According to the official statement, the Anchor Protocol (ANC) team has begun onboarding the Solana-based asset as a collateral option for its platform for the first time.
TerraUSD (UST), Terra’s USD-pegged stablecoin, can now be borrowed using bSOL, a synthetic asset generated from Solana’s primary cryptocurrency, SOL. According to the Anchor Protocol team, the loan-to-value (LTV) ratio for the future collateralization option will be set at 60%.
bSOL tokens can be obtained by staking SOL on the Lido Finance liquid staking module, wrapping the rewards, and transmitting them to Terra (LUNA) over the Wormhole multi-chain bridge ecosystem, according to the proposal’s original language posted on the Anchor Protocol forum.
The Anchor Protocol (ANC) team will reveal the exact design and reward rate of the next upgrade in the coming days. Anchor Protocol (ANC) supporters are excited about the planned addition to the protocol and wonder if a comparable instrument may be created using Harmony’s token, ONE.
TVL’s second-largest smart contract platform, after Ethereum (ETH), is TVL Terra (LUNA). It’s largely because of the tremendous popularity of Anchor, which is the third most used DeFi protocol, trailing only Lido Finance and Curve.
Read more: Terra introduces floating interest lending service via Anchor platform
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