Binance, one of the largest Bitcoin (BTC) and cryptocurrency exchanges in the world, has announced that it will be giving away the Anchor Protocol (ANC) cryptocurrency built on the Terra (LUNA) blockchain within the Binance Launchpool system.
Those interested in getting the cryptocurrency for free should access the Launchpool page on the Earn tab on the Binance platform.
Once the token is selected for staking, Binance calculates the user’s reward every hour and distributes the appropriate tokens. In order to get the ANC tokens in the system, it is enough to click on the “Claim” button available once staking has started.
Furthermore, according to Binance, the launch pool has no quota and the user can redeem the remaining tokens in the stake and stop the ANC receiving process at any time.
At the time of writing, over 3,184,269.5626 BNB have been staked to get free ANC on Binance, in addition to 1,110,125.7450 LUNA and 238,248,704.1742 BUSD
What is the anchor protocol?
The Anchor Protocol is a decentralized savings protocol that offers low volatility returns on deposits in the Earth stablecoin. The anchor rate is driven by a diversified stream of staking rewards from major PoS blockchains.
The Anchor community believes that a stable and reliable source of income on Anchor has the potential to become the benchmark interest rate for cryptocurrencies.
The Anchor Protocol defines a money market between a lender seeking stable income from its stablecoins and a borrower seeking to lend stablecoins on salable assets. To lend stablecoins, the borrower locks up tied assets (bAssets) as collateral and lends stablecoins below the LTV index defined in the protocol.
The diversified stream of accumulated staking rewards for the collateral pool is converted into stablecoin and then transferred to the lender in the form of stablecoin earnings.
Deposited stablecoins are represented by Anchor Terra (aTerra). aTerra tokens can be redeemed for the initial deposit along with accrued interest, allowing you to accumulate interest simply by holding them. Anchor is structured to offer depositors: High and stable returns on deposits thanks to bAsset premiums and instant withdrawals by pooling stablecoin deposits
Anchor is an open and decentralized savings protocol, which means any third-party app can connect and earn interest without restrictions. Developers can interact with Anchor using Anchor Earn , Anchor.js , or EthAnchor with just a few lines of code.