Last week, Anchor Protocol officially launched on Avalanche. Since the launch, Anchor Protocol is now up over $1 billion in TVL. Covered: Anchor Protocol Launches on Avalanche Do Kwon Says There Could be More Anchor Protocol Launches on Avalanche Terra’s money making machine, Anchor Protocol, just went interchain by officially launching on Avalanche this past […] The post Anchor Protocol Adds One Billion In TVL Thanks To Avalanche appeared first on CryptosRus.

Anchor Protocol Adds One Billion In TVL Thanks To Avalanche

Last week, Anchor Protocol officially launched on Avalanche. Since the launch, Anchor Protocol is now up over $1 billion in TVL.

Covered:

  • Anchor Protocol Launches on Avalanche
  • Do Kwon Says There Could be More

Anchor Protocol Launches on Avalanche

Terra’s money making machine, Anchor Protocol, just went interchain by officially launching on Avalanche this past week:

Anchor Protocol has only been live on Avalanche for about 4 days at the time of writing, and its TVL has skyrocketed. According to DeFi Llama data, Anchor protocol is up over $1 billion in TVL since its interchain launch with Avalanche.

So far, only Metamask users can directly interact with Anchor Protocol contracts on Terra — at least without the need of a Terra wallet extension. The new integration of Avalanche on the protocol has made it very simple for users, all you need to do is switch the network from Terra to Avalanche, and you are able to natively use Anchor Protocol on the Avalanche Blockchain.

We could see other blockchains integrated to access Anchor Protocol very soon. The new Anchor Protocol that runs interchain has been termed xAnchor, and it uses Wormhole to transfer value and information cross chain. Because xAnchor uses Wormhole, it may be simple to expand to other networks that also support Wormhole, for example Fantom, Ethereum, Polygon, Solana, and more.

Not only did Anchor Protocol (and indirectly Terra) get a boost from this interchain integration, but Avalanche’s price action has been on the move upwards since the announcement. Although $AVAX is down today, over the past week it’s up over 20%, and has had the most gains compared to all other tokens in the top 25. Although its price action could be in anticipation to the Avalanche Summit, there’s no doubt that the launch of Anchor Protocol on Avalanche may have had some AVAX investors feeling bullish.

Do Kwon Says There Could be More

With this recent interchain launch, Terra co-founder Do Kwon couldn’t help but take to Twitter. At first, he tweeted out saying that the anchor protocol launch would take Avalanche to the moon, and “doesn’t plan to take any prisoners”.

A couple of days later Do Kwon tweeted:

On the same day following the above tweet, he came out and tweeted “I said more than I shoulda”.  With Terra’s money-making machine Anchor Protocol launching on Avalanche, it’s unclear what else could possibly be launched on Avalanche that could be better than that. But Do Kwon clearly thinks that he gave something up here, and that could mean that there will be more collaboration between Terra and Avalanche being announced in the near future. All eyes are now on the Avalanche Summit conference happening next week.

Recommended: How To Earn 20% On UST Stablecoins With Anchor Protocol

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