錨協議的Defi Dream：從繁榮到胸圍以及超越

看看錨協議在Defi世界中的崛起和下降，探討了ANC的關鍵要點和未來的前景。

Remember Anchor Protocol? Once the darling of the DeFi world, promising near-20% yields on UST deposits? Yeah, things took a turn. Let's dive into what happened and what we can learn from it.

還記得錨協議嗎？曾經是Defi World的寵兒，UST沉積物的收益率接近20％？是的，事情轉了一步。讓我們深入了解發生的事情以及我們可以從中學到什麼。

Anchor Protocol: A DeFi Flash in the Pan

錨協議：鍋中的fefi閃光燈

Anchor Protocol, launched by Terraform Labs in March 2021, aimed to provide stable, high yields on TerraUSD (UST) deposits. Borrowers could use LUNA and other crypto assets as collateral. By early 2022, it was a DeFi giant, with nearly $17 billion TVL. The problem? It all hinged on UST maintaining its dollar peg.

Terraform Labs於2021年3月推出的Anchor協議旨在在Terrausd（UST）存款上提供穩定的高收益。借款人可以將Luna和其他加密資產用作抵押品。到2022年初，它是一家巨人，擁有近170億美元的TVL。問題？這一切都取決於UST維護其美元釘。

The $17 Billion Exit: When the Peg Broke

耗資170億美元的出口：釘子破裂時

May 2022 was brutal. UST depegged, triggering a massive exodus from Anchor. Billions vanished in days, reserves dried up, and even attempts to inject funds and lower interest rates couldn't stop the bleeding. Platforms like Celsius and StableGains took a hit, and the dream of a “risk-free” 20% yield evaporated.

2022年5月是殘酷的。 Ust Depeggged，引發了錨點的大量外流。數十億美元消失了，儲備枯竭，甚至試圖注入資金和降低利率無法阻止出血。 Celsius和StableGains等平台受到了打擊，而“無風險” 20％產量的夢想蒸發了。

ANC Token: From Hero to Zero

ANC令牌：從英雄到零

Today, Anchor Protocol exists in name only. The ANC token, once trading above $6, now sits at fractions of a cent with virtually no liquidity. Its TVL is $0. Attempts to adjust the model with proposals like lowering yields or redesigning tokenomics came too late. Trust was gone.

今天，僅以名稱存在錨協議。 ANC代幣曾經以6美元的價格交易，現在坐在一分錢的分數中，幾乎沒有流動性。它的TVL為$ 0。試圖通過提出的提案來調整模型，例如降低產量或重新設計的代幣學，為時已晚。信任消失了。

Where is Anchor Protocol in 2025?

2025年的錨協議在哪裡？

As of August 18, 2025, ANC continues its long downtrend, closing at $0.00043, nearly 30 percent down in a single day. Technical indicators like RSI, MACD, and SMI all point to sustained weakness. There's no utility, no investor confidence, just a ghost of what once was.

截至2025年8月18日，ANC持續了長時間的下降趨勢，收盤價為0.00043美元，一天內下降了近30％。 RSI，MACD和SMI等技術指標都指向持續的弱點。沒有公用事業，沒有投資者的信心，只是曾經是的鬼魂。

Can Anchor Rise Again? A Reality Check

錨可以再次上升嗎？現實檢查

The chances of a comeback are slim. Anchor's model depended on UST, which is no longer stable. To rise again, it would need a complete redesign, integration with a stablecoin, and renewed trust. So far, there are no signs of that happening.

捲土重來的機會很小。 Anchor的模型取決於UST，它不再穩定。要再次上升，它將需要完整的重新設計，與Stablecoin集成並更新信任。到目前為止，沒有任何發生的跡象。

Lessons Learned: DeFi and the Allure of High Yields

經驗教訓：defi和高產的魅力

What's the takeaway? Unsustainable yields are, well, unsustainable. The Anchor Protocol saga highlights the risks of relying on algorithmic stablecoins and the importance of robust risk management in DeFi. If it sounds too good to be true, it probably is.

收穫是什麼？不可持續的產量是不可持續的。錨點協議SAGA強調了依靠算法穩定的風險，以及在DEFI中強大的風險管理的重要性。如果聽起來太好了，那麼可能是真實的。

Personal Perspective: A Cautionary Tale

個人觀點：一個警示的故事

While DeFi offers exciting opportunities, it's crucial to approach it with caution. Anchor's collapse serves as a reminder that even the most promising projects can fail if they lack a solid foundation. Before investing, research thoroughly, understand the risks, and never put in more than you can afford to lose.

儘管Defi提供了令人興奮的機會，但要謹慎對待它至關重要。 Anchor的崩潰提醒人們，即使最有前途的項目缺乏堅實的基礎，也可能會失敗。在投資之前，進行徹底研究，了解風險，並且從未投入超出您負擔得起的損失。

The Future of DeFi: Beyond the Hype

Defi的未來：超越炒作

The future of DeFi lies in sustainable models, transparent governance, and real-world utility. Projects like Mutuum Finance (MUTM), with its focus on immediate product utility and revenue-generating mechanisms, represent a step in the right direction. These projects need to focus on building trust and delivering tangible value. With audits, bug bounty programs and a strong focus on community, DeFi can continue to grow.

Defi的未來在於可持續模型，透明治理和現實世界實用程序。諸如Mutuum Finance（MUTM）之類的項目側重於即時產品實用和創收機制，代表了朝著正確方向邁出的一步。這些項目需要專注於建立信任並提供有形價值。借助審計，漏洞賞金計劃以及對社區的重點，Defi可以繼續增長。

So, is Anchor Protocol dead? Pretty much. But its story is a valuable lesson for anyone navigating the wild west of decentralized finance. Stay safe, stay informed, and remember, slow and steady wins the race!

那麼，錨協議死了嗎？幾乎。但是，它的故事對於任何在分散金融的野外西部的人來說都是一個寶貴的教訓。保持安全，保持知情並記住，緩慢而穩定地贏得了比賽！