Apollo DAO to shut down vaults present on Terra Classic | The Financial Express

Apollo DAO to shut down vaults present on Terra Classic

According to Cointelegraph, Apollo DAO, which consists of over 10,000 tokenholders, constructed its vault for the purpose of trading the Terra USD stablecoin and Terra Luna token pairs

Apollo DAO to shut down vaults present on Terra Classic
Project developers gave the explanation that the new Terra proposal for 1.2% taxation of every on-chain LUNC transaction would have been tough to implement on its platform without substantial capital

Along with issuance of an arrest warrant by South Korean court for Do Kwon, co-founder, Terra, Apollo DAO, a decentralised autonomous organisation building on the Terra blockchain, said about the closure of its vaults on Terra Classic (LUNC), as reported by Cointelegraph.

“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,” the project developers stated.

According to Cointelegraph, Apollo DAO, which consists of over 10,000 tokenholders, constructed its vault for the purpose of trading the Terra USD (USTC) stablecoin and Terra Luna (LUNC) token pairs. Values of both the coins have fallen since May, and Kwon is currently wanted in South Korea for alleged violation of the country’s capital market laws. Additionally, project developers gave the explanation that the new Terra proposal for 1.2% taxation of every on-chain LUNC transaction would have been tough to implement on its platform without substantial capital.

Moreover, Cointelegraph noted that Apollo DAO emphasised on its focus for the future of liquid staking, and development of Apollo Safe on various Cosmos chains. When its launch took place in September, the total value locked (TVL) on Apollo DAO reached a valuation of close to $200 million. At the publication, Apollo DAO’s TVL has fallen to a value below $125,000. Reportedly, users have been asked to withdraw any remaining funds before the launch of the Terra tax proposal.

Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team aims to deliver news from both the decentralised and centralised worlds, along with news, cryptocurrency price charts, analytics, among others.

(With insights from Cointelegraph)

Also Read: Compound Treasury to allow platforms borrow USD or USDC through digital assets usage

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.