Before $UST began its decline, the anchor_protocol lending protocol was home to 75% of its entire circulating supply. It was either a bold move for the stablecoin’s growth or a wasteful one that attracted too much disloyal investment.
– artificially propped up by Terra builders Terraform Labs and its big money backers. A yield decrease, they say, would’ve sent UST depositors fleeing Anchor in search of higher returns.
As one might expect, the massive drain from Anchor onto the open market contributed major selling pressure to the Terra ecosystem. In order to shore up UST’s price, the Luna Foundation Guard , Terra’s official peg defenders, deployed over $2 billion in its newly formed bitcoin reserves. Now, as LFG struggles to top up its empty reserves with new investors, market makers are on a quest to actively defend UST’s peg by deploying rescue capital on exchanges and liquidity pools.
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