How is the overall Hive tokenomics doing? How much Hive is powered up, powered down? HBD converted? What is the share of the liquid Hive?
Let’s take a look.
Here we will be looking at:
- Hive supply
- Power Up VS power down by date
- Historical rate of the Hive Power share
- Share of Hive Power VS Supply
- Top 20 Accounts that converted HBD to HIVE
We will be looking at all time data and the most recent development.
Hive Supply
Recently I have made a dedicated post on the Hive Supply. Here we will upgrade on that data and add to it with Hive Power share and some other things.
The chart above is generated from the current supply and then extracting the rewards back to the starting supply. The light area on the top is the virtual HBD supply converted to HIVE for simplicity.
As we can see the chart is not an ideal line.
The Hive supply is actually quite hard to follow and is not following the fixed inflation rate of around 8% currently. The main reason for this is the dual token system HIVE and HBD and the conversions from HBD to HIVE. In the past more than 61M HIVE was generated by HBD conversions. Actually, most of the newly created HIVE in its history is from HBD conversion. On the second place are the HIVE authors rewards with around 40M and then the curation rewards with around 26M, witnesses 17M.
In 2019 and 2020 the projected Hive inflation is 8% and 7.5%. When HBD conversions are included we get somewhere around 13% to 14%.
Power UP VS Power Down
Here is the chart with the difference in HIVE power up VS power down, including the daily rewards in Hive Power (author rewards, curation rewards, witnesses’ rewards).
The all time net powered up/down Hive.
Note here is all the data from the old chain as well 😊.
A lot of powering down in the period September 2016 – April 2017, and then also March – May 2020. This period was when the exchanges were powering down.
A lot of powering up, when the fight for governance of the chain was happening, end of February 2020.
The more recent data looks like this.
As for the previous chart the rewards in Hive Power are included above.
We can notice that in the recent period there seems to be more powering up then powering down. The net data for the period above Oct 1 – Dec 16 is 118k more HP added. Just slightly in positive.
Historical Rate Of Hive Powered Up
Here is the chart for the all time rate of Hive powered up.
Note the last lligh area is Hive transferred to the 
Overall, the amount of Hive power has been around 200M historically.
When the fight for the governance started, we can see a sharp increase in the HP, as exchanges powered up more than 40M HIVE. At that point the amount of HP was highest reaching almost 270M.
Later the exchanges powered down over the course of 13 weeks period.
When zoom in to 2020 we have this.
Note: The Hive in the
In the last two months the total amount of Hive Power has been hovering around 140M. Some ups and downs, but quite steady overall.
Summary
When we add the data above we get this chart.
Quite an interesting one. As from the above we can see that the Hive Power share has been steady in the period, hovering around 200M to 220M HP. But the overall supply has increased and with that the liquid Hive as well.
A disclaimer on the funds in the
Here is the chart for the liquid Hive.
Well this one has been going up all the time. More than 155 million liquid Hive atm. As we have seen the Hive Power stands at 140M. There is more liquid Hive now then Hive Power. Around 120M on the exchanges. If we add the virtual HBD supply, this will account for more than 190M Hive.
But we have seen that the power up vs power down ratio was almost the same. Where does the new liquid Hive comes from? As for the overall supply most of it comes from HBD conversion. Hive is cheap now and converting HBD to Hive is a nice deal atm. More than 7 Hive per HBD.
The pie for the overall Hive tokens distribution looks like this.
34% Hive Power vs 37% liquid. At least the ones that have powered up are earing some nice amounts. Remember the more Hive powered up the less each HP earns.
The virtual HBD supply is hovering around the 9%. Once that one hits 10% HBD will stop being printed.
Top 20 Accounts That Converted HBD to HIVE
Since the HBD to HIVE conversions are such a big part of the Hive tokenomics lets see who has done most of the conversions recently.
Here is the chart for the period between Nov 16 – Dec 16, 2020.
The 
A total of 2.6M HIVE was generated from conversion in this period. As a reminder the monthly inflation is just above 2M HIVE. More HIVE was generated trough conversions in this period than the monthly inflation.
An increase in the Hive price will have a positive effect on these conversions as well, since less Hive will be generated from them.
Also I’m not totally sure how will the blockchain calculate the HBD that is being created in the @hive.fund from the 80M HIVE, but in time the supply of HBD will increase and the 10% debt ration will be achieved, meaning no more HBD printed. At the current prices the HIVE in the HBD is worth around 11M USD, so if the conversion was about to end now we will have 11M HBD supply only in the hive.fund, that will increase the debt ratio and HBD will not be printed. Although the conversion of the Hive in the DHF will continue for five years (I think) and who knows what will be the price of Hive and how much HBD will be generated at the end.
Hypothetically if all the Hive in the DHF was converted at these prices we will have around 15 HBD supply in total and the Hive price will need to be somewhere above 0.4$ for new HBD to start printing.
