While the native digital asset ANC of the decentralized finance (defi) platform Anchor Protocol has surged by more than 180 percent in the previous month, the total value locked (TVL) in Anchor has also climbed significantly. Anchor Protocol is now the second-largest defi lending platform in terms of TVL, and its TVL has climbed by 40.13 percent in the past month.

Protocol’s TVL Rivals Surge More Than 40% in 30 Days, Anchor TVL Surges More Than 40% in 30 Days Aave’s Direction

The Terra-based token anchor protocol (ANC) has seen a large growth in value versus the US dollar in the previous month. At the time of writing, 14-day metrics show that ANC has increased by 82.7 percent, and 30-day statistics show that ANC has increased by 182.4 percent.

Anchor is a lending mechanism based on the Terra blockchain network that collects liquidity from both lenders and borrowers. Furthermore, lenders who deposit the stable coin TERRA USD (UST) get a fixed return of close to 20% APY.

Anchor employs a liquid-staking technique to collect yield. In addition to Anchor’s UST capabilities, Ethanchor from Anchor and Orion Money lets depositors to earn return on Ethereum-based stablecoins.

According to defillama.com analytics, Anchor is now the sixth-largest defi application out of all the defi apps in existence. Anchor’s TVL has climbed 5.55 percent in the previous week, while monthly data show that the protocol’s TVL has increased 40.13 percent since last month. Anchor’s TVL increased to $11.5 billion in the previous 30 days, accounting for the majority of the rise.

Anchor is currently the second-largest defi lending protocol behind Aave, with 124 loan applications. Aave, a lending protocol, is only a hair above Anchor, with a TVL of roughly $11.6 billion.

Below Anchor, in terms of TVL lending defi applications, are protocols such as Compound ($6.48B), Justlend ($1.86B), Venus ($1.62B), Banqi ($1.11B), and Iron Bank ($1.06B).

Anchor analytics also suggest that borrowers have borrowed $2.46 billion today, and those who are in debt must use bonded LUNA or bonded ETH as security. According to Anchor’s paperwork, the defi lending methodology includes three audits.

One audit provided by Cryptonics examines Anchor’s smart contracts, while another examines Anchor’s distribution of ANC and smart contracts. Furthermore, the Solidified team issued an Anchor audit report in July of last year.