Thats not entirely how the APY works. You're not actually earning anything. aUST is appreciating at a 20% APY rate.
This is one of the things people get wrong about the entire protocol. All that vote does is change the rate that aUST appreciates and will slow it down.
The reserve gets topped up by TerraFormLabs they have done it twice now. It has nothing to do with fees.
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Yes, when you deposit UST you get aUST.
When you withdraw you echange aUST for UST.
The end result is after some time you do get more UST :)
Not sure what do you mean by it doesnt work that way ...
While we are on the topic do you know that you are not earning any HP as staking rewards... that 2.8%. When you power up, you actually get VESTS and the only thing that is changing is the ratio HIVE to VESTS... but not a lot users know VESTS.... they power up hive, and receive hive when power down ;)
Yes I am aware of how Hive works. UST is similar but if you deposit into Anchor now it is not 1:1 it was at the start but 1 aUST is I think at 1.23 ust now.
So if you put 1ust in when Anchor launched it would be worth 1.23 ust. You get more UST when you sell but the protocol doesn't give you more UST.
What I'm trying to say is that the mechanics aren't how people think when it comes to Anchor yield. There is no fund to "run out" per say as no one is being paid UST.
It's like buying say Hive and knowing it will to up 20% each year. So when heaps of people are buying aUST there are no massive price spikes as the system is keeping them. I.e. pump and dumps make tokens values go up and down but on aUST that is prevented. The price is being manipulated.
Hive on the other hand can still go up and down based on the market. aUST does not as it gets gobbled up by Anchor and replenished when the reserve starts to dry up.