I do not understand what the code is doing but by my estimate it is already 6.6% right now:
Feed price is 0.145 USD/STEEM * total supply 198618992.113 STEEM = market cap 28799753.856385 USD.
SBD supply 1893566.413 / market cap = 6.6%
Perhaps my formula is incorrect.
The latest feed update is 0.119 so there is an 18% drop in market cap left to reach the current price. The supply increase is slightly below 1% per day (1.75 million / 199 million) and that would only matter if the price doesn't drop by at least 1%/day. The pace of debt reduction is likely <1%/day (but jumpy as it depends when large conversions occur).
I expect to reach 7% quite soon and something close to 8% appears quite likely within a few days. Reaching 10% or higher is not unlikely at all.
Currently,
"virtual_supply": "212716237.198 STEEM", "current_supply": "199335134.831 STEEM", "current_sbd_supply": "1886630.621 SBD", "median_sbd_price": { "base": "0.162 SBD", "quote": "1.149 STEEM" },So the percentage = 1 - 199335134.831 / 212716237.198 = 6.3%
Actually, 1886630.621 * (1.149 / 0.162) + 199335134.831 = 212716237.198
If calculate with the price I fed last time
"sbd_exchange_rate": { "base": "0.133 SBD", "quote": "1.136 STEEM" },then virtual supply should be 1886630.621 * (1.136 / 0.133) + 199335134.831 = 215,449,513.669 ,
the percentage = 1 - 199335134.831 / 215,449,513.669 = 7.48%