Since recently the APR on HBD savings is 12%. Months before that it was around 10%. This is starting to look like an attractive option for a lot users and we have seen an increase in the HBD balance in the savings.
To get interest users need to transfer HBD into the savings on their Hive wallets. This was introduced in the last Hardfork that provided the option for only the users that will dedicate HBD in the savings to earn interest.
This allows for better tracking on the overall balances in savings that are eligible to earn HBD.
The withdrawal from the savings account is three days, that is a reasonable period. It’s like staking with three days unlocking period.
When the interest on HBD was first set by the witnesses somewhere in March 2021 it was only 3%, then they push it to 10% after the HF and now it is 12%. You can see what the interest rate is set by the witnesses here https://peakd.com/me/witnesses.
Now let’s 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 2021 .
We will be looking at the following:
- Daily transfers to savings
- Monthly transfers to savings
- HBD balance in savings
- Top accounts that made the transfers
Daily HBD Transfers To Savings
Here is the chart for the daily HBD transfers to savings.
Note this is a net transfers, deposits and withdrawals included.
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.
At the end of August there was a withdrawal trend, this is when HBD was trading above the peg, and users wanted to take advantage of this. After this the trend for HBD deposits continued.
The monthly chart looks like this.
Note that December is not over yet and the bar will be higher at the end of the month.
A record high for December with more then 1M HBD transferred to savings in the month. November was around 200k while September and October around 600k per month.
In August there was 574k HBD net withdrawals. This was because of the high HBD price at that time.
HBD Balance In Savings in 2021
Here is the chart for the HBD balance in savings in time.
Prior to July there was somewhere around 150k in the savings. Then it started to grow and at the moment there is 2.7M HBD in the savings.
As mentioned December was a record high month for HBD transfers to savings with more then 1M deposited. I expect this to continue to grow in the future. The potential for HBD is huge and I expect at some point to be 100M HBD in the savings accounts.
Top Accounts That Transferred HBD To Savings
Who has transferred the most funds to savings? Here is the chart.
The @alpha account is on the top with more then 900k HBD in the savings account. @mika is on the second spot with around 400k HBD.
Almost 5000 accounts have made transfers to the saving accounts in the last year.
Overall, the HBD savings have seen some slow and steady progress, closing on 3M HBD in savings now. These are still insignificant numbers when we compare it to the billions that are in the other defi apps in stablecoins.
HBD can still be improved with some small tweaks like more efficient conversions, better HBDstabilizer, etc. The UST on LUNA is a very similar design to the HBD, and it just reached 10 billions in market cap, overtaking DAI. It has fast conversions, and a lot of bridges to all defi chains.
One the positive note, HBD savings are on L1 blockchain, not an anon defi app. Payouts are in the native HBD token, not a secondary yield token. This contributes to the security side
All the best
@dalz
Posted Using LeoFinance Beta
3M HBD in savings, I guess a lot of people are loving the new 12% APR.
Thanks for sharing this data @dalz base on the chart I see HBD closing on a high note. After December we might see another bullish move by January
i saved on my phone via ecency 3.5 hbd disappeared and never came back
When did this happen? We can check your transaction history on hiveblocks.com to see what happened.
https://hiveblocks.com/tx/c90a7b0d70adb0ece3153ae900fa1a4468efb672
lost and can't find
You must have unintentionally used conversion request. That transaction is a conversion request, not transfer_to_savings.
The conversion completed 5 days ago:
Who is this alpha ? Seems a very old account.
Dunno, I'm wondering the same
It's blocktrades
That makes sense :)
100m HBD in the savings will be amazing
Posted Using LeoFinance Beta
I keep adding to my small savings account every week.
HBD savings is really a profitable development in the hive ecosystem. However, I haven't taken advantage of the disguised staking activity but I look forward to saving in the coming year.
Posted Using LeoFinance Beta
What a coincidence! I started saving HBD in the saving account three days ago 😊
That's quite a lot of HBD been saved. It's great lot of people are locking up hbd due the 12% APR. I believe those numbers will keep increasing with time as people find the interest enticing
They New APR is so good
I think savings will go to more than that next year
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Check out the last post from @hivebuzz:
So the HBD being transferred is clearly going up.
With the price of HIVE rising and liquid post rewards being paid out in HBD, this makes sense.
I know I've been keeping my rewards in HBD rather than doing what I used to do and converting it instantly to HIVE.
However, instead of putting my HBD into savings, I've been pooling it in the BeeSwap stablecoin LP with BUSD.
A tiny bit more risk, but still a higher return ;)
Posted Using LeoFinance Beta
What did you think of the bond idea?
I think we'll have 10m HBD in savings by the end of January and maybe 100m at the end of 2022. That would put HBD on the map, for sure.
That's awesome to hear, many thanks for the clarification and highlighting this staking opportunity. Hive just keeps improving with time. Surely we must see a mass adoption in 2022.