My biggest concern is what leofinance have done with hbd on binance smart chain. On numerous occasions in the discord server a few of us have pointed out that the team minted bHBD without backing it with native HBD. This means when someone bridges it back to hive there isn't enough HBD to support the bridge transaction. Anyone on the blockchain can see these transactions and its obvious who owns the keys to the accounts and its also obvious where the minted funds went.
Same thing goes for the Leo.voter account, the hive power rewards keep getting powered down and sometimes sold which isn't good for the hive ecosystem.
On the positive the team are trying to onboard new hive users, create more apps and I do believe they could sucessfully broaden the hive ecosystem.
For me I'll start voting for it once the hbd is returned back to the ecosystem and bhbd is fully backed by native hbd, and also when the Leo.voter rewards are not just powered down and sold.
Until then it doesn't have my vote, but I'm not a swing factor.
Hey there.
The HBD that backs bHBD is here: https://peakd.com/@bnb-hbd/wallet
It's currently on savings while we are deploying the new bridge - as you know, the current one bugs too much. If you want more info I can elaborate here or point you to a video made by Khal going into detail on this.
The Leo.voter rewards are currently buying Leo and distributing to delegators. That being said, we're working in a solution that doesn't add sell pressure to Hive (albeit it stays in the internal market even when sold for Leo) so both hive and leo benefits from this delegation payments.
If you have any more questions, I am open to answering them!
You are not a swing factor and me neither, but I believe your questions are solved and any support is key to get the proposal to a spot where posts like the one here cannot affect the outcome. So we'd very much appreciate it if you decide to approve the proposal!
Credit deserved for this, I should have done a recent check before my post, but this has only just been repaid two weeks ago. This issue was long standing for months if not a year or more. This raises questions on governance on how was it possible for this to happen in the first place. I'll do a post correcting my position.
We answered the bHBD question on so many different occasions. The arb bot we built was designed to improve liquidity for the whole system by bridging back HBD earnings to the oracle
That being said, a great smear campaign by a few ppl who I won't name spooked some of the bHBD whales who all decided to pull liquidity simultaneously. That's fine and it's in their right to pull liquidity but it didn't give the model we had of keeping some HBD on-chain and reserving some for the arb bot enough time to unravel and be responsive.
The oracle now has 200k+ HBD (and growing). bHBD is and has always been fully backed 1:1, but the smear campaign continues even though the few users who point to it probably aren't even aware there's $200k in there. The model going forward will be 1:1 on-chain HBD and the positive to that is that these smear campaigns won’t be possible but the negative is that we lose this highly profitable activity that was speeding the growth of liquidity for bHBD-BUSD LP liquidity
This is a good outcome thanks for coming around to the realisation that a wrapped coin should be backed 1:1.
Before I commented I should have checked the accounts recent activity where 2 weeks ago the hbd was repaid.
But it's not a smear campaign when users simply want transparency on where the funds are stored backing their coins, the arb bot wasn't transparent which created uncertainty, and this meant leofinance couldn't honour withdrawals.
This won't happen. Previously, Leo was paid to hive delegators via extra inflation (not exactly inflation, but the end result was the same). This extra inflation is now over, so the Leo that is paid to delegators comes from the market. Bought with the hive that gets powered down.
Most delegators of HIVE POWER to @leo.voter also just sell the LEO they get on a daily basis and buyback HIVE
On the whole, this is a net neutral for Hive but everyone seems to think they can point to it as a net negative
If you actually track what's happening, it's basically all a wash: hive rewards buy LEO to pay LEO to delegators. Delegators sell LEO to power up more HIVE.
This is good trading volume for us and for HIVE but these ppl again like to point it out as a net negative. Also consider how much value there is in our curation activities to actually support good authors and keep them on Hive. Seems they like to overlook that too
I was not even aware of this.
After their slow rugpull of CUB and PolyCUB I lost interest.