{"id":61169,"date":"2022-05-09T13:16:17","date_gmt":"2022-05-09T10:16:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61169"},"modified":"2025-09-05T10:33:41","modified_gmt":"2025-09-05T07:33:41","slug":"opinion-91-of-anchor-users-slept-through-the-ust-incident","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/opinion-91-of-anchor-users-slept-through-the-ust-incident\/","title":{"rendered":"Opinion: 91% of Anchor users slept through the UST incident"},"content":{"rendered":"<p>The withdrawal of $1.42 billion from the Anchor protocol on May 7 touched 11,400 addresses. These calculations were provided by SplitBrick DAO founder Pedro Ojeda.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Here are the TOP wallets that withdrew from Anchor on 5\/7\/22.<\/p>\n<p>Net = Withdrawal amount \u2014 Deposit amount.<br \/>1% in this pie chart = $12M UST.<\/p>\n<p>But real question is, was UST\/Anchor a safe haven during market panic?<\/p>\n<p>16,000 addresses interacted with Anchor, let\u2019s find out\u2026\ud83e\uddf5<br \/>1\/8 <a href=\\\"https:\/\/t.co\/JUQR4FPW6z\\\">pic.twitter.com\/JUQR4FPW6z<\/a><\/p>\n<p>\u2014 Pedro Ojeda (@pedroexplore1) <a href=\\\"https:\/\/twitter.com\/pedroexplore1\/status\/1523232362565627906?ref_src=twsrc%5Etfw\\\">May 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to his estimate, 5,371 users deposited $224.6 million, and the remaining 90.9% did not take any action.<\/p>\n<p>Ojeda questioned whether Anchor is safe in the face of market turmoil.<\/p>\n<p>At the start of May, the deposit rate on Anchor <a href=\\\"https:\/\/app.anchorprotocol.com\/#\/earn\\\">was reduced<\/a> to 18%. On May 7, as a result of notable withdrawals, the Terra stablecoin ecosystem <a href=\\\"https:\/\/forklog.io\/ctejblkoin-ust-kratkovremenno-utratil-privyazku-k-dollaru-ssha-na-fone-ottoka-aktivov-iz-anchor\/\\\">briefly lost its peg to the US dollar<\/a>.<\/p>\n<p>The median inflow that day stood at $1,000, with withdrawals twice as large.<\/p>\n<p>The distribution of funds movements shows that for 99% of addresses, the sums were below $1 million.<\/p>\n<p>75% of the total amount was accounted for by 182 wallets \u2014 1% among those who transacted with the protocol, or 0.1% of the total number of users.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"723\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/FSObx0eXwAEHqs0-1024x723.jpg\\\" alt=\\\"Opinion: 91% of Anchor users slept through the UST incident\\\" class=\\\"wp-image-172529\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/FSObx0eXwAEHqs0-1024x723.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/FSObx0eXwAEHqs0-300x212.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/FSObx0eXwAEHqs0-768x542.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/FSObx0eXwAEHqs0-1536x1084.jpg 1536w, https:\/\/forklog.com\/wp-content\/uploads\/FSObx0eXwAEHqs0-2048x1445.jpg 2048w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Data: <a href=\\\"https:\/\/twitter.com\/pedroexplore1\/status\/1523232382358331392\/photo\/1\\\">Twitter<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>According to the analysis, withdrawals from the protocol do not threaten UST\u2019s stability. Users can undertake arbitrage to buy the LUNA token tied to the stablecoin.<\/p>\n<p>Adding an additional data array for the next day did not alter Ojeda\u2019s view. Two new addresses withdrew $220 million and $330 million.<\/p>\n<p>87% of protocol users either took no action or deposited funds. The median withdrawal amount rose, but only marginally.<\/p>\n<p>In each category, 75% of the value again came from sums over $1 million: withdrawals from 292 of 22,852 addresses, deposits from 41 of 8,097 addresses.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-large\\\"><img loading=\\\"lazy\\\" decoding=\\\"async\\\" width=\\\"1024\\\" height=\\\"171\\\" src=\\\"https:\/\/forklog.com\/wp-content\/uploads\/FSQ-LgQXEAIzKfP-1024x171.jpg\\\" alt=\\\"Opinion: 91% of Anchor users slept through the UST incident\\\" class=\\\"wp-image-172530\\\" srcset=\\\"https:\/\/forklog.com\/wp-content\/uploads\/FSQ-LgQXEAIzKfP-1024x171.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/FSQ-LgQXEAIzKfP-300x50.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/FSQ-LgQXEAIzKfP-768x129.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/FSQ-LgQXEAIzKfP-1536x257.jpg 1536w, https:\/\/forklog.com\/wp-content\/uploads\/FSQ-LgQXEAIzKfP.jpg 1972w\\\" sizes=\\\"auto, (max-width: 1024px) 100vw, 1024px\\\" \/><figcaption>Data: <a href=\\\"https:\/\/twitter.com\/pedroexplore1\/status\/1523232382358331392\/photo\/1\\\">Twitter<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>Retail investors withdrew only $200 million of the $3 billion, and deposited $45 million of the $344 million. It would be incorrect to talk about a massive outflow, the expert noted. Additionally, three of the top-10 wallets that withdrew funds from the protocol later partially returned them. Other major participants still hold &#8216;millions&#8217; in Anchor.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\\&#8221;This led me to conclude that they were simply paying down loans or buying the dip,\\&#8221;<\/em> the expert concluded.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Here are more top withdrawers bringing money back to anchor.<\/p>\n<p>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.<\/p>\n<p>#5 #7 <\/p>\n<p>9\/9 <a href=\\\"https:\/\/t.co\/tS2lvhzmrp\\\">pic.twitter.com\/tS2lvhzmrp<\/a><\/p>\n<p>\u2014 Pedro Ojeda (@pedroexplore1) <a href=\\\"https:\/\/twitter.com\/pedroexplore1\/status\/1523410971271651328?ref_src=twsrc%5Etfw\\\">May 8, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>ForkLog explained in a recent exclusive how Anchor&#8217;s problems could affect Terra&#8217;s economy:<\/p>\n<p>As reported, Tether&#8217;s chief technology officer Paolo Ardoino warned that <a href=\\\"https:\/\/forklog.io\/paolo-ardoino-algoritmicheskie-stejblkoiny-s-vysokoj-kapitalizatsiej-opasny-dlya-rynka\/\\\">algorithmic stablecoins with high capitalization are dangerous for the market<\/a>.<\/p>\n<p>Subscribe to ForkLog&#8217;s YouTube channel!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The withdrawal of $1.42 billion from the Anchor protocol on May 7 affected 11,400 addresses. These calculations were provided by SplitBrick DAO founder Pedro Ojeda.<\/p>\n","protected":false},"author":1,"featured_media":61170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[952,1138,807],"class_list":["post-61169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-anchor","tag-opinions","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=61169"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61169\/revisions"}],"predecessor-version":[{"id":61171,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61169\/revisions\/61171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/61170"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=61169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=61169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=61169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}