Apollo DAO to shut vaults on Terra Classic

Around the same time frame that the South Korean court issued an arrest warrant for Terra co-founder Do Kwon, Apollo DAO, a decentralized autonomous organization building around the Terra blockchain, stated it had been closing lower its vaults on Terra Classic (LUNC) — formerly Terra (LUNA). The project’s developers authored: 

“Because the collapse of Terra, Apollo has ongoing to keep its LP [Liquidity Provider] vaults on Terra Classic however, because of the low return and degree of needed maintenance, n’t i longer is sensible to aid the Terra Classic network.”

Apollo DAO, made up of over 10,000 tokenholders, built its vaults mainly for buying and selling the Terra USD (USTC) stablecoin and Terra Luna (LUNC) token pairs. Both tokens have stepped drastically in value since May, and co-founder Do Kwon is presently wanted in Columbia for allegedly violating the nation’s capital market laws and regulations. Additionally, project developers described the new Terra proposal to tax 1.2% of each and every on-chain LUNC transaction could have been too hard to apply on its platform without substantial capital. 

“We continuously measure the viability of relaunching our vaults on Terra Classic however, we wish those to be fully designed round the needs of Terra Classic to make sure a larger product market fit.”

Apollo DAO states it’s focusing its future on liquid staking and developing the Apollo Safe on various Cosmos chains. At its launch last September, the entire value locked, or TVL, on Apollo DAO hit an optimum close to $200 million. In the publication, Apollo DAO’s TVL has fallen to under $125,000. Users ought to withdraw any remaining funds prior to the launch from the novel Terra tax proposal. 

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