Back in August 2024 the HBD interest rate was cut from 20% to 15%. The interest rate is determined by the witnesses as a median from the individual top 20 and the majority of them are now signalling 15%.
The 20% interest rate was set back in 2022, and it lasted more than two years. Quite the run!
The withdrawal period from the savings account is three days. A reasonable period. It’s like staking with three days unlocking period.
When the interest on HBD was set for a first time by the witnesses, in March 2021, it started at 3%, then they push it to 10%, 12%, 20% and now back to 15%! You can see what the interest rate is set by the witnesses here https://peakd.com/me/witnesses.
With the latest Hardfork the debt limit for HBD was pushed to 30%, allowing more HBD to be printed before the haircut rule is applied and HBD is devaluated.
Now let’s take a look at the data and see how much HBD has been transferred to savings and who is taking advantage of the HBD interest rate.
We will be looking at the following:
- HBD balance in savings
- HBD savings VS liquid balance
- Daily interest rewarded
- Monthly interest rewarded
- Cumulative interest
- Top accounts that hold HBD in savings
HBD Balance in Savings
Here is the chart for the HBD balance in savings in time.
There has been a strong growth in the amount of HBD in the savings up to the middle of 2023 when it slowed down a bit but continue growing slowly up to June 2024. The peak was in May 2024 with 8.4M HBD in savings.
Since June 2024 the amount of HBD is savings dropped to 7.3M HBD in savings in December 2024 and started growing again in January 2025 and we are now at 8.2M HBD in savings.
When we zoom in 2023 - 2025 we get this:
We can notice that the peak was reached in June 2024 at 8.4M in savings. At the beginning of 2023 there was 5M in savings, while at the end of 2023 there was close to 8M. In 2024 there was a slow growth from the beginning of the year up to May when there was 8.4M, and then a drop in June. This drop most likely happened because of the drop in price of HIVE and users pulling out of HBD and buying/converting to HIVE. A further drop happened in the next months and 2024 ended at 7.5M HBD in savings. Since the beginning of 2025 the trend reversed and more HBD has been put in savings and we are now close to the ATH with 8.2M in savings.
The lowering of the APR in August 2024 didn’t had a significant impact on the HBD in savings.
HBD Interest Rate [%]
Historically the interest rate for HBD has been as follows:
- Mar 2021 - 3%
- Jun 2021 - 7%
- Jul 2021 - 10%
- Dec 2021 - 12%
- Apr 2022 – 20%
- Aug 2024 – 15%
After more than two years we are now at 15%.
HBD Balance in Savings VS Liquid HBD
Here is the long-term chart.
This is a long-term chart, starting back from 2016 for context.
We can see that HBD in saving started to accumulate only after the introduction of interest in 2021. Since then, it has kept growing and we are now at ATH for HBD in savings, and at the same time the liquid HBD is at all time low.
We can see some ups and downs in the liquid HBD supply, while the HBD in savings keeps on growing. In the last year the HBD supply has been very stable at 11M HBD.
At the moment out of the 11M HBD a total of 8.2M are in savings.
In terms of share of the liquid HBD we have this:
A constant downtrend here with some bumps on the way up to September 2023. Since then, the amount of HBD in savings has been hovering around the 70% mark. A full year around that number. In the last period this number has went further down and we are now at record lows for liquid HBD with 74% of it in savings and 26% liquid.
At the beginning of 2023 this share was around 50%-50%.
Daily Interest Rewarded
How much interest is paid to the HBD in savings? Here is the chart.
At first in 2021 the interest was paid to all the accounts that hold HBD, without the need to be put in savings. Then after the HF in June 2021, HBD interest is paid only for HBD in savings. We can notice the sharp drop at that time.
Since then, the daily interest payouts depends on the amount of HBD in savings and the interest rate for HBD APR. A constant growth up to August 2024 when it reached 4.5k HBD daily, and then it dropped to 3k HBD daily after the interest rate cut. Since then it increased again and we are now at 3.5k daily HBD from interest.
The monthly chart for the HBD interest looks like this:
On a monthly level we can see that after reaching the ATH of 140k back in the summer of 2024 there is a drop to 90k in September 2024, since when it increased again and in May 2025 there was a total of 100k paid in interest.
On a yearly level things looks like this:
| Year | HBD Interest Paid |
|---|---|
| 2021 | 120,857 |
| 2022 | 584,199 |
| 2023 | 1,332,302 |
| 2024 | 1,422,157 |
Overall, we can see that there has been a rapid growth up to 2023, while 2024 is around the same level as 2023. For 2025 in the first months we are at 550k interest, so extrapolated this will result in somewhere around 1.2M, but we are still half way trough the year and a lot can change.
Top Accounts that Hold HBD in Savings
Who has the most HBD put in savings? Here is the chart.
The @lazy-panda account remains the undefeated champion when it comes to the amount HBD in savings with 2.2M HBD. It has even increased its holdings in the last period. A total of 27k HBD in interest per month.
On the second spot is @yunnie followed by the Splinterlands @sps.dao account.
A total of 8.1k accounts now have at least $1 HBD in savings.
Live info about the savings data here:
https://www.hbdstats.com/
All the best
@dalz