My view on the 10% is to take the STEEM market cap in USD, 10% of that and that is the maximum Circulating Supply of SBD (valued at $1). As soon as that Circulating Supply of SBD goes above that level then it is no longer redeemable for $1 worth of STEEM (it starts to decline), so at that point we have real risk of a serious boom-bust that can really hurt the platform long term.

We are a long way from that right now, but it is still worth keeping an eye on.

I could be wrong about that and if anyone out there wants to correct me, I welcome it.