Yes, that' correct.

But again, how robust is the pegging mechanism to shield the fluctuation as an effect of higher APR. Because DeFi is already front-running the crypto market. When the investors see HBD as a pegged token where the risk of dipping below 0.95 is fairly low considering the last one year's performance, they may not have any interest in content creation or curation, they might primarily join Hive to stake HBD for three days and let their HBD make passive income for them.

And not to forget HBD is a debt instrument, so any significant dynamics playing in HBD is going to affect Hive too.