Let’s go through different ways Anchor enables users to earn ANC through a walkthrough of the Anchor app.
Earn — This allows users to deposit UST and earn interest on the deposit.
• Connect your wallet through Terra Station (Extension or Mobile).
• Once the wallet is connected, deposit your UST to earn a yield of about 20%. It displays the APY and the expected interest at the end of the year.
Borrow — This allows users to deposit bonded assets and borrow UST against those assets. Anchor allows borrowing against bLuna and bETH.
• Deposit bLuna or bETH to provide collateral. Luna can be bonded for bLuna on Anchor (shown under bond tab).
• bETH can be obtained from Terraswap. ETH/stETH can also be bridged over to Terra using the Anchor-Lido Bridge.
• UST can be borrowed against the deposited bLuna or bEth. It displays the borrowing APR and the LTV ratio of your borrowed amount alongwith the maximum LTV. It also displays the Net APR which is the difference between the distributed APR and the borrowed APR.
Bond — It lets you bond your Luna for bLuna. You can select the amount of Luna, choose the validator. It shows the amount of bLuna and the price of bLuna per Luna.
Governance — Governance lets ANC token holders participate in governance, staking, or simply providing liquidity. It displays the price of the ANC token and the total amount of staked ANC.
• ANC tokens can be traded using the trade option. The Gov Stake next to trade lets you stake the ANC tokens with the APR displayed above it.
• Users can also provide liquidity through ANC-UST pool. It displays the APR and the total staked amount.
• Creating a governance pool also requires a minimum ANC token amount and so does the voting. The voting power is proportional to the amount of ANC staked in the vote.
To make things easier, I have made a video tutorial where Luna is bonded for bLuna and used as collateral to borrow UST. Borrowed UST is then deposited to earn yield at an incredible APY of around 19%. Liquidity is provided by depositing ANC and UST in the ANC-UST liquidity pool.
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(Please note - This article might also show under my alter ego - Cyek)
