Earning and Claiming ANC as a LUNA Staker on Anchor Protocol
Anchor Protocol is an exciting new savings platform built on Terra that offers low-volatile and high-yield returns on Terra stablecoins deposits. On March 17th, Anchor Protocol went live and ANC was airdropped to LUNA stakers.
Based on the current distribution model, LUNA stakers will continue to earn ANC overtime for the next 2 years, and have the opportunity to earn additional ANC by participating in ANC LP staking pools on the Anchor Protocol platform. Learn more by reading below.
What is Anchor Protocol?
Built by Terraform Labs (the company behind Terra), Anchor Protocol is a savings, lending, and borrowing platform that offers high returns to lenders, while allowing borrowers to borrow stablecoins by using staked assets as collateral. By using staked assets as collateral (bAssets), Anchor Protocol is able to use staking rewards to power returns for lenders.
Anchor Protocol Users Can:
- Earn UST, a Terra stablecoin pegged to the US dollar, by depositing UST into the lending pool.
- Mint bLUNA by bonding unstaked LUNA. You can then burn your bLUNA to reclaim your LUNA.
- Borrow UST using bLUNA as collateral.
- Stake ANC to participate in governance and earn ANC rewards.
- Provide liquidity to ANC and UST trading pair and earn ANC rewards and trading fees.
ANC is the governance token on Anchor Protocol and must be staked to vote on polls and is required as a deposit for making new governance proposals.
At genesis, 50 million ANC were airdropped to LUNA stakers. To qualify for the airdrop, you must have been staking LUNA on Terra at block 2179600 which is when the snapshot was taken. LUNA token holders who continue to stake will continue to earn ANC for the next 2 years.
Additional ANC can be earned by:
- Continuing staking LUNA.
- Borrowing UST using bLUNA as collateral.
- Providing liquidity to the ANC and UST trading pair.
Users staking LUNA, ANC or providing liquidity in the ANC and UST trading pair will receive a portion of rewards for their pool equivalent to their proportional share of assets for that pool.
A further overview of Anchor can be found here.
Claiming ANC as a LUNA Staker
Using Chrome or Brave browser, head to https://app.anchorprotocol.com/.
Click the connect wallet button at the top right of the screen, and if you don’t already have it, follow the prompt to download the Terra Station extension.
You can use the Terra extension to connect to your Ledger device (recommended) or to your software wallet. Once successful, you should see your address at the top right corner of the screen.
You will see an option to claim your ANC tokens (if you are eligible). It is important to note that you must have been staking LUNA on March 15th at 02:02 UTC when the snapshot was taken.
You will need UST to pay for transaction fees when claiming ANC. You can acquire UST on Terraswap.
New LUNA holders can check out our LUNA Staking Guide for more information on staking LUNA on Terra.
3 Tokens 1 Delegation
With the launch of Anchor Protocol, LUNA stakers can now earn LUNA, ANC, and MIR by simply staking their LUNA. For more information on MIR and Mirror Protocol head here.
With Figment, you can:
- Stake LUNA on Terra and start earning LUNA, ANC, and MIR rewards.
- Gain access to real time on-chain Terra data, and receive notifications of on-chain events with Hubble.
- Connect to Terra in seconds without having to manage your own infrastructure with DataHub.
- Learn how to build the next great decentralized application on Terra with Figment Learn.
Originally published at https://figment.io/