Defining Anchor's Top Users

In essence, Anchor is a savings protocol that enables lenders to earn high, stable yields on their deposited stablecoins.

Given this function, I'll be looking at Anchor's users through the lens of their total deposit amount as the primary metric for their user activity. In addition, I'll be considering the total borrow amount as the secondary metric since Anchor also allows users to borrow stablecoins via their stakeable assets.

The Top 50 Depositors

Looking at the bar and donut graphs below, we can see that each of the top 50 depositors has deposited at least US$20 million into their Anchor account—with one user (i.e., terra...yhre) depositing more than US$6 billion and owning 60.6% of the total deposit of the top 50 depositors.

According to Investopedia, a whale refers to an individual or entity that holds a sizeable percentage of a cryptocurrency market and can influence the market due to the concentration of wealth that the whale holds. Following this line of thought, a whale needs to have sufficient buying power in order to dominate a particular cryptocurrency market.

Hence with this assumption, I've considered the top 50 Anchor depositors as whales, given that they have enough buying power to dominate a market of their choice.

Diving Deeper Into the User Activity

Since Anchor also allows users to borrow stablecoins, I was curious to find out whether the top 50 depositors also have a noticeable amount of borrowing activity.

As shown from the graph, it seems that the top 50 depositors also have a considerable amount of borrowed stablecoins, and there is a strong positive correlation between the total deposit and borrow amounts. Considering these two factors, we can therefore hypothesize that these 50 accounts are Anchor's top users as they are actively engaged on the protocol.