Approximately 70% of the UST supply was locked up at Anchor, leaving the remaining circulating supply
vulnerable to a dilution after getting out from Anchor protocol.

On May 7^th 2022, customers started withdrawing their tokens and cashing out after months of earning 19.5 percent APY in UST rewards from Anchor. Users hurried to trade out of their UST positions, causing Anchor’s Total Value Locked (TVL) dropped from $22 billion to $2.56 billion in just 5 days.