Anchor Protocol ANC/USD is essentially a saving, lending as well as borrowing platform that has been developed on top of the Terra LUNA/USD blockchain network.
The main goal of this DeFi product is to offer passive income opportunities for any users that deposit and provide borrowers access to collateral-backed loans in the form of stablecoins.
The $12 billion deposits as a catalyst for growth
On March 31, 2022, the blockchain entrepreneur and the founder as well as CEO of Terraform Labs, which are the development studio that created Terra (LUNA) as a blockchain network, announced another milestone.
TerraUSD UST/USD is the decentralized, algorithmic stablecoin of the Terra blockchain.
Specifically, Kwon tweeted that Anchor’s TerraUSD (UST) deposits hit $12,000,000,000 from 226,000 depositors and that the “pieces are falling into place.”
Anchor has been the main DeFi product of appeal within the Terra ecosystem due to the fact that it offers 19.5% in APY, a rate that currently has no competitors from the credible smart contracts platforms.
All of this can lead to an increase in the overall value surrounding the ANC token.
Should you buy Anchor Protocol (ANC)?
On April 1, 2022, Anchor Protocol (ANC) had a value of $2.52.
To get a better perspective as to what kind of value point this is for the ANC cryptocurrency token, we are going to go over its all-time high value, alongside the performance it showcased in March.
When we look at the all-time high value, Anchor Protocol (ANC) got up to a value of $8.23 on March 19, 2021.
In terms of the performance showcased throughout the previous month, Anchor Protocol (ANC) had its lowest point of value on However, the highest point it got was on March 5, when the token reached a value of $6.03.
Its lowest point was on March 27, when it decreased to $2.41. This marked a decrease in value of $3.62 or by 60%.
With this in mind, at $2.52, the ANC token is a solid buy as it can reach a value of $5 by the end of April 2022.
The post How will the $12B deposited UST in ANC impact its value? appeared first on Invezz.
Source: https://invezz.com/news/2022/04/01/how-will-the-12b-deposited-ust-in-anc-impact-its-value/