First let's take a look at the total $UST deposited and total of $UST borrowed and the utilization ratio which is the total borrowed over total deposited. This utilization ratio is what will affect the distribution APY and borrowing APY. If the utilization ratio is high, which mean high borrowing volume, the algo will increasing the borrowing rate and vice versa.

Now let's see the volume liquidated vs $LUNA price. Liquidation happens when your collateral value drops causing LTV(ratio of borrowing to collateral) to increase over 60%. So, liquidation relate closely with $bLUNA and $LUNA price. Liquidation volume is higher when there was dip in $LUNA price as can be seen below. It is also interesting to note that total daily liquidation was higher during September crash compared to May crash.

Below is the daily repayments, where users repay the loan and reduces their LTV.

Graph below shows the daily net $bLUNA and $bETH deposited/withdrew as collateral on lending component of Anchor and daily bLUNA as collateral balance. We are seeing a lot of withdrawing at end of August and also past few days. Balance bLUNA in Anchor has been declining after hitting ATH in end of June at over 1B USD. bETH balance is still very close to ATH.

In conclusion, Anchor is the most important component on Terra ecosystem and since it is also the first bank on Terra, I wouldn't bet against it.