesting idea that will shine more light to the DeFi capabilities of Hive. My only concern is, how this would affect HBD supply and debt. If too many users stake HBD, this could become a problem and lead to HBD and subsequently Hive inflation. So a dynamic calculation would be needed to limit the interest rate / inflation rate of HBD savings based on the number of HBD staked overall and the HBD/Hive debt ratio. If debt ratio is exceeded APY should go to zero to limit the inflation.
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I think the relatively low value for the haircut rule pretty much negates the opportunity for a systemic risk at this time.
As to interest rates, they are set by votes of the witnesses, so if there was some systemic risk concern, they could always lower the interest rate.