Get to know “Anchor”, the new DeFi product to generate residual income

In a special announcement at the Unitize conference on July 6th, Cosmos, Polkadot and Terra presented us a new DeFi savings product called “Anchor”, which is supposed to offer reliable interest rates for deposits with stable coins.

Companies involved in the creation Anchor plans to launch it on its respective blockchains by the end of the third quarter of this year and to scale to other PoS (proof of stake) blockchains in the not too distant future.

Do Kwon, founder and CEO of Terrahe explained in a prepared statement:

“While DeFi’s staple foods like Maker and Compound were revolutionary in creating fully decentralized money markets, they are unsuitable for use as a household savings product due to the volatility of their interest rates. The mass adoption of DeFi requires the establishment of a fully decentralized savings account with a reliable annual interest rate offers. “

Get to know “Anchor”, the new DeFi product to generate residual income
Get to know “Anchor”, the new DeFi product to generate residual income

Anchor Smart contracts receive deposits in stable coins and use part of them to acquire stakeout positions on compatible PoS blockchains. Users receive their residual income from these bonuses.

The first line for this platform will be taken over by the Interchain Asset Association (IAA), a newly founded organization that sees Zaki Manian from Cosmos, Jack Platts from the Web3 Foundation and Do Kwon from Terraform Labs as captains of the ship.

June 26th, Cointelegraph reports on a Partnership between the Gitcoin project and Polkadot that would help developers of interoperable blockchain platforms find support and funding for the community. Kava’s decentralized financial protocol (DeFi) was recently launched on the Cosmos network (ATOM) with support for Binance Coin (BNB).

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