The contributors of Terra-based decentralised finance protocol Anchor have proposed cutting terraUSD rates to an average of 4% from the current 19.5% as the broader Terra ecosystem seeks measures to protect UST’s peg with U.S. dollars. By shauryamalwa
“Decrease minimum interest rates to 3.5%, and maximum deposit rates to 5.5%, with a targeted interest rate of 4%,” the ongoing proposal describes.
In the past few months, Anchor continued to operate as intended and became the biggest decentralized finance application on Terra. But UST’s recent depegging has made the protocol’s grandiose plans go awry.causing a downward spiral. The token has since recovered to 60 cents – still far off its $1 peg – but the long-term recovery remains unclear.relevant forum post
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