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Saving Your Savings With Anchor
Bringing life back to your savings to the tune of 20%
The savings account has sunk, and without an anchor, your savings will slowly drift away.
Interest rates, which is how much the banks are paying you for borrowing your money, have fallen down a whopping 99% since 1985. The inflation rate, which tracks how more expensive everything is getting, is only going higher.
This means that the value of your money floats away when you leave it in the bank.
The Anchor Protocol, a savings account powered by crypto, fixes this.
What does Anchor do for your savings?
Anchor is a savings protocol for your dollars powered by the Terra blockchain. Currently, it promises a near 20% interest for its depositors.
How does it work? Think of it as a hybrid between banks and pawnshops.
Savers store their dollars into the app, which then lends the same to borrowers who surrender their property to secure the debt. Borrowers then pay the protocol interest over time until the debt is paid back. When the debt is paid back, their property is returned to them.
But because it’s built on the blockchain, several differences make it more profitable for everyone…
