Looks like there were a LOT of great news coming from the HIVE ecosystem these past few days ... and one of it was that HBD savings is now 20% as top witnesses has support the increase of interest rates for HBD savings.
If you are in Malaysia and have lets say MYR10,000 to put into your bank account and let it sit there for 12 months .. this is basically what you would be getting.
The highest interest rate that is found is about 1.7% p.a. Which is almost ridiculously low. You can't even buy a decent meal for the family.
Currently the highest payouts for Stable coins in the defi space which I've seen (i could be wrong) is in Ancor protocol which has a rate of about
However the high APY is due to the fact that your UST is being compounded automatically leading into a higher interest rate. As for HBD the calculation is a bit different and its more like a fixed value of interest paid (a promise of an interest) which guaranteed of 20% fixed. (until the witnesses changes it once more)
Regardless .. the value being provided is still way much higher than any traditional finance and as of now the price of HBD has been pretty much stable.
For the short term .. we may actually see the price of HBD start to pump as the rate of 20% is really attractive for most defi players however its not really easy to purchase any HBD at the current moment as of now there are only 2 centralise exchanges which provides this pair.
However from @leofinance latest post .. they are looking into providing liquidity pHBD/USDC and that would be insanely good !!! I've got my eyes set on it and would be looking forward into providing liquidity there once the official announcement of the contracts are out.
Looking forward for more great stuff coming out from the HIVE community ... cheers all and have a brilliant day ahead. !
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This is awesome. I trade hive for some HBD. I think 5 as I don't have that much hive. It's mostly all in the hive power. I think I got 5 HBD for 5.9 hive. If you claim it monthly, then compound the interest. That way APR should be higher !
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yes .... if compounded the APY would surely be very high. That is only if the witnesses keeps it at 20%. But with high APR ... it does come with a cost ... meaning we may see a higher inflation on HIVE ( i could be wrong but that's how i remembered it to be)
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I knew that this will be amusing content as crypto is so much superior to traditional banking that it became ridiculous comparing them... :)
Btw. you are lucky to get ANYTHING from the banks in Malaysia... I think that the current trend in banks is negative interest rates, or stealing money through monthly fees...
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even though its so clear that crypto interest rates are way much better then banks however a HUGE majority still place their cash in the banks as the traditional believe that the banks are the safest place to put your money in is still the banks. This mindset is changing slowly .. i guess in time people will finally realise this .. however if the masses does come into crypto we would see a way lower interest rate as well in crypto. So its a great time now as we are all still early adopters !
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They are some ridiculous savings interest in Fiat and that you are not in Europe. They are negative, if you have read it correctly they charge you interest for having money in the bank and some institutions charge for borrowing. A real madness.
indeed ! i talked to a few people who were bargain hunting for FD rates ... and when i talked to them about crypto the first reaction is that its too hard for them to understand and it could be a scam. If only they know what we know ... sigh
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