Leofinance has launched a pHBD-USDC pool on Polycub with some nice APR on it. At the moment the pool has 317k liquidity in it and offers a 47% APR. Swapping fees on top of it!
All of this has made the wrapping HBD attractive, and users are doing it. A part of the wrapped HBD is kept in the savings on Hive and is generating yield in HBD that will then be used to provide APR for the pHBD-USDC pool. The goal of the Leofinance team is to make this the most liquid place to buy and sell HBD with liquidity in millions.
With this said, lets take a look at some data.
Here we will be looking at the following:
- Wrapped HBD per day
- Unwrapped HBD per day
- Wrapped HBD balance
- Top Accounts that wrapped HBD
The period that we will be looking at is from the start of the project, Apr 15 to Apr 27, 2022.
Wrapped HBD Per Day
Here is the chart for the wrapped HBD on a daily basis.
As we can see there was a lot HBD wrapped on the first day Apr 15, with a 128k HBD transferred on the polygon network. In the following days the amounts are smaller somewhere between 5k to 10k, but still there is activity.
Unwrapped HBD per day
What about unwrapping? Here is the chart.
Note that unlike the wrapping where the Y axis is 130k, here the Y axis is just 5k, meaning a lot less unwrapping in the period. This is expected as the project just launched and there is demand for wrapped HBD. The last day has the most unwrapping.
Wrapped HBD balance
Here is how the balance for wrapped HBD looks like.
We can see the spike in the first day and then gradually growing to almost 200k HBD.
Will be interesting what amounts will be reached in a few months time. For context at the moment there is around 9M HBD in circulation, out of which 3M is in savings.
Top Accounts that wrapped HBD
Who is wrapping HBD?
The official Leofinance account @leo.bank has done most of the wrapping wit almost 90k HBD. I guess this was needed to seed the pool initially as well. @resiliencia and @fbslo in the top as well with more than 20k HBD wrapped.
In terms of number of accounts a total of 82 accounts have wrapped HBD, while there is more then 125 token holders for pHBD, meaning some are getting pHBD directly from the pHBD-USDC pool without wrapping. I know, because I’m one of them 😊.
Overall, there seems to be a good start for pHBD and some decent amounts. Not explosive ones but still a growth. Expanding HBD will most likely be a gradual process from what are the initial reactions. All the numbers are going up but gradually. Maybe something will happen in the future but will see.
pHBD on Polygon is very convenient and it opens a whole new world for HBD and Hive in general. What is interesting to see is that most of the Hive whales haven’t jumped on board yet and maybe they prefer the safer 20% APR on Hive, then the 40% plus on Polygon. While the leofinance team has a great reputation, still not to forget that pHBD is a wrapped version of HBD and there is a level of trust in the creator. Maybe introducing some form of multisig wallets on the both sides of the HBD bridge will help in increasing the security and growing pHBD more.
All the best
@dalz