I generally wonder, as many others, about the sustainability of the deposit. I know its been repeated multiple times the current ~20% yield is expected to change over time, but it just seems to me that the EARN side of Anchor protocol is being heavily utilized (not only is it used for leveraged stablecoin farming like MIM, but also broad exposure like Orion, Glow, etc.), whereas you don’t see that growth on its BORROW.
In contrast to protocols/dapps being buit on the EARN side, the BORROW side of the business will come under increased pressure as other competitors enter the space. I’ve seen several comments about Mars, for example, and although solving a slightly different use-case (i.e. providing broader money-market exposure), it wouldn’t be a stretch to suggest more players in the space will also surely put some pressure on BORROW as well.
EARN fees seemed to have a mixed reation in a previous thread, but I don’t see how else Anchor can benefit from those who are outside our ecosystem (and who have no real intention to provide collateral/borrow); I generally feel pushing some of the Earn deposits back to either reserves and/or stakers will diversify the revenue streams wherein Anchor can sustain itself on that side of the equation at a negligible inconvenience to the average Saver.
While some are citing that deposits as a “safehaven” in bear markets as justification for tempered growth, as Terra and broader crypto adoption grows rapidly, I could also foresee deposits growing regardless as more people move their fiat savings either directly into EARN or through any of the myriad protocols/dapps being built on top of anchor.
Fully agree that the Anchor community should bring these conversations to the team as we all have a vested interested in success