This DeFi Token Is Rallying Over 13% While Markets Tumble, Here’s Why

 This DeFi Token Is Rallying Over 13% While Markets Tumble, Here’s Why

Anchor Protocol (ANC), the Terra blockchain’s biggest DeFi platform, appears to be swimming against the market tide. Its ANC token has managed to surge by more than 13% amid the market crash.

The global cryptocurrency market has shrunk by over 6.5% in the last 24 hours. Total market capitalization stands at $1.68 trillion. The largest Crypto, Bitcoin (BTC) prices have decreased by almost 8% in the time.

ANC TVL increases by 2% in last 7 days

Anchor Protocol token has come out to be the top price gainer in the last 24 hours. ANC token is trading at an average price of $2.17, at the press time. Meanwhile, Anchor Protocol’s total locked value (TVL) has increased by 2% in the last 7 days.  ANC’s 24 hour volume has skyrocketed by over 300% to $208 million.

ANC TVL stands at $16.97 Billion. However, Terra’s UST stablecoin is the major part of this value. For the first time, total deposits in the Anchor protocol breached the $14 billion mark. Anchor offers very low risk involved returns on UST token deposits.

Anchor offers the highest annual yield among any DeFi platform, at 18%. This makes it extremely attractive for returns in times of market duress. ANC benefits from any inflows to the platform, given that it is Anchor’s governance token.

LFG bags $1.5 Bln worth of BTC

Recently, the Luna Foundation Guard (LFG) announced that they have bagged another $1.5 Billion worth of Bitcoin to accomplish its mission. The LFG got $1 billion worth of BTC by on the counter (OTC) swap for UST. This transaction was backed by a digital currency prime broker, Genesis. While other $500 million worth of Bitcoin purchase was made with the help of Three Arrows Capital (3AC).

The LFG is aggressively focusing on the heavy accumulation of Bitcoin for a while. This recent addition of 37,863 BTC has become the second $1 billion accumulation transaction by the organization. This has led the foundation to enter into the tally of the top 10 BTC holders in the world. Luna Foundation Guard’s wallet address shows that it now holds 42,530 amount of Bitcoins.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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