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!
Support
If you have any questions, support for this service is provided on Hivechain.app server on Discord. Use the dedicated AutoClaim channel.
Acknowledgments: Thanks @engrave for bringing this idea to my attention and asking me to implement this new feature.
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why do we actually still have to claim rewards? Couldn't we just remove this in a HF?
The main reason I see is to lower computations and resources consumption at the blockchain level.
Having to track rewards and interest for 1.8 million accounts (for now)tm is not a small task.
okay that makes sense!
Nice post its very informative!
Thank you @astrocat-3663
Your Welcome☺️
@arcange,
Wow this is really useful, especially the re-saving feature!
$WINE
Cheers~
Thank you @theguruasia
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Very informative post
Thank you @blackman15
Hi @arcange, Thanks for teaching…
Much success with your new endeavor.
Thank you @elmundodexao
it is a good tool to save time, thanks for the information
Thank you @mlrequena78
Very cool.
!PIZZA
Thank you @ugochill
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Very useful. Thanks!
How can we check this?
Posted Using LeoFinance Beta
It's visible on peakd.com on your wallet page:
Thank you!
And should we wait for that to say 30 days before sesting the auto claim up?
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@arcange,
Wow this is really useful, especially the re-saving feature!
$WINE
Cheers~
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Thanks for this info!
You're welcome @kennyroy
Is there a way we can check, if we are getting the savings interest ? And also see all interests paid ?
If you use peakd, simply go to your wallet. Unfortunately, up to now, it does not display the total of interests paid.
The wallet shows so many transactions that I don't even know how to find out the interest ones there , we definitely need a better mechanism.
I asked peakd devs if it's possible to separate interests from rewards or filter out rewards.
This is very informative. Thanks for this. Now I can maximize my rewards.
Do this @ hive.autoclaim work with HIVE interest or only HBD interest ? if i send HIVE to @ hive.autoclaim with it return my HIVE and update my interest?
There is no interest paid for holding HIVE into savings.
Useful information about hive autoclaim! Great job!
Thank you @shrikal
Good to know (even if not very intuitive). Thank you for your feedback @jelly13