For now 20% are sustainable.
For now haircut is fine.
For now everything is ok.
Is only the scaling problem that adds an unpredictable factor in. At some Scale Reputation risk will become the same as HBD would drop to zero.
Social and finance need a as much as the possible secure backbone. Because Social alone is a big topic.
And Stablecoin alone too.
One can break the other in many ways and open a death spiral caused of other reasons ( bad press).
That are problems on bigger scale.
For now 1M HBD would be absorbed. I think even 10M in a medium to bad market with time if someone would go full degen.
But 100M to Billions?