Anchor Protocol's ANC token rallied 23% in the last 24 hours. LedesmaLyllah looks at why.
a $1 billion private token sale to establish a decentralized UST Forex Reserve denominated in bitcoin.
“This makes TerraUSD the only stablecoin that is fully decentralized,” said Shawn Dexter, DeFi analyst at Quantum Economics, in a telegram chat with CoinDesk. This is because the coin is not issued by a central party, nor are the reserves controlled by a central party . “This was an inflection point for Luna and instantly made most projects on the ecosystem that much more attractive,” said Dexter.
“The confidence in Anchor Protocol and its prospects for long-term success is dependent on the success and stability of the Terra ecosystem,” added Dexter.along with the fact the reserves are in bitcoin speaks to the long-term prospects of the ecosystem seeing continued development and improvements, according to Dexter. “UST being backed by BTC reserves reduces the fragility of their entire ecosystem during times of market stress and contraction,” he said.
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