In less than a week since sAVAX arrived on Anchor as the next collateral there is now a vote for bAtom to also be a collateral.
Over on Cosmos chain the native token is Atom. With bonding Atom it is a wrapped form of staked Atom on Terra Chain. The staked Atom will earn users rewards on the Cosmos chain but with it wrapped and transferred over to Terra users can use it as collateral. In a way bAtom is a yield bearing asset in that the longer you hold it the more Atom you hold.
Voting Overwhelmingly Yes
For now the public is overwhelmingly in favor of the new asset to arrive on Anchor and be used as collateral. With 8.7 million in ANC supporting and a little over 8k in ANC declining. The vote ends April 5th.
Anchor's Ambition?
To date Anchor has the 3rd largest in assets that are TVL. They are only behind Curve and Lido. Although Lido bETH and bLuna are already onboard at Anchor you can say Anchor is sharing 2nd place in most TVL in protocols.
The gap in TVL that Curve has is a little under $6 billion. The gap can shrink as Anchor onboard more cryptocurrency assets to be used as collateral as this will rise the potential total borrowing on the platform. This in turn leading to more revenue on the platform that can in turn payout a reasonable yield for those who stake UST on the platform.
Long story short Do Kwon is trying to make Anchor the top platform for TVL. This can be done as more assets are accepted on the platform and allowed to be used as collateral. Imagine down the road bSol, BTC, and many others being adding onto Anchor then how much more Anchor can grow in TVL? The potential continues to rise everyday.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
LeoFinance = Financial Blog
LeoDex = Hive trading exchange for Secondary Tokens, Low 0.25% fees for deposits and withdraws.
HiveStats = Hive stats per user
LeoPedia = Informative content related to anything about Crypto and how to make financial gains in crypto!
CubDefi = LEO Finance's Defi with CUB Token