The $1.42 billion withdrawal from the Anchor protocol on May 7 affected 11,400 addresses. Such calculations were made by the founder of DAO SplitBrick Pedro Ojeda.

Here are the BEST wallets pulled from Anchor on 5/7/22.

Net = Withdrawal amount – Deposit amount.
In this pie chart, 1% = $12M USD.

But the real question is, was UST/Anchor a safe haven during the market panic?

16,000 addresses interacted with Anchor, let’s find out…🧵
1/8 pic.twitter.com/JUQR4FPW6z

— Pedro Ojeda (@pedroexplore1) 8 May 2022

By his estimation, 5371 users deposited $224.6 million, and the remaining 90.9% did not take any action.

Ojeda wondered if Anchor was safe from the market turmoil.

In early May, the deposit interest rate at Anchor was reduced to 18% for the first time. On May 7, as a result of a significant withdrawal of funds, the Terra stablecoin ecosystem briefly lost its peg to the US dollar.

Ojeda estimates the average receipt amount that day was $1,000, which is twice as much as a withdrawal.

The structure of the distribution of the funds movement shows that 99% of the addresses have amounts below $1 million.

75% of the total consists of 182 wallets – 1% of those who transact with the protocol or 0.1% of the total number of users.

The expert linked them to Mirror Collectors, Nexus Mutual and Kujira services. The second was $22.9 million. The project allows users to place an order for aUST exchange with UST at the time of liquidation.

Based on the results of the analysis, the expert emphasized that the withdrawal of funds from the protocol does not cause fear for the stability of the IHR. Users can arbitrate to purchase the stablecoin-related LUNA token.

Adding an additional dataset for the next day did not affect Ojeda’s view. Two new addresses were added, with $220 million and $330 million withdrawn.

87% of protocol users either made no transactions or deposited money. The median withdrawal amount increased, but not significantly.

75% of the value in each category was again above $1 million: 292 out of 22,852 addresses were withdrawn, 41 out of 8,097 addresses were deposited.

The expert pulled back just $200 million from retail investors out of $3 billion, bringing in $45 million from $344 million. Also, three of the top 10 wallets that received funds from the protocol later partially returned them. Other major contributors still hold “millions” at Anchor.

“It made me assume they were just paying off loans or buying dips”The expert summarized.

Here are the best withdrawers that bring money back.

Also, some have not reinvested, but they still have millions in Anchor. It makes me think they’re just paying off loans or buying dips.

#5 #7

9/9 pic.twitter.com/tS2lvhzmrp

— Pedro Ojeda (@pedroexplore1) 8 May 2022

For more information on how Anchor’s problems can affect Terra’s economy, ForkLog recently had a special talk:

Recall, Tether CTO Paolo Ardoino warned that algorithmic stablecoins with large caps are dangerous for the market.