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Anchor Starts Countdown for Bank-Beating DeFi Savings Account

DeFi

www.coindesk.com 14 March 2021 13:37, UTC
  
Reading time: ~1 m

Anchor, the much-anticipated cryptocurrency savings account from the team at Terraform Labs, appears to be finally nearing a go-live date, based on a countdown clock on its website.

Under the plan announced last summer, Anchor would allow users to hold Terraform’s UST stablecoin, pegged to the U.S. dollar, and earn returns that consistently outpace the annual percentage yield (APY) of savings accounts at U.S. banks. 

Anchor represents a significant new decentralized finance application independent of Ethereum (where most of the DeFi action takes place): a basic savings account that should be more than competitive with traditional banks.

Based on its own implementation of the Tendermint consensus mechanism, UST has a market cap of just under $1 billion, making it the fifth-largest stablecoin, according to CoinGecko. The token has spread from its native blockchain to Ethereum and Solana.

Anchor was originally slated for an October launch, but the team pushed that to late November. With the countdown showing on the site now, this could really be it. 


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