According to a verified TFL insider, the entire core team working on Anchor, including the creators of the Anchor whitepaper, quit TFL before Anchor's release because of Do's adamant decision to force an unsustainable 20% interest rate that they knew may result in a collapse.
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Every post of yours is textbook Dunning-Kruger effect. "I did a Google search" - wow, congratulations. I already posted the verifiable on-chain historical data graphed here: https://grafana.luigi311.com/d/7j96rRI7z/anchor?orgId=2&from=1631851200000&to=now&viewPanel=14 … Fact: early on the total Anchor revenue exceeded the required 20% for depositors.
This is correct - while @avlabsjohnny's base theory is not wrong, it's important to note that Anchor was initially paying out depositors less than what it was making back from staking rewards and borrowers. Borrowing was also heavily incentivized by ANC distribution.
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I fully understand Anchor's mechanics and used it myself.
@avlabsjohnny original comment is that he doesn't understand where 20% could come from and so it must be a ponzi scheme. I'm correcting him. It came from real sources, verifiable on-chain. -
Yes, I was just replying to him & backing you up
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That’s the essential point I was making: APY offered stakers was a teaser rate. The supply to keep it going was prior investors: 1. VC 2. Earlier Anchorites
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