Anchor User Behavior

    [Anchor 1] Top Users by Earn Volume

    Anchor has seem some significant net deposits recently, propelling the protocol to 5bn in Earn deposits and 10bn in TVL.

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    Using depositor behavior, we can see that that increase in TVL corresponded with a significant uptick in gross deposit volume. The above chart shows us the top 25 depositors into Anchor, by sum total deposit amount, broken out by month. Borrowing a chart from a previous bounty, we can see the December uptick in deposits correspond with the increased whale activity.

    note - the cumulative net earn is lower than what Anchor shows because interested earned is not factored in here

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    However, that highlights a second piece of data we need to look at - redemptions. $4bn was deposited into Anchor by these 25 users in December alone, yet we don't see quite the same increase in net Earn balances, so there must be some significant redemption volume.

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    Those same whales are flowing money through Anchor at a rapid clip.

    Based on the net deposit chart, Anchor Earn balances increased from 2.14bn on November 30th to 4.57bn on December 31st, an increase of 2.43bn. Half of that was from just these 25 users net activity!