Terra .’s original savings protocol anchor Which offers a high return on stablecoins It reached a new milestone, registering $5 billion in total locked value (TVL).
Chain Demand for Terra (color) is basically generated by the two best protocols, the anchor and the mirror. While Mirror allows trading of synthetic assets, Anchor allows high-yield savings, offering an attractive return of 20% per annum (APY) on TerraUSD (UST).
Third Lending Protocol by TVL
Just days later than expected Columbus -5 An upgrade was launched that brought cross-chain interoperability to the network, the entire Anchor suite of products was declared “stable and available” for everyone to interact with, and the protocol was worth $5 billion in TVL.
– Jason Wang 🌖 (@jwang815) October 4, 2021
Despite the number of reserved funds, Anchor fell slightly below $4 billion soon after. The protocol remains the third DeFi lending protocol based on the TVL scale, after Aave and Compound, at $13.9 billion and $9.9 billion in TVL, respectively, according to DeFi Llama. data.
Anchor deposits have increased in tandem with UST’s market capitalization, reflecting the growth of Terra’s user base, but as the Terra ecosystem continues to expand, its users will be venturing in search of more ways to use their terrestrial reservoirs.
LUNA keeps getting crowded
UST is an arithmetic stablecoin, which leverages the Terra interest token, LUNA while maintaining a value roughly equal to the US dollar. It is currently the fifth largest stablecoin with a market capitalization of $2.68 billion.
LUNA is minted when the demand for terrestrial reservoirs is low and burned when the demand for the stablecoin rises.
The long-awaited Columbus 5 upgrade has been integrated Inter-blockchain communication The IBC protocol is set to open Terra to a myriad of decentralized applications (Dapps) on Cosmos (corn) environmental system.
1/ Columbus-5 is now officially live as the new Terra mainnet!
Welcome to the future of Terra https://t.co/EFnQnFr2lB
– Terra (UST) 🌍 powered by LUNA 🌕 (terra_money) September 30, 2021
Thanks to the upgrade, data can be shared between Terra and other integrated blockchains from Cosmos, which is expected to boost demand for LUNA and UST, thus increasing the price of the original token.
After the upgrade, the price of LUNA goes up, as the token continues to hit all-time highs.
– Vic (Vdhnyc) October 4, 2021
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