The Anchor Protocol community has released an offer to restore US Terra (UST) after trading at $0.57 at the time of writing.Emergency measures for Terra pe recoveryg’
The proposal aims to reduce the minimum interest rate to 3.5% and the maximum deposit rate to 5.5%.
The current yield of 18% will also be reduced temporarily. The “target interest rate of 4%” follows a “UST depegged that no longer maintains 18% APY,” according to the post, referring to the interest rate as the annual rate of return.
A rate cut would prevent Anchor’s reserves from depleting and contribute to the “stopping the depeg death spiral.”
TVL for Anchor Protocol is down to $2.61 billion. It is down from last week’s high of $17.15 billion, according to data from DeFiLlama
The protocol’s original token ANC has lost 69.33% of its value in the last 24 hours. and is currently trading at $0.261.
refer : LINK
The post Anchor Votes Emergency Measures to Revitalize the UST Peg to Reduce Deposit Interest to 5.5% Appeared first on Bitcoin Addict.