HBD does not have a very important function for the Hive blockchain. It has no function other than "Proposals". It helps change in the internal market, but this is not so important.
The circulating supply of HBD is very low, whereas the Hive supply is high. The number of Hives in circulation can be reduced and the amount of HBD increased.
A user who sends Hive to -null- account can be given HBD based on the Hive/HBD price.
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At this point, you are right. The use cases are missing. That is something that everyone who is running a project needs to take a look at.
This is true about HBD although I would not agree about HIVE. At the moment, yes there is a lot but since it is tied to RCs and operation on chain, if there is a significant growth in users, we are going to see that dry up very quickly. Just as some of the DApps who expect growth how they feel about that. Get a few Splinterlands going, especially one that has a lot of onchain activity outside Custom JSON and you will see a problem.
The HBD problem is fixed by offering more projects that create it. I have written about both Hive Bonds and Hive Certificates of Deposit. They would help to generate more HBD organically.
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I think Ragnarok has plans to solve this.
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It is going to be one of the applications/games that utilizes HBD. That is a great step although it is still a long way from going live.
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for now it works like an internal sell contract.