In a little over 24 hours, the SBD printing rate went from 1% to 100%. In layman terms, it means that rewards are now paid exclusively in SBD (I'm talking about the liquid part of the rewards, the one that should be split equally between SBD and STEEM, the non-liquid part of rewards is still paid in Steem Power).

This behavior is created by a new modification of the tokenomics of STEEM, introduced in Hardfork 20, which shrinks the interval in which SBD printing is adjustable. Now SBD printing goes from 0% (in practice, from 1%) to 100% if the debt-to-ownership ratio (proportion between circulating SBD and USD value of circulating STEEM) is between 9% and 10%.

If debt-to-ownership is less than 9%, SBD printing stays at 100%.

If debt-to ownership is over 9% but less than 10%, SBD printing goes linearly from 100% to 0% (in practice, at 1%).

Anywhere between this interval, the printing is adjusted linearly, so, for example, if the debt-to-ownerhsip ratio is 9.5%, SBD printing would be 50%.

In other words, in just 1 percentage of the debt-to-ownership ratio, SBD can go from zero printing to 100% printing.

The rationale behind this decision was to protect SBD from being gamed by traders who can benefit from a low supply token and game the price - as it happened before, with SBD trading as high as $13. This new behavior should, in theory, make the SBD supply snappier, hence less prone to low supply price manipulation.

I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me Hive account@dragosroua.

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