Apollo DAO to close the vaults on Terra Classic

Around the same time as the South Korean court Arrest warrants for Terra co-founder Do Kwon, Apollo Dao, a decentralized independent company building on the Terra blockchain; he said. it was to close Overlays on Terra Classic (LUNC) – formerly Terra (LUNA). The developers of the project wrote the following:

“Since the fall of Terra, Apollo has continued to maintain the LP. [Liquidity Provider] Safes at Terra Classic; But it doesn’t make sense to support Terra Classic network due to low return and high required maintenance level.

Apollo Dao, which consists of more than 10,000 tokens, built its vault mainly to trade Terra USD (USTC) stablecoin and Terra Luna (LUNC) token pairs. Both tokens have fallen sharply in value since May, and co-founder Do Kwon is currently wanted in South Korea for allegedly violating the country’s capital markets laws. In addition, the project developers explained that the new Tera proposal would be very difficult to implement on the platform if there was no significant capital to hire 1.2% of LUNC transactions on each chain.

“We will continue to evaluate the feasibility of relaunching our safes on the Terra Classic. However, we would like these to be completely designed around the Terra Classic requirements to ensure greater product market suitability.”

Apollo Dao says it will focus its future on liquid stocks. and the development of Apollo safes on various cosmos chains. At its launch last September, the total locked-in value, or TVL, on the Apollo DAO peaked at around $200 million. At press time, Apollo DAO’s TVL dropped below $125,000. Users are encouraged to withdraw any remaining funds before the TerraTax proposal begins.