Anchor savings accounts are long-anticipated in the crypto industry due to high APY.
According to what is known, the APY will be higher than what is offered by traditional banks.
The project has already expanded to Ethereum and Solana chains, as one of the biggest non-ETH DeFi protocols.
Cryptocurrency project Anchor recently added a countdown to its website, which is only two days away from 0, and once it expires, it is expected that the project will launch crypto savings accounts.
Anchor has been one of the recent projects that the crypto community has been following quite closely, due to the promise of offering cryptocurrency savings account. As it turns out, the team seems to be ready to deliver on its promise, judging by the countdown that the developer have added to the project’s website.
Why Anchor’s Crypto Savings Accounts Matter
At the time of writing, the project is only two days away from the launch of its crypto savings accounts, according to the countdown. The savings accounts are much anticipated as they would allow users to hold Terraform’s UST stablecoin, and earn returns that will consistently outpace the APY offered by the US banks.
But, that aside, there is another major reason why Anchor is such an important project, which is the fact that it represents a significant new DeFi app that is not on Ethereum. As of yet, Ethereum is still the industry’s largest DeFi app hub, and it is quite refreshing to see a non-ETH project attract so much attention.
And, add the fact that Anchor’s APY beats that of most, if not all, banks, and it is easy to see why the crypto community has such high hopes for it.
UST Expands from its Native Chain
As for the UST stablecoin, it was created by Terraform Labs — the same team that is creating Anchor’s crypto savings accounts. The stablecoin is not quite on the same level as the likes of Tether and other high-ranking stablecoins, having a market cap of less than $1 billion.
But, the token has managed to grow and expand from its native blockchain. So far, it has expanded to Solana and Ethereum.
It is also worth noting that Anchor’s launch was originally expected in October 2020. Unfortunately, the team had to push the launch, noting that it will happen in late November. Now, the project is ready to deliver its savings accounts, as well, which is likely to start attracting a lot of new users.