For many, it was a time to sell some Hive Backed Dollar HBD to fiat currency while for many others, it was time to convert it to Hive. It all depends on what is most important to the hodler of HBD at that point when HBD reached $3.19 early this morning just 78 cents short its ATH. I only saw what happened some hours ago and was marveled at a stablecoin should go that high because that's not the standard hive blockchain is trying to keep. I had made a post earlier today but didn't read other people's post so I was short-sighted on the turn out earlier.
A stablecoin should be able to maintain it's peg to $1 and in the case of HBD, its peg is $1 of Hive but it went as far high as $3.
What happened is just an indication that in cryptocurrency, anything is bound to happen at any time all yo just got to do is to be there to make the best out of it. It would be so sad for those that have their HBD in savings that they couldn't make some quick bucks or convert to Hive because of the three day window but there'd be a next time yet, enjoy the 20% APR.
To The Rescue
If you haven't heard of the HBD-stabilizer well, you are now. There are so many exciting things about Hive blockchain and one of them certainly is the HBD-stabilizer created by @smooth to keep HBD as the name implies stable at its peg.
The price of HBD mooned as it got deleted as $20 million was pushed into the market causing it not to become a stablecoin for the time being but a cryptocurrency. Before $20 million was injected into the market, HBD trading volume was $11k and then boom, just like that. Right now, as I write, HBD is $1.09 with over $42 million trading in volume so in all it's a good news that HBD has been seen.
All thanks to HBD-stabilizer which is responsible for stabilizing the price of HBD as more Hive has been bought.
It's a two way system, it all benefits Hive in all. The price of Hive has since gone up as the price of HBD has been reducing.
As HBD gets de-pegged from $1 more Hive would be bought to get it back to its peg leading to an increase in the price of Hive.
In all, HBD-stabilizer is irrevocably just most essential in the blockchain.
Thanks for visiting my blog, till next time.