Solana Comes to Largest Terra DeFi Protocol, Anchor: Here’s How

Anchor Protocol, one of many largest decentralized finance (DeFi) protocols and the core DeFi of the Terra (LUNA) ecosystem, teases a significant improve of its design.

Anchor Protocol (ANC) begins accepting bSOL with 60% LTV

In response to the official announcement shared by the Anchor Protocol (ANC) workforce, for the primary time ever, it began onboarding the Solana-based asset as a collateral alternative for its platform.

1/ It is the second you @solana bulls have been ready for…$bSOL is coming to Anchor as a brand new collateral sort! 🎉 Upon execution, customers will have the ability to borrow $UST in opposition to their $bSOL as much as 60% LTV.

— Anchor Protocol (@anchor_protocol) May 6, 2022

bSOL, an artificial asset derived from Solana’s core cryptocurrency SOL, can now be used as collateral to borrow TerraUSD (UST), Terra’s USD-pegged stablecoin.

The loan-to-value (LTV) ratio for the upcoming collateralization choice can be set at 60%, in response to Anchor Protocol’s workforce assertion.

As per the unique textual content of the proposal shared on Anchor Protocol’s discussion board, bSOL tokens may be obtained by staking SOL on the Lido Finance liquid staking module, wrapping the rewards and sending them to Terra (LUNA) via Wormhole multi-chain bridge ecosystem.

Terra’s (LUNA) heavyweight breaks into prime three DeFis

Nonetheless, the precise design and reward charge of the upcoming improve can be shared by the Anchor Protocol (ANC) workforce within the coming days.

Fans of Anchor Protocol (ANC) are optimistic in regards to the upcoming addition to its protocol and are asking whether or not it’s attainable to create a related instrument primarily based on Concord’s token, ONE.

Terra (LUNA) is the biggest good contracts platform by TVL behind Ethereum (ETH). Largely, it ought to be attributed to the huge reputation of Anchor, which is the third largest DeFi protocol, solely surpassed by Lido Finance and Curve.