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Apollo DAO Announced Shutting of Vaults on Terra Classic

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Apollo DAO Announced Shutting of Vaults on Terra Classic
  • Over 10,000 token holders make up Apollo DAO.
  • Around $200 million was trapped in the Apollo DAO network upon its inception.

Simultaneously with the issuance of an arrest order for Terra co-founder Do Kwon by a South Korean court, Apollo DAO, a decentralized autonomous organization built on the Terra blockchain, announced that it will be shutting its vaults on Terra Classic (LUNC), previously Terra (LUNA).

The project’s developers stated: 

“Since the collapse of Terra, Apollo has continued to maintain its LP [Liquidity Provider] vaults on Terra Classic; however, due to the low return and high level of required maintenance, it no longer makes sense to support the Terra Classic network.”

Focus Now on Cosmos and Liquid Staking

Over 10,000 token holders make up Apollo DAO, and they created their vaults so that traders could easily buy and sell pairs of Terra USD (USTC) stablecoin and Terra Luna (LUNC) tokens. Since May, the value of both tokens has dropped dramatically, and company co-founder Do Kwon is sought in South Korea on charges of breaking the country’s capital market regulations.

The Apollo DAO plans to continue developing the Apollo Safe for use across several Cosmos chains and focuses on liquid staking in the near future. Around $200 million was trapped into the Apollo DAO network upon its inception in September of last year. Apollo DAO’s TVL has dropped below $125,000 at the time of writing. Users are urged to get their last dollars out of Terra before the new tax idea is implemented.

LUNC’s price rose from $0.000215 at the beginning of September to a peak of $0.000455 only two months later. The currency, which had plummeted in value four months earlier, has now recovered. Investors lost billions and several crypto platforms had a domino effect due to the crash.

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  • Source: https://thenewscrypto.com/apollo-dao-announced-shutting-of-vaults-on-terra-classic/

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