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by tptacek
1498 days ago
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As I understand it: Anchor is the only reason UST was (briefly) workable to begin with. There wasn't enough liquidity in the UST/Luna system to support a major stablecoin; Anchor was how they dragged that liquidity in: by giving people free money to help prop it up. Take away Anchor and you're stuck at Step 7 of Matt Levine's Algorithmic Stablecoin Analysis: "if you do a good enough job marketing Luna, its price will not be zero. If the price is not zero, you're in business". As I understand it, the price of this whole ecosystem was driven largely by Anchor. https://twitter.com/tqbf/status/1524509243587575808/photo/1 |
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