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I don't use Anchor Protocol, but is this staking? Staking Kusama...

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Okceg

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02/04/22

17:02

Post #: 60601986
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Originally posted by jongo: ↑

Just created an Anchor Protocol account.
Looks good, earning 19.42% pa on a USD stable coin called UST.
After watching You Tube, the steps using a small test amount were:
1. Created a Terra Station wallet.
2. Connected my new Terra wallet to the Anchor Protocol website app.
3. Went to the FTX exchange, noting that I had some AUD in FTX from earlier transactions.
4. Converted $30 AUD to UST, which resulted in about 24 UST.
5. Sent all of the UST in FTX to my new Terra wallet.
6. Using the Anchor Protocol app I deposited 10 UST into the Anchor Protocol earning facility.
6.1 Now earning 19.42% pa on the 10 UST, noting that because UST will always be very close to the real world USD, it is not subject to wild fluctuations like Bitcoin.
6.2 I did not use the full 24 UST in the Anchor Protocol earning facility because a small buffer is required for transaction fees.

The whole process was quite easy, but I have done similar crypto sequences before.
The only risks are:
1. The USD vs AUD currency fluctuations, noting that the AUD is quite high atm at 0.75 USD. Hence, now is a good time to convert AUD to UST.
2. The Anchor Protocol collapses, but extremely unlikely because it is big with the Total Value Locked (TVL) being 18.6 billion UST at the moment.

Not bad as I am only earning about 8% with bonds, and the bonds are more risky.
Plus with Anchor Protocol there is no lock in period, where with local banks a 12 month term deposit pays only 0.45% pa locked in.

If you want to learn about Anchor Protocol ...

https://www.coinbureau.com/videos/anchor-protocol-terras-defi-money-machine-complete-guide/Anybody already using Anchor Protocol?

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I don't use Anchor Protocol, but is this staking? Staking Kusama gives you 18% p.a. (on SWYFTX), pretty similar returns.
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