The price of the LUNA token has been increasing for the past 30 days, meaning the bLUNA prices also increases which allows stakers to borrow more UST in the process

We can see that the amount of BLuna deposited increased from late may until mid June (a total of $29m deposited) and has been declining recently.

We can see that the amount of UST borrowed has been increasing week on week, as stakers get to enjoy a higher amount of borrowing as the LUNA price has been on the rise late.

On top of that, Anchor also distributes rewards (ANC tokens) to borrowers to incentivize adoption.

bLUNA are liquid, tokenized representations of staked (bonded) LUNA on the Terra blockchain. They allow stakers to gain liquidity over their staked assets, enabling the locked value in staked assets to be utilized on Anchor. By staking bLUNA, users will be able to borrow UST based on the collateral ratio and value of the bLUNA.

To identify the impact Anchor's increase in collateralization ratio, there are 3 underlying factors that might have an effect.