The withdrawal of $1.42 billion from the Anchor protocol on May 7 affected 11,400 addresses. Such calculations were made by the founder of DAO SplitBrick Pedro Ojeda.
Here are the TOP wallets that withdrew from Anchor on 5/7/22.
Net = Withdrawal amount – Deposit amount.
1% in this pie chart = $12M UST.But the real question is, was UST/Anchor a safe haven during market panic?
16,000 addresses interacted with Anchor, let’s find out…🧵
1/8 pic.twitter.com/JUQR4FPW6z— Pedro Ojeda (@pedroexplore1) May 8, 2022
According to his estimate, 5371 users deposited $224.6 million, and the remaining 90.9% did not take any action.
Ojeda wondered if Anchor was safe in the face of market turmoil.
In early May, the interest rate on deposits at Anchor for the first time has been reduced before 18%. On May 7, as a result of a noticeable withdrawal of funds from the stablecoin ecosystem Terra, the lost its peg to the US dollar.
Ojeda estimates that the median amount of receipts that day was $ 1,000, the withdrawal – twice as much.
The structure of the distribution of the movement of funds demonstrates that at 99% of the addresses the amounts were less than $1 million.
75% of the total accounted for 182 wallets – 1% among those who made transactions with the protocol, or 0.1% of the total number of users.
The specialist attributed them to the Mirror Collectors, Nexus Mutual and Kujira services. The latter accounted for $22.9 million. The project allows users to place orders for the exchange of UST for aUST at the time of liquidation.
Based on the results of the analysis, the specialist emphasized that the withdrawal of funds from the protocol does not make one fear for the stability of UST. Users can arbitrate to buy the stablecoin-related LUNA coin.
The addition of an additional data set for the next day did not affect Ojeda’s opinion. Two new addresses were added, which withdrew $220 million and $330 million.
87% of protocol users either took no action or deposited funds. The median withdrawal amount increased, but not significantly.
75% of the value in each category again fell on amounts over $1 million: 292 out of 22,852 addresses were withdrawn, 41 out of 8,097 addresses were deposited.
Retail investors withdrew only $200 million out of $3 billion, and brought in $45 million out of $344 million. It is incorrect to talk about any “mass exodus”, the expert noted. In addition, three of the top 10 wallets that took funds from the protocol, then partially returned them. Other big contributors still keep “millions” in Anchor.
“It led me to assume they were just paying off loans or buying dip”the expert summed up.
Here are more top withdrawers bringing money back to anchor.
Furthermore, some did not re-deposit but still have millions in Anchor. Leading me to assume they were just paying loans or buying the dip.
#5 #7
9/9 pic.twitter.com/tS2lvhzmrp
— Pedro Ojeda (@pedroexplore1) May 8, 2022
For more on how Anchor’s problems could affect Terra’s economy, Cryplogger spoke in a recent exclusive:
Recall that Tether CTO Paolo Ardoino warned that Algorithmic high-cap stablecoins are dangerous for the market.
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