I tried Anchor Savings out for 1 week as a way to generate passive income, consistently, and replace my savings account. Today we ask the all important question, did it work? Is Anchor Savings The most insane easy way to generate passive income ever? I also have a full tutorial at the end of the video on how to setup Anchor savings from start to finish.
I’m really into high saving yield account, I have yotta bank which give 2% combine flat rate and bonus prize, I have ally bank which gives me 0.50%. I have traditional Bank of America & chase give me 0.01% APY. I know it is terrible.
I decide to research some more high yield accounts then I found Anchor protocol and I tried it out. They promise to give about 20% apy by hold UST.
So if you are interested to get into this high yield saving account or curious about it then keep on reading.
How does it work?
Anchor is based on the Proof-of-Stake (PoS) blockchain concept in which validating blocks in the chain requires staking cryptocurrencies.
There are two main elements of Anchor:
- bAsset: this is the liquid version of the cryptos staked. Currently, bLUNA and bETH are supported.
- Money Market: This is a pool of stablecoin UST. TerraUSD is a decentralized stablecoin running on Ethereum that attempts to maintain a value of US$1.00
There are two ways to make money:
- You can deposit USTs into the money market and earn 20% APY.
- You can deposit bAssets to borrow USTs.
The strength of Anchor Protocol lies in accepting bAssets as collateral. These assets, by guaranteeing those who hold them a constant yield from staking, will guarantee this platform a more or less constant income.
What are other ways to make money with this platform?
You can stake ANC and earn rewards by participating in governance and it gives you 16% APR
If you liquidate your ANC to the pool ANC – UST it will give you 18% APR
I tried Anchor protocol this is how much I make for a deposit $100 or 1.1 luna.
Let me show you how to transfer your money from crypto.com to anchor protocol
First, you need to download chrome extension call terra station wallet
After you register and sign up, they will give you the address to your wallet. From there you withdraw luna from your crypto.com to your terra station wallet
After you receive luna from your terra station wallet
Swap Luna to UST
Connect your terra station wallet to anchor protocol, then deposit.
Now you can earn money while doing nothing =)
