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Anchor community proposes lower rate of return on UST deposits

The Anchor protocol community has proposed lowering the target rate of return on UST deposits to 4%. It is assumed that this contributes to the restoration of the parity of the algorithmic stablecoin with the US dollar.

The author of the emergency offer, Daniel Hong, was one of the developers of the original Anchor smart contract. He explained that lowering the deposit rate would stop additional UST from coming into circulation.

Anchor uses a floating interest rate. If the initiative is approved, its minimum value will be reduced to 3.5%, and the maximum to 5.5%. Voting on the proposal will last until May 18.

At the time of writing, the rate of return on the protocol is 19.64%.

Since the beginning of the crisis in the Terra ecosystem, almost 9.5 billion UST have been withdrawn from Anchor. The largest outflow of funds was recorded on May 9 – 3.33 billion UST. The protocol’s yield reserve is also almost depleted.

Data: SmartStake.

Recall that BlackRock and Citadel declared their non-involvement in the collapse of the UST.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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