Cryptocurrency projects Cosmos, Polkadot and Terra have announced the launch of a new DeFi-service called 'Anchor'.
According to Terra's Head of Research Nicholas Platias, Anchor is based on the Terra protocol and allows receiving payments on deposits of stablecoins as rewards for staking.
To generate yield, Anchor reportedly lends out deposits to borrowers who put down liquid-staked Proof-of-Stake (PoS) assets from major blockchains as collateral. Hence, Anchor’s yield is powered by block rewards of major PoS blockchains.
"Ultimately, we envision Anchor to become the gold standard for passive income on the blockchain," Platias added.
The official announcement claims Anchor solves high cyclical nature of stablecoin interest rates by stabilizing the deposit interest rate using block rewards that accrue to collateral assets.
The Anchor Rate is defined as an average of the yields earned by borrowers, weighted by the collateral value backing each yield.
Earlier iHodl reported that a hacker or group of hackers attacked the DeFi protocol Balancer for the second time in one day by stealing another $2,300 in Compound tokens (COMP). It must be noted the hackers stole $500,000 in the first attack.
According to the developer of the DeFi protocol DeBank, known under the nickname Hao, the hacker has allegedly tricked the protocol to get the funds.
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