Anchor Nips at Aave’s Heels as Defi Protocol Becomes Second-Largest Lending Application

While the decentralized concern (defi) level Anchor Protocol’s autochthonal integer plus ANC has gained much than 180% implicit the past month, the full worth locked (TVL) successful Anchor has accrued a large woody during that clip arsenic well. Anchor Protocol is presently the second-largest defi lending level successful presumption of TVL, and implicit the past month, Anchor’s TVL has accrued by 40.13%.

Anchor TVL Surges More Than 40% successful 30 Days, Protocol’s TVL Rivals Aave’s Lead

The Terra-based token anchor protocol (ANC) has accrued successful worth importantly against the U.S. dollar during the past month. At the clip of writing, 14-day metrics amusement ANC has gained 82.7%, and 30-day stats bespeak ANC is up 182.4%.

Anchor is simply a lending protocol built with the Terra blockchain network, and it gathers liquidity from lenders and borrowers. Moreover, lenders depositing the stablecoin terrausd (UST) stitchery a stabilized output astatine adjacent to 20% APY.

Anchor protocol dashboard statistic connected March 7, 2022.

In bid to stitchery yield, Anchor uses a liquid-staking mechanism. Anchor and Orion Money besides connection Ethanchor, which allows depositors to stitchery output connected Ethereum-based stablecoins successful opposition to Anchor’s UST functionality.

Currently, Anchor is the sixth-largest defi exertion today, retired of each the defi applications successful beingness according to defillama.com metrics. Anchor’s TVL has accrued 5.55% implicit the past week, but monthly statistic bespeak the protocol’s TVL jumped 40.13% since past month. Much of Anchor’s TVL summation to $11.5 cardinal occurred during the past 30 days.

In presumption of the 124 lending applications, Anchor is present the second-largest defi lending protocol nether Aave. The lending protocol Aave is conscionable a hairsbreadth supra Anchor arsenic Aave presently has a TVL of astir $11.6 billion.

Below Anchor, successful presumption of lending defi apps by TVL, see protocols similar Compound ($6.48B), Justlend ($1.86B), Venus ($1.62B), Banqi ($1.11B), and Iron Bank ($1.06B) respectively.

Anchor metrics besides amusement determination is $2.46 cardinal borrowed by borrowers contiguous and radical successful indebtedness person to leverage bonded LUNA oregon bonded ETH for collateral. Anchor’s documentation says that the defi lending protocol has 3 audits.

One audit published by Cryptonics goes implicit Anchor’s astute contracts and different audit by Cryptonics reviews Anchor’s organisation of ANC and astute contracts. Furthermore, past July an Anchor audit report was published by the squad astatine Solidified.

What bash you deliberation astir Anchor moving up the ladder to the second-largest defi lending exertion today? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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