HBD has started to establish itself more and more in the Hive ecosystem. There are two main things that happened in 2021 that pushed the implementation of HBD more and more. The first was the introduction of the HIVE to HBD conversions that stabilized HBD on the up side and the 
Let’s take a look at the numbers.
At the moment of writing this according to https://hiveblocks.com/, is 24.2M HBD in circulation. If we exclude the HBD from the 
Here we will be looking at:
HBD Created:
- 10% share of the inflation to the DHF
- HBD Author Rewards
- HIVE to HBD Conversions
- Ninja Mined HIVE To HBD Conversions In DHF
- HIVE transfers to DHF and converted to HBD
- Interest payouts
HBD Removed:
- HBD to HIVE Conversions
- Transfers to null
- Null as post beneficiary
The period that we will be looking at is from Jan 2021 to Jan 2022.
HBD From Inflation To DHF
A 10% of the general Hive inflation goes to the DHF (Decentralized Hive Fund) for funding community projects.
Here is the chart for HBD created from this.
This share of HBD created depends a lot from the HIVE price. The higher the price the more HBD is printed. At the begging of 2021 the price of HIVE was low and there was around 1k HBD added to the DHF from inflation. In November 2021 the price increased a lot and there were 19k HBD per day created at the peak. At the moment this is around 10k per day.
HBD From Author Rewards
Authors get paid 50% for their rewards in HBD. Here is the chart.
As for the DHF inflation chart, this chart follows the price as well. In the last days it is also around 10k HBD per day. The inflation in HBD to authors is just a bit higher then the inflation of HBD to the DHF.
HBD From HIVE Conversions
This is the new way to created HBD in 2021. Here is the chart.
As we can see the end of August and beginning of September 2021 is dominating the chart with a massive amounts of HIVE converted to HBD. At some days there is more then 1M HBD was created from HIVE conversions. This is because the price of HBD was a bit higher in the period and it was profitable to convert HIVE to HBD.
Ninja Mined HIVE To HBD Conversions In DHF
Since the hardfork that created Hive the Steemit Inc ninja mine HIVE is put in the DHF and is being converted to HBD for a period of five years so it can be used by the DAO.
This chart is also depended on the price of HIVE. We can see that a significant amount of HBD has been created in this way, way more than the author rewards and the general inflation, where the max was around 20k, while here the max created HBD per day is around 80k.
HBD From HIVE Transfers To DHF
When HIVE is transferred to the DHF account
We can see the growth in the first half of 2021 with some pauses in between. In the last period the HIVE amount just keeps growing. The DHF funds have increased a lot in 2021, so the funds that the stabilizer operated are higher. In the last period at some days there is more then 100k HBD from HIVE transfers to the DHF. As mentioned, these are mostly excess funds from the hbdstabilizer.
HBD From Interest Payouts
The interest that is paid for HBD holdings in the savings accounts is also a new HBD inflation. Here is the chart.
These are quite irregular payouts, and they are mostly dependent from large accounts claiming their interest. A total of 130k HBD was created in this way.
Cumulative HBD Created
When we combine all the elements from above, we get this chart.
We can notice the huge spike from the conversion back in August 2021. That has put a mark on HBD.
If we present this in a pie, we get this.
The HIVE to HBD conversions are on the top here with 37% of the HBD printed, then is HBD from HIVE transfers to the DHF and then HBD from the ninja mined HIVE in the DHF. Authors and inflation are with 6% and 5% share and the interest is last with less then 1%.
HBD Removed
The above was the data for HBD created, but HBD is being removed as well. The way HBD is removed from circulation is mostly with conversions to HIVE, but it can be sent to 
We can see here that most of the conversions happened in November 2021. This is after the huge amounts of HBD created in August and September. In the last period there is somewhere between 50k to 100k HBD removed per day.
HBD Supply
When we net all the above we get the HBD supply.
We can see that the HBD supply has grown a lot in the last year, starting from 5M in January 2021, then going up to almost 30M HBD in September 2021. In November there was a drop in the supply and then since then the HBD supply has been quite stable around the 25M mark. Although it should be noted that the HBD in the DHF has increased it share so the HBD in free circulation has dropped a bit in the last months. At the moment almost half of the HBD supply (11.7M out of 24.2M) is in the DHF and another 10% (2.4M) HBD are in the savings.
