Anchor Protocol Price Spikes by 7% as Binance Announces Listing

Anchor Protocol Price Spikes by 7% as Binance Announces Listing

Binance has announced that it will list Anchor Protocol (ANC) on its exchange. 

With the listing, ANC/BTC, ANC/USDT, and ANC/BUSD pairs will be available for trading on the platform. The pairs will go live from 11:00 UTC on 2022-01-25 and withdrawals will be enabled 24 hours after.

Binance to list Anchor Protocol

By listing Anchor protocol, Binance continues its listing spree this year. The world’s largest exchange by trading volume has listed several new tokens and introduced new trading pairs in its bid to cement its position as a top exchange.

Anchor Protocol is a DeFi platform on the Terra blockchain. Users can borrow and lend on the platform.

As a savings protocol, it aims to provide a simple to use savings product for everyone. Users can deposit Terra on the platform and withdraw instantly with interest. The interest on savings comes from the yield generated from lending the deposits to borrowers.

Since its launch in March 2021, the protocol has grown significantly. It now has a total value locked of over $8 billion. ANC is the native token of the protocol, and it serves several purposes ranging from governance to staking.

Per Binance, ANC allows “users to participate in governance, lend, borrow, and earn interest with their digital assets with an over-collateralized model.”

ANC Price Rises by 7% in 24 Hours

ANC’s price has risen by over 7% within the last 24 hours to $1.78. The positive price action is most likely due to the news of the Binance listing. Usually, a new listing tends to affect the price performance of an asset positively.

Before now, the asset had lost 44.44% of its value within the last 90 days and over 50% within the last 30 days, trading for as low as $1.51 within the period. This is largely due to the current performance of the overall crypto market that has led to the loss of millions for investors.

However, it should be noted that the token has seen better days previously. As of March 2021, its value surged to a new ATH of above $8.