This is a really great explanation. Thanks for that.
While researching Terra the other night I saw a lot of the same mechanics HBD and Hive are using.
When the peg is broken in the negative direction APY is increased to take UST off the market. When the peg is broken upwards LUNA holders can exchange LUNA for UST in terms of dollars meaning that 1UST in this exchange is worth $1.
This gives you a minor margin to sell some LUNA and then dump UST at a profit bringing the price down in the process.
It's good to know HBD is protected by a very similar mechanism. Almost like Terra copied HBD lol
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