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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 operations. The algorithmic stablecoin is currently trading at about $0.30 — a deviation of about 70% from its supposed dollar value.
“The ANC price crashed due to the loss of confidence in UST and the Terra ecosystem as a whole, as a result of the UST de-pegging,” said Eden Au, research director at The Block Research.
Anchor is a lending protocol on the Terra network, which pays out a yield of up to 20% to UST depositors through yield reserves. The protocol generates new ANC tokens to fund Anchor’s lending and borrowing activ

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