The Hive Autoclaim Services have been updated with a new feature to help you automatically claim your interest on HBD savings.
What are Hive Autoclaim Services?
For those who don't know yet, Hive Autoclaim Services are cloud services that automatically does all the dirty work for you and claim any available Hive and Hive-Engine token, 24 hours a day!
Every hour, it tells the blockchain to move any available Hive rewards (HIVE, HP or HBD) into your wallet. It also performs the same operation for any available Hive-Engine token(s) once per day (Hive-Engine does not allow you to do it more often, whether manually or automatically).
Not only does it frees you from the task of claiming your tokens, but it also makes your wallet grow faster!
For more information, read the userguide
What are HBD interests?
On the Hive blockchain, witnesses have the option to set an interest rate for the HBD that users hold. For a long time, this interest rate was set at zero. But the witnesses recently decided to raise it and the HBD interest rate is currently 10% per year.
In addition, as of 2021-06-30 when the hardfork 25 was activated, interest is now only paid for HBD which are stored in savings.
An important thing to know is that the interest is not paid annually, but every 30 days. This means that if you add up the interest received every month, you can obtain an effective rate a little higher than the 10% advertised.
Another important thing to know is that this interest is not paid automatically every 30 days, but you must claim it!
How to claim my HBD interest?
To collect your interest, your HBD savings balance must be changed.
Indeed, each time this balance is modified, the blockchain code checks if there is no interest that must be paid and if so it makes the payment.
There are several ways to modify your HBD savings balance:
- Make a transfer from your Liquid HBD to your HBD savings.
- Make a transfer from your HBD Savings to your Liquid HBD.
- Ask someone else to transfer HBD to your HBD savings.
- Transfers HBD from your Savings to someone else.
The amount does not matter. A transfer of 0.001 HBD will do the trick.
What if I don't claim my interests?
Nothing serious, it will continue to grow, but on the basis of the capital in your savings.
As you do not add the interest, it will increase less quickly. Therefore, you lose the possibility of benefiting from a slightly higher rate as mentioned above.
Hive Autoclaim Services to the rescue.
What if you could automate your HBD interest collection?
This is now possible thanks to the Hive Autoclaim Services and to a new operation introduced with harfdork 25: recurring payments.
Recurring payments allow you to ask the blockchain to execute transfers at regular intervals.
As we have seen previously, it is such a transfer that is necessary to modify your HBD savings balance and trigger the payment of interest. Unfortunately, the
recurrent_transfer operation does not allow you to make transfers to yourself and it does not allow you to involve your savings.
If you want to automate this process, then you need a third party.
This is precisely what Hive Autoclaim offers you!
How does it work?
Each time the @ hive.autoclaim account receives HBD, it will send them back to the savings of its sender, which will automatically trigger the payment of interest payable if there is any.
You can do this transfer manually, but also automate it by creating a recurring transfer every 721 hours (30 days + 1 hour).
How can I create a recurring payment?
For the moment, only Peakd and Hive Keychain allow you to perform such an operation easily.
1. Using Peakd
Create an HBD transfer and activate the "recurring" toggle:
Note: Unfortunately, Peakd does not allow defining the recurrence in hours.
2. Using Hive Keychain
Create an HBD transfer and check the "Recurrent Transfer" checkbox:
In both cases, confirm your transfer and you're done. Every month or so, the blockchain will initiate a transfer from your account to @hive.autoclaim and the last one will bounce it back to your savings.
Warning: Be careful to create your recurring transfer when you have interest that you can claim because the first transfer will be executed immediately. You could lose a few precious days if you had no interest in claiming at the time.
So you no longer have any reason not to benefit from the best possible HBD interest rates!
Acknowledgments: Thanks @engrave for bringing this idea to my attention and asking me to implement this new feature.