Anchor Protocol Reserves Slide as Money Market's Founder Talks Down Concerns

Anchor Protocol Reserves Slide as Money Market's Founder Talks Down Concerns
The reserves of Terra-based lending and borrowing protocol Anchor, which offers a supposedly industry-beating benchmark deposit rate of around 20%, are sliding fast as a result of the crypto market crash.Data provided by Terra.Engineer show reserves have slumped by half to 35 million UST, the native Terra U.S. dollar-pegged stablecoin, in four weeks, an average decline of about 1.25 million UST a day. The crypto community is worried that the reserves will be completely drained in three weeks or so in the absence of corrective measures.”The Anchor Yield Reserve was created as a buffer to maintain the 20% interest stability,”…