Are you accounting for the immediate HIVE->HBD conversions that happen when the stabilizer sends HIVE back to DHF?
I'm accounting when I look at the overall HIVE supply. https://peakd.com/hive/@dalz/hive-inflation-for-august-2024-or-running-hot-for-a-third-month-in-a-row
For august its about 2.2M HIVE or around 400k HBD. In the chart above I have only the conversions for HBD to HIVE.
Also, I don't think cutting the stabilizer funding is a good idea. If users convert HBD, they keep any profit from discount to the average conversion rate, but of the stabilizer does the conversion, it keeps the profit, and returns it to DHF (in the short run this functions like a burn).
Maybe increase the buying spread? Like buy when HBD is at 0.95. Basicly take a fee, increase the profit for the stabilizer.
If the problem is HBD being below peg too much, that indicates an excess of HBD being sold by users, and we should look for ways to reduce the amount that is being distributed into circulation by post rewards, DHF proposals, and HBD interest (it's not immediately clear which of these are contributing the most to selling pressure). Obviously that is painful, but if we're seeing that the market can't support it, tough decisions should be made.
Take a look at the previous bear market and the period 2019, 2020. A lot less HBD/SBD was created becouse it was only the authors rewards and we have burned trough exsess HBD/SBD a lot with conversions. When compared to 2023, 2024, we now have more ways to create HDB, with the DHF clearly dominant in the last three years. On the burning side the stabilizer has taken over from users conversions. Overall we are removing HBD much slower now then in 2019, 2020, becouse instead of 1M new HBD per year we are putting in 5M HBD per year.
P.S. On a bit controversial topic. I think its time to put a burning proposal in the DHF and burn some funds. We are basicly using a premine to fund development. The spending is uproportional to the market cap of HIVE. The regular HIVE inflation in the DHF these days is around 60k per month (aditional revenuse excluded), and we are spending on average 300k HBD per month from the DHF.
That wouldn't directly change the amount we are spending unless we burn the entire DHF. If we cut the DHF budget by 50% spending would continue at the same rate until it's depleted. We'd have to nuke the entire DHF to have an affect (plus kill a lot of development on Hive). We need to be much more selective of what DHF proposals get approved and what value it brings to the ecosystem. I can already name a few that I feel are justified, but others not.
Hive needs to come up with a clear plan for the future that actually increases the price of Hive in exchange for money from the DHF or other sources.
We all have that within our hands, most directly by voting for the return proposal. The more votes that go to return, the tighter the consensus needs to be among stakeholders on each individual proposal to make the cut.
That would make a lot of sense. The DHF doesn't contain real value, everything that is distributed through DHF is diluting the value of the tokens in circulation. In the long runm this can only have a negative influence on token prices. In addition every investor that is doing his due diligence will see that and refrain from investing into such a project.
Hard to see how this does anything but encourage other users to buy and convert, taking the profit for themselves (and potentially increase HBD volatility)
Interesting... I didn't know that.