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Anchor saw $1 billion of liquidations during UST and Luna’s death spiral

Terra-based lending protocol Anchor saw more than $1 billion in liquidations last week, the largest liquidation event for a single protocol. This happened as both the crypto market collapsed and the Terra project — including its tokens luna (LUNA) and TerraUSD (UST) — largely collapsed. According to The Block’s Data Dashboard, $1.048 billion worth of staked crypto collateral deposited by borrowers on Anchor was liquidated on the platform between May 7 and May 12. Luna (LUNA) accounted for over $750 …

Anchor token plunges 70% amid worsening UST and Luna crisis

Anchor Protocol’s token called Anchor (ANC) has lost more than 70% in the last day, in part due to a sharp decline of overall deposits on the protocol and TerraUSD (UST) stablecoin failing to meet its dollar peg. Anchor’s native token has fallen from $0.85 to $0.20, per CoinGecko. The ongoing price separation of UST from the US dollar may have contributed to a large selloff of the Anchor (ANC) token, analysts say, since Anchor depends on UST for its …