I deeply appreciate this post, and that you got Chat GPT to break down the haircut in a way we all could understand -- but also the HBD stats website (thanks, @dalz!) is very instructive. Hive would do very well to never let that haircut happen. A little under a quarter of HBD is in savings, meaning, waiting on interest to be paid. The DHF would have to give the stabilizer the same amount to soak up all the Hive that could be created if savers lose confidence and decide to dump their holdings.