As its ecosystem grows, the price of decentralized finance (DeFi) altcoin is skyrocketing.

On the Terra (LUNA) blockchain, the Anchor Mechanism (ANC) is a lending and borrowing protocol.

https://twitter.com/CryptoTraderPro/status/1498697350658748426

The project's governance token, ANC, has risen 51.52 percent in just one week, from a seven-day low of $2.64 to a high of $4.00.

Since then, Anchor Protocol has corrected and is now trading at $3.46.

According to cryptocurrency tracker DeFi Llama, Anchor Protocol's total value locked has reached a new high of $11.21 billion. This is up from $7.36 billion a month ago, representing a 53 percent rise. In terms of TVL, Anchor is now the most used protocol on Terra.

The total capital contained within a blockchain's smart contracts is represented by its TVL. The current value of the assets is multiplied by the amount of collateral locked into the network to calculate TVL.

Anchor seeks to offer low-volatile rates on Terra stablecoin deposits, backed by a diversified stream of staking rewards from other major blockchains. The current APY on the protocol is 19.38 percent.

The project received a $450 million cash injection in mid-February.

https://twitter.com/stablekwon/status/1494470634042060800

Anchor Protocol claims it's considering improving its tokenomics in a new Twitter thread. Those who keep their ANC tokens locked up for one to four years will get greater voting power and ANC emissions, according to the idea.
<blockquote><em>"The higher the voting power and ANC distribution, the longer the lock-up period."</em></blockquote>

Altcoin Built on Terra (LUNA) Rallies 50% in One Week As Total Value Locked Surpasses $11,000,000,000

The project's governance token, ANC, has risen 51.52 percent in just one week, from a seven-day low of $2.64 to a high of $4.00.

Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

Altcoin Built on Terra (LUNA) Rallies 50% in One Week As Total Value Locked Surpasses $11,000,000,000

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