It is currently the worst-performing cryptocurrency among the top 100 coins by market cap. Bitcoin and Ethereum are flatlining at press time. Binance Coin is up nearly 5%. Binance Lists Terra-Based Anchor Protocol, ANC Price SpikesThe significant drop comes amid growing concerns over the sustainability of Anchor, a lending and borrowing project on top of Terra. The protocol’s yield reserve recently dropped to $35 billion UST, shrinking by 50% in roughly one month.
Do Kwon, co-founder of Terraform Labs, recently tweeted that he was willing to subsidize the yield reserve in order to assuage investors’ concerns. He has hinted that he’s willing to inject up to $300 million, which could be a short-term solution. Anchor is still in the growth phase, and maintaining the most attractive yield in DeFi stable will strengthen that growth & build up moats.
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