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Terra injects 450M UST into Anchor reserve days before protocol depletion

Cryptocurrency Feb 19, 2022 01:00PM ET
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In a tweet published early Friday, Do Kwon, founder of Terraform Labs, the entity developing the Terra Luna (LUNA) and Terra USD (UST) stablecoin ecosystem, announced the injection of 450 million UST ($450 million) into the Anchor protocol's reserves. The proposal passed a vote by the Luna Foundation Guard on Feb.10. Anchor serves as the flagship savings protocol of the Terra ecosystem, offering users up to 20% interest per annum on their UST deposits, paid for by borrowers.

The protocol's reserves had recently dwindled to as low as $6.56 million as there wasn't enough borrowing demand to keep up with an influx of lenders. When such an imbalance occurs, the protocol must tap into its reserves in order to pay lenders the promised yield. From the beginning of December to late January, Anchor's reserve funds fell by about $35 million.

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Terra injects 450M UST into Anchor reserve days before protocol depletion
 

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