Anchor Combined Prop

Mechanism
1

Celebrating Anchor’s 1 year birthday the community and its partners are setting the tone for moving faster than ever! A lot of great ideas have been presented recently and this proposal combines many that seem to have received great support and can be implemented quickly.

Combined Proposal Summary

  1. Redirect remaining airdrops to community pool
  2. Whitelist bATOM as collateral
  3. Whitelist wBTC as collateral
  4. Increase bETH LTV to 75%

1.) Redirecting Airdrops to the Community Pool

Current Anchor Airdrops have not had the intended consequences as the community has pointed out on many occasions. In fact, they have likely created increased emissions that hurt the stability of the ANC token.

Currently, there are 78,000,000 ANC in the Anchor Airdrop contract. This proposal calls for ending all further airdrops and moving these remaining funds into the community pool.

The funds can then be better purposed for bootstrapping new collateral boarding and other important community builds that are becoming increasingly more important as Anchor continues to scale.

  1. [Whitelisting wBTC] Note that it will be implemented as soon as the reserve is live and Astroport has the wBTC pool. (Bitcoin as collateral - #7 by bitn8)

  2. Whitelisting bATOM

  3. Increase bETH LTV to 75%

12 Likes
2

I agree to move $ANC to a more useful place. But what is the main purpose of the community pool? It’s unclear.

1 Like
3

To fund ecosystem development, bootstrap liquidity for collateral types if needed, etc.

For context, Kujira was a community spend project for context. We have a need for more things like this.

A hackathon would be another great use case for it.

4

I see. It’s far from improving the value of $ANC, but it’s better than just being thrown as an airdrop…

1 Like
5

Good proposal summary. Need to speed up for anchor reserve.

6

I think move to ANC-UST LP reward for Usability of ANC tokens is a good option.

Mars protocol has function that leveraged farming system but can’t use for now.

1 Like
7

Great stuff here - glad to see it. Lots of ‘low hanging fruit’ with high impact to help the protocol for sure.

8

Any reason why this excludes the most urgent and most positively impactful item of adding saUST that is locked in and cannot be moved (can only interact with Anchor smart contract to change back to aUST from the owner’s/minter’s address) earning at full APY, with aUST at 1/2 APY?

9

Adding more LP rewards is inflationary and the token already is experiencing major selling pressure. Anc-lp pool doesn’t need incentives at this point. It still earns the fees on the spread like traditional market-making and is still getting astro rewards. It’s also on kucion and Binance as well.

10

Nice wrap up of recent community initiatives. I think it will be more efficient and an obvious yes for the community so lets do it, I approve.

2 Likes
11

Actually can we add mSOL to the basket as well? And LunaX?

Both are available on Terra and fit the same criteria as batom/ stavax

2 Likes
12

By owning Rune in the protocol or foundation,
How do you think about making money through the deposited Btc by converting the Btc deposited by the user into Btc - Rune lp?

(Rune lp compensates for IL for long-term deposits. Before that, to secure stability against losses due to short-term deposits and withdrawals, it is possible to secure a reserve or set a lock-up period for wBTC.)

BTC is a great asset, but it can also be detrimental to anchors if it doesn’t generate revenue. Sustainable deposit methods should be discussed.

1 Like
13

Would wBTC be yield bearing?

14

It’s emissions are deflationary so in theory as the economic output of the planet increases bitcoin would reflect that increased yield in its valuation.

I mean really if it wasn’t for bitcoin we all wouldn’t be here it only makes sense to offer it for line of credit.

2 Likes
15

What’s the plan for the prop? Are we going to roll it out today? Do we need someone to stake the anchor for the poll?

16

This is the long-term plan. One thing at a time though:

  1. oneclick borrow
  2. x-Anchor ETH goes live
  3. x-anchor Polygon
  4. m-sol on sol coming!
  5. stLUNA and LUNAx at point in the flow ideally

This is becoming a core part of the terra ecosystem and is a huge collateral asset so it should be part of Anchor. Moving away from taking staking rewards as well, this can be the one exception because of both those points.

Ideally today or tomorrow morning! Just running this by stakeholders and anchor devs

4 Likes
17

This props also will poll soon? @bitn8

1 Like
18

They will go in this combined order ideally. bETH LTV coming next. probably followed by ve-ANC vote.

1 Like
19

Seems to me point 1 should be separate prop from 2, 3 and 4.
Question: The anc airdrops emissions, this include or not include the emissions currently given as borrower incentives? If so, I’m against that. As a heavy borrower, I really love the ANC boost which I stake in ANC gov to get extra % which makes the difference between a nagative borrow apy to a net slight positive :wink:

1 Like
20

I understand though that streamlining Anchor may increase the base borrow apy anyway to someday make extra ANC borrower incentives unnecessary, so I can be convinced of changes I aint stone-walling the idea.