A decentralized finance (DeFi) altcoin is following the uptrends in the ecosystem and its price is rising.
Anchor Protocol (ANC)It serves as a lending and borrowing protocol on the Terra (LUNA) blockchain. The project’s management token, ANC, rose from a seven-day low of $2.64 to $4, posting gains of 51.52 percent in just one week.
Anchor Protocol corrected to consolidate this rise, currently trading at $3.61.
According to crypto tracker DeFi Llama, he noted that the price soared after the total value of Anchor Protocol locked in a record $11.21 billion. This represents an increase of more than 53% from $7.36 billion a month ago. Anchor currently stands out as the best protocol on Terra in terms of total value locked (TVL).
A blockchain’s TVL represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Anchor is powered by a diversified stream of staking rewards from other major blockchains. terra It aims to provide low volatile returns on stablecoin deposits. The protocol currently offers 19.38% APY.
In mid-February, a capital of 450 million dollars was transferred to the project.
The Anchor Yield Reserves have received a $450m top-up and now sits at $507m. https://t.co/wqwPH7pTxE
— Anchor Protocol (@anchor_protocol) February 18, 2022
Sharing a new Twitter thread, Anchor Protocol stated that it is exploring the idea of upgrading its tokenomics. According to the proposal, those who lock ANC tokens for one to four years will receive more voting power and more ANC emissions.
“The longer the lock period, the higher the voting power and ANC distribution.”
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