Who Is Printing Hive, Who Is Getting Paid, and How Much?

This account exists for one reason:

To make it trivial to see who is inflating the HIVE supply via the DHF
and who is collecting that non-programmatic issuance as income.
No marketing. No vibes. Just on-chain data, aggregated and put in front of everyone.
A first version of the public dashboard is live:

• mirror:

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What the dashboard actually measures

Hive already has a programmed emission curve.
If we only followed that curve, annual inflation would be around the scheduled rate (e.g. ~5.5% for 2025).
In reality, there are extra moving parts:

• HBD ↔ HIVE conversions
• DHF payouts in HBD
• HBD issuance that later becomes HIVE
• Flows from DHF-funded accounts into the rest of the network and exchanges

The result is simple:

The real inflation of HIVE is often much higher than the programmed inflation.

The dashboard does three things:

• Computes programmed inflation (annual)
• How much HIVE should have been created in the last 12 months if only the emission curve existed.
• Computes real inflation (annual)
• How much HIVE was effectively added to supply once you include conversions, DHF outflows, HBD APR and HBD issuance.
• Attributes the non-programmatic part to specific accounts
• Who voted to turn the DHF money printer on
• Who received the HBD (primary)
• Who received money from those accounts (secondary)

Three roles, three kinds of responsibility

The site shows three groups of accounts:

1. Inflation creators (via DHF voting)
   These are accounts whose votes authorize non-programmatic issuance.
   For each voter, the dashboard computes:
   Annual non-programmatic HIVE attributed to them (stake-weighted, based on proposals they supported that were actually paid)
   Their % share of all DHF-driven inflation in the current 12-month window
   A ranking of “who is responsible for how much extra HIVE existing”
   This is not about what they earned.
   It is about how much inflation they caused by supporting specific proposals.

2. Primary DHF recipients (direct income)
   These are accounts that receive HBD directly from proposals.
   For each direct recipient, the dashboard shows:
   Total HBD issued into circulation (annual) from funded proposals
   HIVE created (annual) using the same conversion logic as the inflation attribution
   Number of distinct proposals paying that account
   A “top list” sorted by how much DHF money has been routed to them
   If someone has been paid very large amounts over time, that will not be hidden in old proposal pages. It will sit at the top of a table that anyone can point to.

3. Secondary recipients (downstream flows)
   These are accounts that receive HBD/HIVE from DHF-funded accounts.
   For each secondary recipient, the dashboard shows:
   Total secondary HBD/HIVE inflow (annual)
   How many DHF-funded sources they are linked to
   How many transfers were observed
   This reveals who is downstream of DHF spending: project teams, service providers, and also the accounts used to push DHF money towards exchanges.

Per-account forensic view

You can type any @username and get a compact but important summary:
As voter:
Annual non-programmatic HIVE inflation attributed to their DHF vote history in the current window.

As primary recipient:
HBD issued into circulation for them via proposals, plus the HIVE equivalent.

As secondary recipient:
Amounts received from DHF-funded accounts and how many distinct sources.
Over time this will also include per-project breakdowns, so you can see exactly which proposals were used to route money to which accounts.

This is designed for a very simple question:
“Given what this account has voted for and been paid,
does the delivered work match the inflation cost they imposed on everyone else?”
The tool does not answer that for you.
It just removes the anonymity and the fog.

Why this matters for Hive

Hive sells itself as:
a programmatic, predictable inflation schedule, and
a community-driven funding mechanism via the DHF.

Both can be true only if:

• The real inflation is measured and understood, not just the curve.
• The beneficiaries of that inflation are visible.
• The voters who authorize non-programmatic issuance are accountable.

When annual real inflation runs significantly above the programmed curve, the cost is paid by:

• All holders, through additional supply
• All future users, who inherit a more diluted base

The minimum the ecosystem can do is to have transparent, queryable, non-narrative data that shows:

• Who printed how much extra HIVE via DHF voting
• Who captured how much of that flow, directly and indirectly
• How that compares against the work that was supposedly delivered

What this project is not

• It is not an attack on any single account.
• It is not a replacement for the existing economic reports.
• It is not an opinion piece disguised as data.
• It is simply a public ledger, grouped differently:
  • From “blocks and transactions”
  • To “voters and recipients”
    Over clearly defined annual and multi-year windows

If you want to understand how much of Hive’s inflation is protocol-driven and how much is governance-driven via the DHF, and who sits on each side of that equation, start here:

mirror:
Everything else can be debated.
The numbers themselves should not.