Binance displays a terra-based anchor protocol, ANC price spikes
The price of the native token of a Terra-based DeFi savings protocol spiked 5% after the offer
Binance, the largest cryptocurrency exchange in the world by reported trading volumes, has made an announcement about offering the Anchor Protocol (ANC) token.
The native token of the eponymous Terra-powered DeFi savings protocol is up 5% as of press.
The exchange’s users can now trade the ANC token against Bitcoin (BTC), Binance USD (BUSD), and Tether (USDT).
Seoul-based Terra blockchain developer Terraform Labs launched Anchor in March.
ANC serves as the protocol’s governance token. By turning off the project’s native token, users can contribute to the polls and thus make decisions about the development of the protocol.
With a total value of nearly $9 billion, Anchor is the largest protocol on Terra, according to data from DefiLlama. Lido and Astroport come in second and third respectively.
Overall, Terra remains the second largest smart contract platform with a total value of $16.43 billion. It saw tremendous momentum in December, peaking at $21 billion on December 27.
Ethereum remains the dominant smart contract platform, but its share of the DeFi market has now fallen to 58%, compared to 97% in January 2021.