In my opinion: Very low price of Hive, therefore greater growth potential, to this is added the lower convenience of holding HBD after the savings yield has been lowered. This combination generates higher conversions and higher inflation. If the price of Hive is too low then we need APR on HBD as high as possible to encourage conversions to HBD, vice versa if the price of Hive is high then we want a lower APR on HBD to drive conversions to Hive, only in this way we can keep low inflation and better value management at ecosystem level
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I agree with this in principle, but the converse would also be required - APR should go lower when price of Hive is higher, to reduce debt levels when we can afford to do so, rather than let them rise in perpetuity.