The HBD conversion play is one of those mechanics that looks simple on paper but gets subtle in execution. I've been watching the print rate vs. HBD supply ratio — at sub-10% print rate, does conversion actually stabilize the peg, or is it mostly arbitrage opportunity right now? Also curious: you mentioned selling at 8.7 cents peak and not catching the 6.6 re-entry. Would holding HBD through that gap and converting when HIVE weakens again be a viable middle path, or do you think the opportunity cost of holding HBD vs. HIVE staking rewards changes the math?