Fair points. I agree with all this. Yes, probably the easiest solution without heavily diluting ANC or rocking the boat. I posted a couple other more broad options here.
I think another alternative might be to put a hard cap on deposits and deposits per address. Might ruffle some feathers and could be circumvented by spanning across multiple addresses to eat up much of the delta between current deposits and cap. Which also seemed fairly clean to me. I could see some churn from it, but probably less than dropping APY and it might be the kind of churn we want (huge whales).
Another alternative might be to cap deposit velocity per address in order to gate it more (ie. only X amount per 24 hours, based on block time).
Honestly just spitballing at this point. IMHO this is very quickly becoming a pants on fire problem…
Anyway, the other post is probably a better place to hash that out in order to keep this on topic. Would be keen to hear opinions on whether it’s really feasible to put locked capital to work.
Related to that… Anchor could be an AMM liquidity provider on existing DEXs and have those fees flow back to ANC holders. Similar to Curve/Yearn. Then it would give ANC actual value.