Yes TAM is what a new technology/solution can address.
We need to tighten the peg, it is still too loose. There is a lot of things that need to be done. The future of HBD is still a bit cloudy. It is algorithmic based which seems to be a big more aligned with what is needed in the future.
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If I remember correctly, SBD came around before dollar pegged cryptos did. So the tech probably wasn't quite there yet.