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Difference between revisions of "Anchor"
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Anchor is a savings, lending and borrowing platform on the Terra blockchain. It offers | Anchor is a savings, lending and borrowing platform on the Terra blockchain. It offers an APY of up to 19.5% to stablecoin depositors and provides borrowers easy access to collateral-backed stablecoin loans. The platform was built by the South Korea-based Terraform Labs and launched on March 17, 2021. It was created in part to boost the overall demand for Terra's native stablecoin, UST. The current TVL of Anchor is over $15b.<ref>https://defillama.com/protocol/anchor</ref> | ||
== Overview == | == Overview == | ||
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== History == | == History == | ||
Anchor Protocol's yield reserve has been replenished on two occasions: once in July 2021 for $70 million<ref>https://agora.terra.money/t/bolstering-anchors-sustainability/1516</ref> and once in February 2022 for $450 million<ref>https://agora.terra.money/t/capitalising-anchors-reserve-with-450m/4236</ref> | Anchor Protocol's yield reserve has been replenished on two occasions: once in July 2021 for $70 million<ref>https://agora.terra.money/t/bolstering-anchors-sustainability/1516</ref> and once in February 2022 for $450 million.<ref>https://agora.terra.money/t/capitalising-anchors-reserve-with-450m/4236</ref> In March 2022, Anchor Protocol governance voted to make the yield rate dynamic.<ref>https://forum.anchorprotocol.com/t/dynamic-anchor-earn-rate/3042</ref> | ||
== Significance == | == Significance == | ||
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== The ANC token == | == The ANC token == | ||
The Anchor Token (ANC) is Anchor's Protocol's governance token. ANC tokens can be deposited to create new governance polls, which can be voted on by users that have staked a minimum of 1000 ANC.<ref>https://docs.anchorprotocol.com/protocol/anchor-token-anc</ref> | The Anchor Token (ANC) is Anchor's Protocol's governance token. ANC tokens can be deposited to create new governance polls, which can be voted on by users that have staked a minimum of 1000 ANC.<ref>https://docs.anchorprotocol.com/protocol/anchor-token-anc</ref> | ||
==== Distribution Schedule ==== | |||
A maximum of 1,000,000,000 ANC tokens will distribute over 4 years.<ref>https://docs.anchorprotocol.com/protocol/anchor-token-anc#anchor-token-supply</ref> | |||
* '''Investors''': 200M (20%) tokens are allocated to investors of Anchor, with a 6-month lockup period. Afterwards, a 1-year linear vesting schedule is applied. | |||
* '''Team''': 100M (10%) tokens are allocated to the creators of Anchor, with a 4-year vesting period. Tokens are to be released at every end-of-year. | |||
* '''LUNA staking airdrop''': 50M (5%) tokens are airdropped to LUNA stakers on launch. | |||
* '''LUNA staking rewards''': 100M (10%) tokens are linearly distributed to LUNA stakers over a period of 2 years. Tokens will be distributed every 100,000 blocks (approximately every week) starting from block '''2179600'''. Snapshots are taken every 100,000 blocks to determine distribution eligibility. | |||
* '''Borrower incentives''': 400M (40%) tokens are algorithmically released to be used as borrower incentives. This release happens over a period of at least 4 years, assuming the maximum borrower ANC emission rate. If after 4 years the borrower incentive distribution is less than 400M, the distribution period will continue until all tokens have been released. | |||
* '''ANC LP staking rewards''': 50M (5%) tokens are linearly distributed to the ANC-UST pair liquidity providers over a period of 1 year. | |||
* '''Community fund''': 100M (10%) tokens will be reserved for the Anchor Community Fund. | |||
== The Yield Reserve == | == The Yield Reserve == | ||