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Anchor became the largest lending DeFi protocol beating Aave


www.thecoinrepublic.com 09 March 2022 00:31, UTC
Reading time: ~2 m

Till yesterday Anchor protocol was almost at taking the bite of Aave, and recently the former did it, stepping up above the latter in terms of TVL

  • Anchor Protocol is a crypto lending platform based on the Terra blockchain network
  • Ethereum based lending platform Aave was the largest Defi lending protocol since Anchor topped
  • As of now, Anchor protocol’s native token ANC is trading at $3.96, with a dip of 4.1% in 24 hours

According to the defi TVL aggregator, DefiLiama metrics Anchor became the fifth largest defi application today, out of all the existing DeFi applications and projects in the crypto space. With a jump of 3.05% over the last week, Anchor’s TVL has increased to $11.65 billion. Comparing the current TVL value to the previous month, it’s a growth of almost 45%. 

Out of 124 lending applications and platforms available, Anchor has topped the list and became the largest defi lending platform. Till yesterday the place belonged to Aave protocol which now slides to the second position with a total value locked of around $11.51 billion. 

The following list of defi lending protocols by TVL include Compound with TVL of $6.42B, Justlend having $1.85B, Venus with $1.62 billion, Benqui has $1.1B, and Iron Bank has $1.05 respectively. 

ALSO READ – Anchor protocol promises 20% APY on stablecoins in the market 

Since last month, anchor protocol native token ANC has also seen significant growth in terms of value against the US Dollar. The price of ANC tokens rose by almost 83% in the last 15 days and up to 182% in the past month. 

Terra blockchain network based Anchor protocol is a lending protocol that gathers liquidity and digital assets from lenders and borrowers. The most interest generating digital asset on Anchor protocol is UST thas is Terra stablecoin that generates up to 20% of the annual percentage yield. 

Recently Terra network itself also became the most preferred network by DeFi protocols and application after the Ethereum network. The Terra network rose to $23 billion in terms of total value locked while Ethereum remained at the top with a staggering $111 billion TVL. 

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