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But, in other words either 1) Anchor actually does not work

without ANC or
2) It requires constant liquidation of someone's assets OR someone buying tokens to keep going

And in the event of a larger amount of capital leaving it seems unlikely they'd be very happy receiving their capital in, say, ANC-UST LP because who's going to buy it from you?

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No! Liquidation damage Anchor! Why would Anchor need liquidations? Then when you are talking about a "large capital leaving", what are you referring to? Someone selling lots of ANC tokens? And what does it mean "receiving their capital"?

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