When it comes to the stablecoin industry, there has been a lot of controversy over the backing and treasuries of various stablecoins. With algorithmic stablecoins like UST and HBD, there is no need to check-in on what is backing the coin outside of the algorithm itself.
pHBD is essentially a derivative of HBD - and so, the question of what is backing pHBD is an extremely important one.
In this post, we'll explore the mechanics of pHBD and show you how to verify that every pHBD that is circulating is backed by 1 HBD that is sitting in the PolyCUB pHBD Oracle account (@p-hbd) on the Hive blockchain).
Many people have probably strayed away from pHBD so far. It's hard when something is first released to completely trust it. To trust that it won't lose its peg. To trust that it is provably backed by real HBDs on the Hive blockchain. As Ronald Reagan said: "Trust, but verify."
Luckily, we all live in the blockchain revolution. There's no reason to sit around and "trust" or "hope" that something is 1:1 backed with what it's supposed to be backed with. Worry about that when it comes to dollars sitting in the USDT treasury account. With pHBD, there is 1 HBD on the Hive blockchain that backs every single circulating pHBD out there.
Let's dive into this quick guide on verifying the pHBD supply.
pHBD and The Peg to HBD
since launching, pHBD has maintained its peg to $1 at all times. Hovering temporarily to $1.02 until it is instantly arbitraged back down to $1. Since pHBD can always be redeemed to/from HBD instantaneously, arbitrage will always keep the value of pHBD and HBD equal
Hive-Backed Dollars (HBD) is an algorithmic stablecoin on the Hive blockchain. Essentially, it serves as a debt instrument that is backed by HIVE. At any time, HBD can be used to redeem HIVE and HIVE can be used to redeem HBD.
Mechanically speaking, HBD is designed to always hover around $1 USD in value (stablecoin).
In very much the same way, pHBD is designed to always have the same value as HBD since you can always redeem 1 pHBD with 1 HBD (Wrap) or vice versa: redeem 1 HBD using pHBD (Unwrap).
- The wrapping mechanic allows you to wrap 1 HBD into 1 pHBD
- The unwrapping mechanic allows you to unwrap 1 pHBD into 1 HBD
This means that the peg is always maintained because anyone can arbitrage the pHBD-USDC pool when it is off its peg. I.e. if pHBD starts trading over $1.01 and you can buy HBD on-chain for $1, then you can buy 1 HBD for $1, wrap it to pHBD and instantly sell it for $1.01 - making a 1% profit. You can also do the reverse if pHBD is ever trading for $0.99 - buy 1 pHBD for $0.99 and sell it on-chain for $1 USD (1% profit).
How to Verify the 1:1 Backing of pHBD
Verifying the supply of HBD to pHBD on the Hive and Polygon blockchains is extremely easy. Many have asked for a quick guide on how to do, so let's get into it.
Links you'll need:
- PeakD wallet page for oracle account @p-hbd: https://peakd.com/@p-hbd/wallet
- https://polygonscan.com/token/0x6d969cea201e427d2875724fd4e8044833fbc7f4#balances
Step 1). Verify how much HBD is in the @p-hbd wallet:
The pHBD oracle keeps 50% of the HBD reserves staked in savings. This is for two reasons: security and yield.
PolyCUB earns 20% yield on the HBD on-chain but only on 50% of the total holdings. This means that PolyCUB is earning a 10% APR on the total amount of HBD that is currently wrapped into pHBD. This helps drive yield for the pHBD-USDC pool.
The other 50% is liquid to service day-to-day wrapping and unwrapping.
To get the total amount of HBD that is held in this oracle account, simply add the liquid HBD and staked HBD amounts:
- 83,256.174 liquid
- 81,687.450 staked
= 164,943.624 HBD
Step 2). Verify how much pHBD is circulating on the Polygon Blockchain
Go to the pHBD Holders page to see which wallets are holding pHBD and corresponding amounts: https://polygonscan.com/token/0x6d969cea201e427d2875724fd4e8044833fbc7f4#balances
Here you'll see the following list. We included some labels for the Cold Wallet and Hot Wallet which hold "un-circulating" pHBD.
In the "Cold Wallet" there are pHBD reserves. We use this setup with pLEO, bLEO, wLEO to ensure security. This cold wallet setup has all of the pHBD that can ever be minted (pHBD cannot be minted by any wallet). This is because of a major security flaw when it comes to oracles minting tokens - we learned this with WLEO V1 and that's why we utilize a non-minting setup.
Major DeFi platforms have been hacked because of oracle minting setups. pHBD has no minting. This cold wallet holds the reserves of pHBD which are not wrapped and circulating. They simply sit in this wallet until the hot wallet needs to reload pHBD to service wraps. When users unwrap, their pHBD is sent to the cold wallet as well.
The Hot Wallet is the second address in the screenshot below. This quantity is also not counted in the circulating pHBD supply since it has not been issued to users. The Hot Wallet is there to handle wraps directly - when a user wraps HBD into pHBD, @p-hbd receives their HBD on the Hive blockchain and then the 0x..780a hot wallet send them pHBD on the Polygon network.
In this moment - when pHBD is sent from the hot wallet to the user - pHBD is actually added to the circulating supply. This is because it is now backed provably by the HBD that was sent to initiate the wrap.
Every other wallet address below these 2 should be counted as circulating supply.
A quick tip for calculating circulating supply is to actually work in reverse order:
- Add the quantity held by the first 2 wallets (the cold and hot wallets): 9,551,866.212+ 283,190.163 = 9,835,056.375 pHBD held in storage reserves (non-circulating)
- Subtract the above number from the total supply of pHBD (exactly 10,000,000 - no more pHBD than 10M can ever be created): 10,000,000 - 9835056.375 = 164,943.625 pHBD
pHBD is 1:1 Backed by HBD
Remember the number we got when adding staked + liquid HBD in @p-hbd on Hive? 164,943.624 HBD
And now, the number we got when adding all the non-oracle wallets on the Polygon blockchain? 164,943.625 pHBD
Okay, you caught us... It's off by 0.001 HBD. Must be from a memo. Luckily, we'll make that up in about 21 seconds from the HBD Savings held by @p-hbd.
Verify the Supply, Then Provide Liquidity
The pHBD-USDC Pair on https://polycub.com/farms is about to hit $300k in liquidity after just 1 week of being live.
We believe that the last step needed for mass adoption of HBD as a fixed-interest rate stablecoin is to have deep onramp and offramp liquidity.
pHBD-USDC is the largest source of liquidity for HBD... EVER.
Now you can trade HBD through pHBD-USDC with less slippage than any other centralized exchange or DEX (i.e. internal market on Hive.blog).
You can track the growth of pHBD with the brand new Coingecko listing. We're also working with Coinmarketcap and a dozen other listing agencies to get pHBD listed everywhere.
In the past week, pHBD was listed on Coingecko and DeBank.
- CoinGecko: https://www.coingecko.com/en/coins/polygon-hbd
- DeBank: https://debank.com (login with wallet pooling pHBD-USDC and you'll see something like the screenshot below to track your LP position)
We need your help - the Hive community - to build pHBD-USDC into a $5M liquidity pool. This is our ambition and we will continue to drive yield into the pHBD-USDC vault to make this a reality.
The purpose is to grow the entire Hive ecosystem. Growing Hive is great for the entire LeoFinance Web3 ecosystem and this is what we're all about.
HBD needs this source of liquidity. We've seen pHBD-USDC steadily grow since launching and we're going to keep pushing the bounds to make it grow exponentially to $5M and beyond.
Right now, you can pool your pHBD-USDC and earn a 45.82% APR (compounded = 58% APY - or nearly 3x what you can earn on-chain).
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Our mission is to put Web3 in the palm of your hands.
Twitter: https://twitter.com/FinanceLeo
Discord: https://discord.gg/E4jePHe
Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/
LeoMobile (IOS): https://testflight.apple.com/join/cskYPK1a
LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
LeoFi: https://leofi.io
Polygon HBD (pHBD): https://wleo.io/hbd
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
LEO Wrapping Bridge: https://wleo.io
Posted Using LeoFinance Beta
With stable coins, backing has always been a controversy and this good to see that pHBD is getting backed by HBD and this information is available for everyone to look and verify if needed. I like the way made things transparent and this will surely help to gain more trust by the community.
Posted Using LeoFinance Beta
That is one of the key things about HBD. It is not a supposition of what it is backed by. Anyone with some basic math skills can determine if there is truly $1 worth of HIVE backing each HBD.
Simply look at the market caps and divide.
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HBD is one of the most transparent stablecoins out there.
It's only fair that we bring this transparency right into pHBD by making it also one of the most transparent wrapped stablecoins out there
Posted Using LeoFinance Beta
I agree. Both will leverage each other.
Posted Using LeoFinance Beta
Great information on the HBD stablecoin pegging system and how its algo works with Hive. That should offer more clarity for non-Hivers investors and also make others want to participate in the pHBD pool on PolyCUB platform.
One question aside considering that it is a stablecoins paired pool, can you have Impermanent Loss on it?
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If the peg brakes yes, but as long as the 2 assets keep the peg it should not be an issue.
But that is only my 2 cents maybe I am wrong
Yes indeed! PEG should be maintained and if it is, no IL.
Posted Using LeoFinance Beta
You are right.
Posted Using LeoFinance Beta
I think with the 50% of HBD savings on Hive, it's a no loss. In case of any hack on Polygon (that is of it can ever happen with the cold wallet in place), it will be possible for everyone investing in pHBD to at least recover the wrapped HBD with 10% savings interest at least.
Posted Using LeoFinance Beta
He was referring to the loss due to one pair going down against the other and having the pool sway to one or the other.
As others mentioned with stablecoins, this wont happen unless the peg is broken.
Posted Using LeoFinance Beta
Arbitrage is vital for pegs to hold. That is why having a pool of liquidity is vital. We are going to see this LP fill up over time. It might take a few more weeks to get to $500K.
Once we have liquidity in there, then we can start to see some more trading activity as people find ways to make money off the move away from the peg.
Posted Using LeoFinance Beta
Nice clearing it all out for those having it any doubt on pHBD backing. Great one with the listing on coinmarketcap and Debank and the liquidity closing in on 300k. Trust from today we'll see it higher figures
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It will take some time to grow but it will happen. This is something that is needed. In fact, I would be okay if they starting on the process of getting this on Cubfinance (BSC). A bHBD-BUSD pool would also be helpful.
Yes we still have the problem with not enough HBD out there but at least it gives us options.
Posted Using LeoFinance Beta
Love the transparency. I'm honestly having one of the best experiences right now having my HBD staked in the pHBD-USDC liquidity pool. Everything has been going perfectly well since the launch and I 'm just thankful for the brains behind the solution to our HBD liquidity issues that has been resolved. Also thankful for the juicy APR for staking HBD. Great job guys!!!!
And I thought my life was bad. In terms of best experiences, there was that threesome one time....oh never mind.
I am awaiting the 3 day period to get some HBD out and into the pHBD-USDC pool. So I will see how much of an experience it is also.
Fun times ahead.
Posted Using LeoFinance Beta
Oh. You've finally decided to get on board as well?
Great.... I think I have to follow suit.
Initially, I had wanted to stick to having my HBD in savings for the purpose of long term sustainability.
Then I read your post, and it cemented my decision. Now, you are jumping in too. I guess if the person I was looking up for is diverting a bit, I'll have to join this train.
I am using different funds.
Keep in mind, the premise of that article was that I am not deviating from my plan and touching my baseline. I suggest everyone keep that in mind.
This is something that is outside of my personal holdings in HBD. I am fully supportive of pHBD. However, I have to follow my long term plan with my portfolio.
Posted Using LeoFinance Beta
This is great to know. But it does make me question what would be done when there is hundreds of millions of HBD being around after HIVE reach few dollars in valuation and our stablecoin reach wider adoption. I'm only seeing a 10,000,000 pHBD supply.
!PIZZA
!LUV
Posted Using LeoFinance Beta
Many platforms like pancakeswap often migrate to V2 contracts when there is a need for some major upgrade. We can always upgrade pHBD to a V2 contract that has 25 million pHBD or 100 million for example.
The key to that is it requires manual migration so everyone will know it’s happening. It does require some work and logistics but it is an important part of growth. If pHBD starts nearing 9M pHBD issued, then we’ll see almost $18M in the liquidity pool. At that time, we would upgrade to V2
Posted Using LeoFinance Beta
Just start a pool of equal (or larger size) on BSC.
If there are 10 million HBD tied to the pHBD pool, then you are talking $20 million TVL. Duplicate that across 5 or 6 chains.
Posted Using LeoFinance Beta
I'm completely in favor of this. Since there are many similarities with EVM chains, the process of relaunching on multiple blockchains should not be a daunting task.
!PIZZA
It isnt. Much of what is on Polycub will end up on Cubfinance and then other chains.
So we will see a bHBD token on BSC at some point. We still have a challenge with the HBD out there.
Posted Using LeoFinance Beta
Not releasing all the features at once on all the chains does have the benefit of keeping the marketing buzz around. Imagine Having AvalancheCUB and FantomCUB released one after the other instead of both at once. It will be like time traveling onto familiar ground. We can rinse and repeat what has already worked with further improvements.
In fact these tough times are the best because it gets rid of the weak projects and allow us to be ready to release major developments once the markets start going up. POLYCUB even fell below $0.25 today. Markets are extremely irrational. I wish I had more liquid funds left. At least I have learned my lessons for launches on other blockchains.
!PIZZA
That is true. It also gives them time to add to the software and expand the features. You know those chains will have a HBD pool on them when they go live.
It wasnt the case a month ago.
Posted Using LeoFinance Beta
Thank you for the information. I love @taskmaster4450le's idea starting a pool on BSC. I'm not a programmer, but I assume most of the heavy lifting should already be done as you have launched on Polygon. CUB is seriously looking left out at the moment. Some new launches on CubFinance will certainly bring smiles to many investors here. Thank you for all the hard work so far. It is such a pleasure to be with a project since the launch day and HODL for a long time to come. 😎🚀👍
Best of Luck!
!PIZZA
@vimukthi(1/1) gave you LUV.
wallet | market | tools | discord | community | <><
Thanks for the update. It always helps to be transparent which in turn engenders people's confidence in the project. retweeted for more exposure.
Posted Using LeoFinance Beta
The only risk I can see here is USDC going tits up in whatever backing mechanism they use.
Anyway, this is still a big opportunity to earn near risk free interest on your HBD.
Posted Using LeoFinance Beta
Could be worse.
We could have a pHBD-Tether pool.
Posted Using LeoFinance Beta
Paradoxically, Tether which is truly sketchy as all fuck esp in terms of "backing", might be more secure against some regulatory risk by moving around and hiding off in some obscure financial haven and obscure shell ownership structure and carrying on (which is what it's been doing all along). USDC is very likely to do exactly what regulators say for better or worse.
Hmm seems you are not a believer in Tether.
The fact that Circle ran and submitted an application to comply with the banking laws shows they are likely operating on the up and up. Doing that opens them up to audits, something they are obviously not fearful of.
Those behind Tether, I am sure they are going to fight it to the very end.
Posted Using LeoFinance Beta
They're just very different assets is my point here. Under different conditions each may have advantages.
where is the leverage? :D Other coins work with leverage :D
Next LEO$? take you leo and create leo $ take a loan against leo$ and buy more leo to print more leo$.
That's how all other coins work in general :D price up new loan to pay old back :D
The lending platform is going to be added to Polycub. This will allow people to leverage their holdings of xPOLYCUB (and likely other assets on chain). We will see how much of that ends up with the pHBD pool.
Posted Using LeoFinance Beta
I think this is a pretty underestimated feature. It has some radically influential potential
Posted Using LeoFinance Beta
Yes especially if it is released after POLYCUB starts an upward ascent.
Posted Using LeoFinance Beta
It's quite glaring that the whole philosophy of the Hive and Leofinance is honesty and transparency, and nothing beats that. Way to go guys
Posted Using LeoFinance Beta
That should be the philosophy of cryptocurrency. Unfortunately, it seems that it also attracts a lot of scammers and nefarious people.
Hive is operating on a different level. For now, we just keep building. That is what is vital.
Posted Using LeoFinance Beta
Yes you're absolutely right, and these scammers are trying so hard to destroy the whole concept of having the Blockhain and cryptocurrency in the first place, but we can't back down now, but rather hope for the best and keep pushing, but above all I hope these scammers don't pose a major threat to the Crypto world in the not so distant future.
Posted Using LeoFinance Beta
If we ignore what the nefarious people are doing, while being mindful of the traps they lay, then we can take things to a much higher level.
There is so much going on we will get to the point where it overwhelms everyone.
Posted Using LeoFinance Beta
I totally agree with you, being mindful of the bad guys vices as well as still forging ahead will surely take things to a higher level, and probably by then these nefarious individuals will have little or no effect in the Blockhain ecosystem, damn, I really can't wait for this to be attained.
Posted Using LeoFinance Beta
The allure to keep scamming decreases as money distribution increases and is easier to accumulate. We have an abundance of information. Soon we will have an abundance of money.
This is simply how technology is evolving. We are now to the point where money is nothing more than data.
It creates an entirely new world for all of us.
Posted Using LeoFinance Beta
Hmm.. That sure makes a whole lot of sense, "Scamming decreases as money distribution increases" this statement gives a whole lot of hope, and I'd hold on to it, and with such knowledge coming from you, it will be really nice if you become a major Pioneer in a scam free Blockhain ecosystem. Way to go buddy.😎✌🏽
Posted Using LeoFinance Beta
The Hive-iverse expands
Posted Using LeoFinance Beta
Leofinance is helping it to branch out.
There is a lot going on. We are pulling the train along.
Posted Using LeoFinance Beta
Could you also do a post about the USDC side of this equation. Not all stable coins are created equally. I was wondering why not have it lp with UST instead.
USDC is the #1 stablecoin in terms of usage and liquidity on the Polygon network. Thus, it makes sense to pair pHBD to the #1 most liquid and utilized stablecoin on the blockchain that it is deployed on.
For example, if we deploy bHBD for CUB, then we will pair it against BUSD
Posted Using LeoFinance Beta
I have a problem getting pHBD on sushi, the contract address is not recognised so I can not add the token. This is the contract address I am trying to use 0x6d969cea201e427d2875724fd4e8044833fbc7f4
EDIT - it seems to be working ok now :)
Posted Using LeoFinance Beta
Glad to hear you got it! Sometimes it takes a minute to load
Posted Using LeoFinance Beta
There is no place for trust in the blockchain world.
As you said in the article - Don't trust. Verify!
All made possible by the immutable Hive blockchain.
Posted Using LeoFinance Beta
We are building something great hear. Blockchain can help to generate trust. We can verify every transaction. No reason to take what anyone claims about anything. Simply look at the chain (or in the wallet).
Posted Using LeoFinance Beta
This is what blockchain is all about. The tether fud is so unnecessary. We've side-stepped all that nonsense with HBD and now with pHBD
Posted Using LeoFinance Beta
Just an amazing explanation on why every HBD holder should dive into pHBD to provide liquidity in the pool.
Nothing is lost providing liquidity since th backed HBD on Hive is well safe and intact with Hive's high security.
Reaching $5 million size of pool will become easier once there's sufficient liquidity to buy into pHBD from USDC.
Posted Using LeoFinance Beta
Liquidity and float feed off each other. We need more produced so investors have the liquidity to enter and exit positions.
So there is the chicken or the egg. But each day, it is growing and that is what is important.
Posted Using LeoFinance Beta
!LUV
~~~ embed:1517880733150367744 twitter metadata:am9hbnN0ZXdhcnQxfHxodHRwczovL3R3aXR0ZXIuY29tL2pvYW5zdGV3YXJ0MS9zdGF0dXMvMTUxNzg4MDczMzE1MDM2Nzc0NHw= ~~~
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
pHBD is moving in a progressive state and the turn up of individuals staking in the stablecoin is encouraging and definitely a way forward because of the progress and benefits attached to it with leofinance leading the way in making it a success.
Posted Using LeoFinance Beta
Awesome information with pHBD backing to HBD and then the dollar. The backlinks proves the authenticity of our stable coin. Hope to see more liquidity pump in and target of 5m reached soon
Posted Using LeoFinance Beta
When it reaches $1M, we may even see some amazingly beautiful things happen. Most importantly, we will be able to see wealthy Whales come to the Hive. I also believe that participation will accelerate even more.
Posted Using LeoFinance Beta
The reason to keep pushing the pool deeper is so larger amounts can be traded without major slippage.
Hence if we are going to move $150K, the pool isnt deep enough. Might need to have $3 million for that.
So right now I guess someone could move a few thousand without worry of slippage.
Posted Using LeoFinance Beta
This is what I mean in general. Things will get easier as the pool gets deeper. Wealthy investors who see this depth and potential will see more to come. That's why exceeding $1M is so important.
Posted Using LeoFinance Beta
Yes with a million then you might be able to do up to $50K without too much of an issue. Could have to do that in two transactions but it wouldnt be too bad.
Posted Using LeoFinance Beta
Convenience is always important in the crypto market. If you offer investors the convenience of selling, that doesn't mean they will sell. People who know that they can easily sell in the future make more buying. We are talking about a stablecoin. It is very important to pave the way for stablecoins to be bought and sold much more easily. It should say better to hold HBD until investors hold cash.
Posted Using LeoFinance Beta
It is vital to be able to handle all types of buyers and sellers. That is not the case right now but what is being worked on.
Do not want people to turn away because of a lack of liquidity.
Posted Using LeoFinance Beta
This isnt accurate.
It is actually HIVE backing HBD which backs pHBD. We have HBD backed by $1 worth of HIVE*; not by $1.
No USD involved.
Posted Using LeoFinance Beta
Transparency is all and great doing that here with this information on this post. Even though I didn't doubts It's backing and authenticity, it's important potential investors see this. Thanks for pool at PolyCub, enjoying those sweet APR
Posted Using LeoFinance Beta
That is the good thing about blockchain, all can be seen.
Posted Using LeoFinance Beta
Great form of transparency, assimilating all the statistics one number and figure at a time.
I agree and this is going to bring lot of attention on HBD and result in great liquidity for this token. I appreciate the way you are bringing value to the HBD. Nice
Posted Using LeoFinance Beta
Of course, Khal didnt mention the bar was very low on that one. LOL
I think this LP achieved that goal after the first 10 minutes.
Posted Using LeoFinance Beta
If anyone would realize a small discrepancy I would totally rely on @carrinm ☺️
Nicely detailed @leofinance appreciated.
Not sure what you are referring to with this comment.
Posted Using LeoFinance Beta
Teasing.... example memo used happens to be an excellent trader offering great insightful content shared here in Hive.
Have yourself a wonderful week, keep smiling! 😇
Thank you for going in to the details to explain the 1:1 ratio. Hopefully it will help others to feel more comfortable investing.
Posted Using LeoFinance Beta
HBD is an outstanding stablecoin, thanks to the pHBD-USDC pool it will be easier for investors to obtain HBD. At the moment, even more liquidity is needed and we are heading in the right direction, even if it will take time.
Posted Using LeoFinance Beta
We are still stuck with the dual challenge of needing more HBD as well as more liquidity.
So we keep grinding along to get more out there. It will keep flowing.
Posted Using LeoFinance Beta
A great level of transparency, I liked the fact that we are keeping half the total amount in savings to get that sweet 20% yield.
Posted Using LeoFinance Beta
Yes and that helps to generate more HBD, which is required. I presume when claimed, that will end up in the liquidity pool also.
Posted Using LeoFinance Beta
I know that the yield is somewhat covered by the HBD savings in your wallet. What ratio does this have? I know that you need to keep at least a portion liquid for anyone looking to wrap pHBD into HBD so you can't substitute all the yield.
Also great job on the transparency.
Posted Using LeoFinance Beta
50% of the HBD held is in savings. The other half kept liquid.
Posted Using LeoFinance Beta
PHBD-USDC is going to be one of the biggest liquidity providers. pHBD is now backed 100% by a stable coin in HBD. And liquidity is already over 300k and listing on Debank and Coinmarketcap. Now you can get 46% APR, users should get on board now !
It always was.
Posted Using LeoFinance Beta
Thank you for writing this comprehensive doc for PHBD. As an investor in PolyCub, I hope it achieves your vision for what it may represent. Both for the LeoFi community, as well as our Hive blockchain! 🦁🚀
Typo ...
Posted Using LeoFinance Beta
That is the new spelling. More like scrabble.
Posted Using LeoFinance Beta
„Only 10million pHBD can be created.“
How will we reach more than 20 million tvl in the LP
Taskmaster was talking about much higher numbers in terms of stablecoins. So what if the popularity grows to heights where 10 million pHBD is simply not enough?
The amount of pHBD cannot exceed the amount of HBD.
Right now there are roughly 10 million HBD out on the market (outside the DHF).
So yes more has to be created in all different ways. Part of it will come from the 50/50 payouts which gets more HBD on the market. Another is the interest paid (p-HBD already has 280 in HBD to claim). The final is conversion.
There is now focus so hopefully more is being generated. Simply by HBD in savings creates more. So the LP is actually helping to produce more.
Posted Using LeoFinance Beta
Also payouts from DHF, including via HBD stabilizer. DHF has 16 million which can go into circulation reasonably quickly if conditions call for it.
This is very good to know.
The HBD Stabilizer was one of the best developments on Hive. It really changed the entire focus.
Hard to believe, roughly a year ago, HBD was floating around without any direction. Now, we are focusing upon a legitimate stablecoin.
The discussion of whether there is enough HBD or not never was thought of a year or so ago.
Posted Using LeoFinance Beta
I see, that makes sense in a way. In this case all of hive have to work on the project to create more HBD. It will take time but we will get there eventually.
With the renewed focus upon it, we can expand it quickly. I found that is the key with this community. Get them focused and things happen.
Posted Using LeoFinance Beta
What do the Hive gatekeepers think about the whole pHBD project?
Posted Using LeoFinance Beta
I would say the level of HBD in the pool provides some insight into what many feel about it.
Posted Using LeoFinance Beta
It's sad.
Posted Using LeoFinance Beta
This is the one defi project I would invest in if I had the capital.
This is the great advantage we have on hive. Reputation. Not that silly number, but the actual history and relationships we build on chain.
I don't have to be a solidity dev to trust this project. Your reputation and what you have built here tell me all I need to know. Only hive provides that.
I'm gonna keep stacking and hope I have the cash to invest in the next project from Leo.
Keep building!
Posted Using LeoFinance Beta
What is being built on Polycub is going to be duplicated on other chains. So there are going to be plenty of opportunities to get in.
Posted Using LeoFinance Beta
Yeah, I'm kinda excited about avx and thorchain.
Posted Using LeoFinance Beta
We will see what comes out of that. It is an interesting concept. Thorchain got a lot of attention and I think many are just waiting to be able to use that to a much greater degree.
A lot of hype around it.
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Thank you @leofinance for this very detailed explanation on where are our assets and how we can check on-chain.
I am glad to learn that half the HBD is getting the 20%APR. Great news!
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It is generating more HBD each day. That is probably the most important part to it. It is not being locked up doing nothing.
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Good information with pHBD backing to HBD and then the dollar which prove the authenticity of our stable coin and which to see liquidity pump in to reached its target very soon.... Nice one to the project
HBD is backed by HIVE, not the dollar. There is now USD involved.
HBD is backed by $1 worth of HIVE.
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Security comes first and that's a fact! 🚀
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What happens when you run out of pHBD in the cold wallet I assume you can just print more in large batches when needed?
Would have to move in accordance to the amount of HBD out there.
Cant increase it if HBD is not increased. Of course, no need to since you wont run out.
So it all comes back to the amount of HBD issued and what ends up in pHBD.
That will be fine because, by the time that level is even approached, there with be the bHBD-BUSD pool on Cubfinance.
This will be duplicated many times over.
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It is a great explanation for those who have a question mark about pHBD and want to understand pHBD better. This information is really great, definitely read every line.
Despite the declines in the crypto markets, HBD can stay around 1 dollar, which shows that HBD is stronger than before. I think it stems from the steps taken to solve the HBD demand and supply problem. Increasing the HBD fixed rate was a great event, and launching a liquidity pool was an even greater one.
HBD is currently $0.994. I was seeing HBD drop to $0.93 when there were such dips. The current situation shows that everything is going well. The more we support pHBD and HBD, the stronger it will be in the future and HBD could be the best stablecoin.
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The LP providing an arbitrage opportunity will help, over time, with the stability of HBD and holding the peg. As detailed, one can sell onchain while buying pHBD or vice versa.
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That's right, that's what you need, isn't it? Buying and selling HBD is getting easier. A whale will be able to buy or sell $10,000 worth of HBD at any time. And for more. It's a convenience, and PolyCUB provides this, which is what most whales want.
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Yeah we just keep it growing. The more that is fed into the entire HBD spectrum, the better it is for all involved.
This is really starting to take shape and rather quickly too.
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Definitely a lot of things are going well for HBD right now. It's a long-term run, but we're at a very good starting point.
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The SpkNetwork guys are working on building a layer 2 solution for all this. That will be very interesting.
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Very awesome information that PHBD backing HBD which it's moving in a progressive state and I believe it will increase the individual staking. God job
This should reassure many and instill confidence in the future in their hearts)
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And their minds.
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This is very helpful for people to understand. It is terrific to look in the wallet on Peakd and see 281 HBD earned in a week. That will keep growing as more is funneled into the account.
The HBD-pHBD bridge is going to generate a lot in terms of fees there. I can see that becoming a major revenue generator.
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These are the numbers that need to be revealed to lurking eyes and those who have taken the back seat.
Many have use of their funds and in as much as we need the $5 million liquidity to come true, people would make it happen now with this.
The strong conviction and work is a proof that all would fall in place.
Who would have known there was an oracle?
pHBD oracle puts into perspective what's going on.
Khal did mention it in the AMAs but I dont think it was talked about in great detail. He kind of mentioned it in passing.
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I guess I missed it in the ones I watched.
Yeah he mentioned it in passing. There was not a ton of emphasis placed on it.
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My bad...
It is an excellent idea to adapt the HBD stablecoin fixing system and algorithm to Hive. This is attractive for investors like me who are new to Hive. It will offer a great guarantee to the investor. Being transparent and traceable provides a different advantage. Congratulations, that's great
There are plenty of reasons to keep learning about Hive. We are really starting to offer a lot here.
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Yeah. I have a lot to learn from this blog thanks. I will continue to follow and learn. I am interested in cryptocurrency. There are small investments and crypto money that I earn from other platforms. I hope I can earn and learn more with hive here.
Keep immersing yourself in Hive and engaging. If you keep commenting, you will gain followers. Plus as you can see, comments do get upvoted which helps to flow tokens into your wallet.
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So, that's how stablecoins work... I read all that, understood most of it, verified the supply (which wasn't 50/50 by the way) and then I got lost...
I'll read it again though, I want to understand how this works!
Thanks for the explanation.
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Correct me if I'm wrong, but to provide 1000 HBD into LP, I also need to provide 1000 USDC, right?
What would be the best way to trade pHBD-USDC? I cannot see the pair on uniswap/sushiswap.
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If I get you right ,phbd is back by hbd and hbd is stables coins which is back by us dollar ,so what is the investment opportunity present by hbd or is it 1% increase or decrease because I know hbd can't increase more than one dollar
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