A new DeFi savings product named Anchor will offer guaranteed interest rates on deposited stablecoins on the Cosmos, Polkadot and Terra blockchains.
The offering will be launched at the end of Q3 with a view to working on other proof of steak block chains after that.
Do Kwon, CEO of Terra stated:
Maker and Compound have been revolutionary in creating decentralised money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralised savings account that offers dependable APR.Do Kwon, CEO of Terra.
Using a proof of state blockchain stablecoin deposits can be staked thereby allowing users to receive passive income through a staking rewards program.
The Interchain Asset Association (IAA), will provide the initial governance for the project.