Max E.Thu, Apr 7, 2022 6:00 PM
Anchor Protocol (ANC): 7 April Price Digest
Launched by Terraform Labs on March 17, 2021, the Anchor Protocol is a lending protocol, which operates within the Terra ecosystem and is used for borrowing UST stablecoins as collateral for delegated assets, as well as receiving annual income on a deposit in UST stablecoin with an interest rate. Those who invest their UST (in other words, make a deposit), provide their funds for use and receive a reward in the form of an interest rate.
ANC is the protocol's native and governing token. At the time of writing, the price of the coin is $3.30. Over the last 24 hours, the value of the asset has increased by 10.70%.
The increase in the price is, however, not surprising: the protocol has been a huge success. Its 19.5% APY yield attracted the attention of decentralized finance enthusiasts, even though, in March, users voted to revise interest rates on a monthly basis. To begin with, the project will hold monthly rate adjustments, meaning once a month the protocol will adjust the rate of return in accordance with the state of the reserve.
As of April 7, Anchor has $15.45b locked up, making it the largest DeFi protocol in terms of TVL in the Terra ecosystem and the fourth largest cross-blockchain protocol.
Largely thanks to Anchor, in December 2021, the Terra protocol took second place in TVL, succeeded only by Ethereum.