March 17, 2021: Anchor's Aweigh ⚓🇰🇷

최고야! $UST Tops Curve Amidst $ANC Protocol Frenzy

Impressive run by $UST from Terra, which has claimed the prestigious ranking of top stablecoin on Curve.

Curve Finance @CurveFinance

$UST from @terra_money suddenly becomes the most popular stablecoin 😱

The $UST coin has been on an absolute bender since we last peeped their progress, now passing $1B in circulation.

Simon Seojoon Kim @seojoonkim

With the explosive demand in the market, $ust finally exceeds the $1B market cap. It’s growing into the most important multi-chain decentralized stablecoin. The era of TeFi is coming! @terra_money @mirror_protocol @anchor_protocol @alice_finance @spar_protocol

The supply of $UST has more than doubled over the past month, putting it firmly in the top 5 dollarcoins and within striking distance of DAI. All this activity despite it only being tradable on 7 exchanges.

Meanwhile the underlying $LUNA token has also soared, hitting 14th place on CoinMarketCap as of publication.

Lasse Clausen @lalleclausen

Congrats @d0h0k1 and the entire @terra_money team on entering the top 20. Feels good to see the market recognizing the value of the network. (Photo from the depth of the bear market in October 2019)

Much of the excitement is presumably a rush to participate in the recent launch of Anchor Protocol, which targets a whopping 20% fixed APR.

Do Kwon 🌖 @d0h0k1

1/ Anchor public announcement #2: Anchor will target 20% fixed APR. This is by far the highest stablecoin yield in the market.

You read that right, 20%. Anchor was first articulated in a June 2020 white paper , which proposed a stabilization mechanism by averaging yields from other bAssets within the Terra ecosystem. The Anchor smart contract calculates 12-month moving averages and distributes yields from collateralized bAssets according to the stabilized interest rate, stashing any extra yield for a rainy day if the gains exceed the anchor rate.

For some additional information about Anchor, check out their launch blog post or the following threads.

Anchor Protocol @anchor_protocol

1/ We’re thrilled to present Anchor -- powered by Terra. Anchor is now live in the web app link below! app.anchorprotocol.com

coindesk.comAnchor Launch Puts UST in the Stablecoin Race Against DAI - CoinDeskTerraform Labs just activated Anchor, a DeFi protocol promising 20% returns that the firm says will help its stablecoin overtake DAI’s market cap.

Yan Liberman, CFA @YanLiberman

0/ Highly recommend giving this post by @JonathanErlichL a read to understand all things @anchor_protocol. Thread below focusing on the impact on @terra_money. Disclosure: Delphi Ventures is an investor in $Luna and $ANC

delphidigital.ioAnchoring The Market To A New Reference Rate - Delphi DigitalIn this piece we explore Anchor, Terra’s new savings protocol. Specifically, we dive into how it works, the details of its upcoming distribution and what it means for the Terra ecosystem as a whole.

Like all things DeFi, the launch came with plenty of drama. Nodes suffered DDOS attacks in what amounted to a reverse bank run.

Do Kwon 🌖 @d0h0k1

Quick update, the reason this is taking longer is because there's a bot attempting to ddos the nodes backing station and attempting to get in first to the pools Will update shortly - thanks for your patience - we want this to be as fair as possible #fuckthebots

To say people are excited about Anchor would be an understatement.

MikeZajko @MikeZajko

🤯 Mind blown the first time I read about the @anchor_protocol @d0h0k1 and the @terra_money team have been relentlessly shipping a family of applications on top of the Terra stablecoin suite. Excited to see what is to come. 🌖🪞⚓️

CoinList @CoinList

💰 DeFi has exploded in the last 12 months, shifting from degenerate finance ➡️ regenerate finance. This week, we had the privilege to learn about one of the most exciting projects in the #DeFi ecosystem — @anchor_protocol, built by the @terra_money team. https://t.co/H9IM9RTqNl

Fans are even naming their beautiful dogs in honor of the protocol:

John Malcom @JohnMal80294902

@d0h0k1 thank you for all. I even named my dog 🐶 Luna 🌓

Venture capitalists are frothing into a “due diligence be danged” mob mentality not seen since the early days of Zuckerberg.

The Unreliable Narrator 🌘 @ReliableNarr

I can't stress how big it is that @naval invested in @anchor_protocol. For those who somehow don't know he's a legend investor and one of the greats. THIS IS ABSOLUTELY FUCKING HUGE.

Michael Arrington @arrington

Do @d0h0k1 and the Terra @terra_money team could launch a HAM SANDWICH and we'd fight to invest in it. I've never seen a team execute at this level.

Do Kwon 🌖 @d0h0k1

6/ Third, the diamond hands: Most if not all the investors in this round are diamond hand $LUNA holders. Special shoutout to @hashed_official, @arringtonXRPcap and @PanteraCapital for backing literally everything I've done in my career (without even a pitch)

There is some bad news for the ladies, though — founder and future trillionaire Do Kwon took a break from the flurry of activity to get married last month.

Do Kwon 🌖 @d0h0k1

Hitched 💍

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