Apollo DAO, Terra’s blockchain-based decentralized autonomous organization. saidenergyturn off Vaults on Terra Classic (LUNC), formerly Terra (LUNA), as the project developers wrote:
“Since the fall of Terra, the Apollo team has maintained LP. [Liquidity Provider] vaults on Terra Classic continue, however, due to the low yield and high level of maintenance required. It doesn’t make sense to support the Terra Classic network any longer.”
The Apollo DAO, which comprises over 10,000 token holders, has created vaults primarily for trading Terra USD stablecoin (USTC) and Terra Luna token pair (LUNC), both of which have dropped significantly. Since May and now co-founder Do Kwon is wanted in South Korea. Additionally, the project developer explains that the new Terra proposal to tax 1.2% of all on-chain LUNC transactions would be too difficult to implement on a platform without a large amount of funds. a lot
“We will continue to evaluate the possibility of re-opening our Vaults on Terra Classic. However, we want them to be fully designed to the Terra Classic specifications to ensure a better market fit.”
Apollo DAO says it is focusing on the future of liquid staking and developed Apollo Safe on the Cosmos network. Total Locked Value or TVL on Apollo DAO has peaked at around $200 million, but Apollo DAO’s TVL is currently reduced to less than $125,000. Users are advised to withdraw any remaining funds before the launch of the new Terra tax offer.
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