Agree with all! =)
Only one detail:
I believe the 20% APR HBD comes from all the hive transactions that cost a fee.
The 20% APR is decided from the majority of what the top 20 witnesses select, but the source of it is not as simple to explain. This model is explained somewhere (I saw some posts in the past) but its not coming from transactions fees because, hive has no transaction fees. The "fees" on hive are coming from something we call Resource Credits, which is a sort of "pool" parallel to the voting power, but used for costing all the actions being broadcasted into the chain.
The 20% APR HBD comes from a much more complex economics. It goes along the lines of the balance between how much depth exists overall (in the printing of HBD) vs the amount of HBD that is converted to/from HIVE.
This part is quite complex to explain even for me... need to find that post! @dalz has a very cool tool for people to monitor HBD (not sure if him knows a good post about explaining HBD APR that does not dwell into the code complexities too much, I will keep looking and link here if I find one):
https://www.hbdstats.com
Also, check his posts as he has a tone of great ones with lots of detail about things (1 example):
https://peakd.com/hive-133987/@dalz/hive-inflation-for-november-2023-or-same-as-the-projected-one