The DeFi platform Anchor Protocol's earn rate adjusted downward for the first time this month.
Around 45 days ago, the team behind the lending protocol
that a proposal had passed and the decentralized money market would have a fluctuating earn rate. Before the proposal, Anchor users who deposited terrausd would get a steady 19.4% APY earn rate on their UST deposits every month.Since the governance vote passed, the first semi-dynamic adjustment took place at the start of May, and depositors today are getting roughly around 18% APY. Since the change took place, the earn rate can increase or decrease per period to 1.
With the current 18% APY, the change means this month, depositors will be getting less than they used to get prior to the adjustment change. Furthermore, in June the earn rate could very well change again depending on the protocol’s yield reserves. Anchor Protocol now supports two blockchains, as Avalanche support was recently implemented. While $16.27 billion stems from Terra-based tokens, $202.48 million worth of Anchor’s TVL is comprised of Avalanche-based tokens. Currently, there’s $2.9 billion that’s been borrowed from the Anchor Protocol in defi loans.
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